Hi I am currently on a DMP and have had a review today they told me it would take 30 yrs to pay off my debts. They told me about an IVA but said our employers woudl need to know about this. After reading up online about IVA's i haven't seen anything about employers having anything to do with it. Can you please advise me. Many Thanks
Hi Jen, welcome to the forum. Your employer wont need to know about an IVA (I never told mine) unless you work in some financial professions. Check your employment contract to be sure.
I was also on a DMP before entering an IVA last month. A DMP is a great solution for some people with small debts and a good income but to me was completely unrealistic because it would take 20+ to pay off all my debts. A few months ago I found this forum and a great IP who also posts in here (Melanie Giles) and I started my IVA in January.
Do your research and call 2/3 IVA providers and if a IVA is the right solution for you go with the one you feel more confortable with.
I wish you all the best.
Hi Jen, why do they need to know? I think you may have been given incorrect information, it is on a need to know basis and they don't need to know, unless it is written somewhere in your contract of employment. I would definately take Lulu's advice and check but in the main you don't have to inform your employer, i didn't and i work for the NHS.
Good luck and best wishes.
x
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
Hi Jen, as said above your employer need not be told at all. Even if an IVA is a no-no from their point of view it is not the IP's business to be telling them.
Might I ask who told you this (presumably the firm who advised you to go on a ridiculously long DMP!)?
I would suggest you pop over to www.iva.com and have a chat with several of the companies represented there (some of whom you will find representatives of who post here regularly).
Best of luck and keep posting
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi jen, as above, unless you work in finance, there is no need to tell your employers, I never told anybody about mine, was the biggest secret i have ever had,now i am free, my secret will never be found out(hopefully)
Even if, for whatever reason ( contract, conditions etc) your employers should know, it is NOT down to the IP to tell them. This is a private matter between you and your employer.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I would be approaching a few companies listed at iva.com to get advice and not be paying anything to a company that advised a 30 year DMP!!! Out of interest how much of your monthly payment goes on your debt and what goes to the company for fees?
Your employer doesnt need to know a thing and your could be debt free much faster than 30 years!!!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
In full agreement with everything that has been said above.... the bottom line is that you need an IP who is looking out for YOU as well as your creditors..........steer well clear... Fletch xx
Hi, my contract says I have to disclose if I am bankrupt or finacially insolvent (I think thats the right wording from memory), I work for the civil service, the only monetary responsibility I have is my budget and a work credit card. I told our HR department and they said they don't have a problem at all with it, and didn't know why they needed to be told! So my IVA has not affect any part of my work and we are just beginning our 6th year! - only 11 more payments to make yippeeee!
