IVA or DMP or ??

[janderson]

Hi All

I am convinced now that our IVA application will fail, we are both totallt suicidal over our situation. The debt is just more than we can cope with. Having worked with the CAB and paid back over 3k in the last few months we thought an IVA was right. The figure we are now offering is I think too low at 13p and 14p in the £. I may be wrong who knows. If it fails what will a DMP do and does anyone know how DMPs work.

The debt is just taking over all of our life and we just seem to have nothing but bad luck in everything we do. It is like all of life and society is against us.


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[MelanieGiles]

Have you got an IP on board to represent you, as the offer you suggest is actually very low but in principle could work if you get creditor support. We say one get accepted on the forum the other day at 15p in the £ so that is only marginally better.

If the IVA is rejected wouldn't you be better off declaring yourselves bankrupt, as a DMP will go on forever if you can only pay 13p in the £ over a five year period. Do you have any assets which would be at risk under bankrutpcy proceedings?

[janderson]

Hi Melanie

No we have no assets to utilise. The BR option is one we do not want to use as it has implications for some of the organisations I am involved with. We have a caseworker and the paperwork is to be sent back tomorrow so we will have to wait and see what happens. I am told that it could go through but no one is sure. I do feel that creditors may be flexible if they feel they will get something rather than nothing. Is the current financial situation likely to influence things.


Thanks


John

[MelanieGiles]

I do think that creditors are becoming more receptive to lower offers, John, so I wish you well with your application.

[Skippy]

Good luck x