IVA or DMP ?

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l846

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Post by l846 » Sat Oct 11, 2008 10:50 pm
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Hi, could anyone please help - my husband and I are currently looking at an IVA or DMP.One of the loans is with Lloyds TSB and we have only had this since July.We have read several reports that Lloyds will automatically reject our IVA application, and they hold over 30% of the total debt.Is this the case? If so, are we better off trying with a DMP first and then applying for an IVA ? Also, if an IVA is rejected are you able to reapply at a later date?
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plasticdaft

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Post by plasticdaft » Sat Oct 11, 2008 11:05 pm
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Lloyds policy is that if 75% of the debt is with them they would not go along with an IVA. Who else do you owe money to??

Yes if an iva fails you can do a dmp for a while then re-apply but you would have to find out what your 1st proposal got turned down for.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
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David Mond

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Post by David Mond » Sat Oct 11, 2008 11:33 pm
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It looks as if you'll only be able to do a DMP first - my advice is to speak to an IP - visit www.iva.com and see a selection of experts who can help you. You will need to give them full details of all your debts and income and expenditure.Good luck
Last edited by David Mond on Sat Oct 11, 2008 11:34 pm, edited 1 time in total.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
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