we were thinking that we were going to apply for an IVA, but having read a few posts on here, i'm not sure its the way to go!
We have very little DI if it was based on my partners basic income. We would only have about £20 after all "essential" bills are paid. However this is not the case in reality because his overtime and travel allowance actually leaves us with about £500 DI a month.
So we are now thinking that perhaps a DMP would be the way to go. The question I have is would a DMP work on his basic as well, even though I can prove he gets overtime and travel allowance all the time and we would be able to keep up with the repayments?
You could do a DMP, however there is no guarantee that the creditors will accept, or that they will stop interest and charges and it will last for a lot longer than an IVA.
If you've not already done so, speak to a professional - visit www.iva.com for a list of companies and reviews and ring one or two up to discuss your options.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi
even though you regularly get overtime etc it is dangerous to rely on it in an IVA. You do not want to be a year in and then O/T stops, you will be back to square one and the years payments will probably be eaten up with fees.
DMP will be a better option on the info supplied
Regards
If you enter an IVA based on overtime it will not work nor will a DMP. Better idea to base the IVA payments on your guaranteed basic and creditors can have half of the rest. Gives you an incentive to work overtime.
