I dont really know exactly what I need to ask here but...
Today I decided to make the steps toward sorting my debt out! I called StepChange assuming I would be fine for the DMP. However after running through everything with me , they have basically said I don't have enough money left over at the end of each month to go into a DMP. They have recommend and IVA or to go bankrupt!
My debts total around 14k - I have 3 CCJs, one of which I pay monthly the other 2 have not been touched and one of these two I can't even get hold of the original creditor to confirm the balance to be correct (as shown on noodle). I suppose I'd just like to speak to people about their experiences and then I can decide if an IVA is the way forward. I don't own my own home and I work full time - single parent. When iv looked online it seems most people with IVAs have quite a lot more debt than me.
Anyway apologies for the rant, as if hope you can imagine I'm feeling a little confused right now.
Thanks in advance
I would recommend speaking to a few more companies - if you don't have enough for a DMP then I would be surprised if you would have enough for an IVA.
You could look at bankruptcy - no assets and it would be over in 12 months (although on your credit record for six years) and you may have to make some payments for three years (Income Payment Agreement).
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
£14k is a modest debt for an IVA and if your disposable income is low enough, with no assets, a DRO ( Debt Relief Order) might be the way to go -- it is like Bankruptcy Lite.
I would suggest that you chat to a few more firms for comparison of advice.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
DRO does all depend on how much your disposable income is (less than £50 a months after normal bills have been paid) but it does only cost £90 and is over after twelve months.
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
Thank you. I had wondered about that with regards to 'disposable income' Stepchange are having an IVA specialist call me back.
They didn't mention a DRO though - I will have a look. Can anyone suggest any other reputable companies I can speak to? There's so many out there it's hard to know where to start. I feel really disheartened as I got up this morning hoping to get something in place and now I just feel so confused and like I haven't got anywhere with it!
Thank you Lisa. I'm at a total loss! They worked out I have approx 87 pounds , which they said wasn't enough for a DMP. I'd love to have a chat with - could I perhaps email you direct?
If you have £87 DI then that is too much for a DRO - it has to be £50 or less.
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
Plus Lisa - I don't think there are any assets as the OP does not own their own home.
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
