I have a Debt management plan and they said it would run for 19 years. Can I change to a IVA and would it be clear in 5 years. I do have a house with a mortgage.
It all depends on your circumstances as to whether or not an IVA is suitable. Which company are you with?
Speak to one or two more companies - Vincent Bond (details under ask experts a link on the left hand side of the page) for some free advic.
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
I, also, would suggest a chat with a couple of different firms to compare advice. It is likely that an IVA would run for 6 years to address the equity in your property --- this is a subject you should discuss at length with your prospective firms as they deal with this differently from firm to firm.
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 question the wisdom of a 19 year DMP so would be curious to know why any professional would recommend one. Can you provide more details please.
Who advised you on the DMP? Presumably they did not discuss IVA as an option or you would not be asking the forum...
It depends on the circumstances, what assets and liabilities you have but could be possible. Speak to an IP in your local area and arrange a free meeting.
It would be interesting to find out who suggested a 19 year DMP, but there are reasons why it may be appropriate. For example, if your situation is only temporary and you envisage much better circumstances in the near future.
However, FCA guidelines are very clear, and no one, not even charities, should be suggesting DMP's with a longer period than 10 years without having very good reason.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
