i am in a dmp at the moment. i am currently working 20 hrs a week due to health problems an am also in receipt of DLA and tax credits. if i speak to an ip an put in a proposal for iva will they include my dla and tax credits in as income. only reason i am asking i because i am not guaranteed this only til july next year where i have to reapply an it might not be approved. if it wasnt what would happen to the iva then?
Hi Stewart
All income will be taken into account when looking at an IVA.
It may be better to stay on your DMP for now if your income is uncertain
Regards
because of my situation with low wages and uncertain future income i had opted for dmp and it is working for me because i can still pay back the creditors which i want to do but because of my amount of debt and the amount i am able to give plus obvious costs for the dmp to the organisation it will take me millions of years to pay back lol which was why i was thinkin of an iva but am unsure on what to do lol
I agree with Andy that you should let it continue as it is at the moment.
Once you have guaranteed income then you could probably look at an IVA.
Is bankruptcy not an option for you?
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
because my car is on hp and i have not included this in dmp as i need my car because of my disability makes things easier i wouldnt want to lose my car. i live at home with parents so dont have any other assets - dont want mum to lose her home because of it.
plus do you have to pay monthly into the bankruptcy?
If you have disposable income of more than £99 per month after essential bills have been paid, then you pay between 50 and 70% of that for three years.
Not sure about the car though.
Have you tried to get motability? You'd get a new car every three years no tax, service or insurance to pay. It's all taken care of.
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
If you have disposable income of more than £99 per month after essential bills have been paid, then you pay between 50 and 70% of that for three years.
Not sure about the car though.
Have you tried to get motability? You'd get a new car every three years no tax, service or insurance to pay. It's all taken care of.
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
unfortunately you need to have dla awarded for 3 years or more and mine isnt at the moment plus who knows if they will renew in july ( hope they do as ive not changed) otherwise i would save alot of money and could then do the iva but at the moment i am worrying about what to do
so say my disposable income after bills was 150 what would they expect me to pay for 3 years?
If you feel it is likely that your DLA will be renewed, then an IVA now might be a good option to try - becaus you can always revert back to the DMP if you lose your benefits.
