Once you speak with a couple of professionals Darren they will talk you through the IVA step by step, what they want and what they advise you to do. We're all here for advice/support too x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi! The sooner the better re getting started as the others have said. Your ODs will be included in the iva so you need a new account thats not linked to your creditors and transfer the DDs to this. Its best done early before your credit rating is shot by the iva. If you tell us your creditors we can help wit who isn't linked. x
how does a dmp work? and whats the pros and cons ? do i have to front the costs of the iva , dmp. being self employed how are the repayments set? do you have to submit accounts?
Last edited by Darren.tt on Sun May 15, 2011 7:57 am, edited 1 time in total.
A debt management plan is less structured than an IVA. Your creditors don't have to freeze interest and charges but the vast majority do. You will have to pay back everything that you, there is no write off at all and it can go on for a very long time.
On the other hand it means that you are not legally bound into anything and if you have a house you won't have to try and release any equity from it.
Speak to a professional though and they will tell you all of the ins and outs and which solution may be best 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
Can I ask that if you have other questions to ask you start a new post? It's a bit confusing if you edit once a reply has been made.
As regards your question, I presume you would have to submit accounts regardless of which path you chose.
With an IVA you pay fees to the IP but these are sorted out at the beginning and are included in your monthly payment. With a DMP you can either use a fee paying company (again this is in your monthly payment) or a company such as CCCS or Payplan who are funded by the creditors so you won't pay a fee.
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
thanks kallis3, and to you all for your valid advice just trying to get a better pic in my mind before taking the plunge and making calls to see whats best to do, its still a worring thought and telling the wife, dont know which is worse,can i just ask anyone, was the iva right thing for you, was there any regrets?
Make the calls Darren - the experts will be able to advise you on your specific circumstances rather than just general advice on here.
I've done a DMP and am now in an IVA. The DMP would have gone on for 20 years so I'd probably have been pushing the daisies up before it finished.
The IVA is the best thing I've done - I can see the light at the end of the tunnel and should be able to spend my retirement being debt free.
I do advise you tell your wife as soon as you can. I put off telling my husband and apart from the stress of knowing we were in the mire which didn't help me, when I told him it made him ill.
We sat down and talked about it and are so much closer now than we were.
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 Darren.
I have only just started out on my IVA. I knew it was the right thing for us to do. I don't have a crystal ball and I don't know what the future holds. I will always worry that something could go wrong but then I imagine everybody does and I suppose it's a case of what is the point in worrying about things you have no control over.
If we had done a DMP it would have taken 14 years and that is only assuming that creditors would stop interest. This was never an option for us.
BR was our only other option but that is something I wanted to leave as an absolute last resort when all else has failed.
Do some ringing around tomorrow, get as much advice as you can and go from there.
Please don't delay telling your wife. She may be upset to begin with but then at least the two of you can work through it together and she will appreciate the fact that you have taken steps to finally putting an end to it.
Ignore texts from these people, they are just trying to get money outr of you. Speak to a reputable firm.
It could be something to do with a debt relief order but if you own your own property and have more than £50 a month disposable income after your bills have been paid then it't not suitable 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
Hi, if you don't deal with debt it just grows. a IVA means creditors can't add more interest on,you are legally protected,with set allowances for a budget.
without our IVA we'd have been BR now,we didn't want that. it takes time getting into debt & time to sorted out,it isn't a quick fix BUT it is the best thing we have done. my husband was trying to deal with things alone.if your wife doesn't know you must tell her.
as kall said ignore those texts.
several IP's post here & are very good,check that link out too.
good luck
Nothing stays the same...everything changes..hang on in there!
Hi Darren, I'm new to this board and have just entered an IVA with my partner of 12 years. My parents struggled with money when i was a child and i can remember debt collection companies and bailifs coming to our house. I always swore i would never get in debt but a few years ago my partner lost her job and we found out 2 weeks later we were expecting our first child!, to cut a long story short i took out a loan and then got a credit card and then my partner did the same and before we knew it we had accumalted nearly £37000 of debt. I was being paid on the 27th of the month and by the 2nd of the following month i was receiving letters from Barclays (my old bank) saying you are over your overdraft and we will charge you £22 for the next 5 days. Then the next month i had £110 in bank charges and it soon became apparent that we were drowning in debt. I took the plunge at the start of March and made a phone call to a well known Debt company (not sure about rules on posting company names on here) and on 14th April our IVA was approved and we are now in some sort of control of our money. Yeah its gonna be a long journey but i can actually sleep at night now and see a very small light shining at the end of the long tunnel. Make the call and i promise that things will get better.
Last edited by Timmylad on Sun May 15, 2011 10:01 pm, edited 1 time in total.
Welcome to the forum Timmy!! My IVA was approved on the 4th of April so we are pretty much starting our journeys together!
Do keep posting. Very friendly bunch on here
Will definatley keep posting on here. I did quite a bit of research before entering into the IVA but i am 110% sure it was the best thing we did. Only 59 months to go
