Hi there. At that level of debt, if all creditors stopped interest and charges ( which is unlikely over a long period of time), your DMP would take around 8 - 9 years. So an IVA looks a possibility.
If you pop over to www.iva.com and have a word with a couple of the companies there, they can give you specific advice and will cover all options. It is free and without obligation at this stage.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi Swampduck3 welcome to the forum. With the outstanding debt you have said, I would suggest an IVA would be best suited to you, although this is only my opinion based on what you haev said. A dmp would take years to complete and there is no guarantee that creditors would freeze all interest and charges etc. With an IVA an affordable payment programme is worked out over 5 or six years, depending on whether you have any equity in your house, if you indeed own it. You could also make a full and final offer later down the line if you had help from a third party. There are many Ips that will work with you, many post on here. I would contact a few companies to get the feel of things, Best of luck Rich
"Always remember that the future comes one day at a time."
IVA completed . Just started a blog, if you get chance please take a look. http://rich.blogs.iva.co.uk/
I think a lot depends on your circumstances to be honest and you need to get some advice on both options and then make an informed decision on what suits your personal situation best.
My IP did tell me when I first enquired that if you can repay your debts on a DMP within 10 years then creditors are harder to convince to agree to an IVA. However for us, our det would have taken 20years so a DMP wasn't really an option
I have benn looking at a lot of IVA companies. Has anyone on the forum any advice about which one is best? I was thinking of contacting Grant Thornton Thank you
Have a look at the reviews and speak to 2 or 3 before you make your decision, it's very individual as you are going to have to build a rapport and relationship with whoever you choose for the next 5 years of your life so you need to feel comfortable with the company who you choose
You can always have a chat with them, they obviously have many, many happy clients. CCCS can be a bit pushy (or at least they were with me) and both they and Payplan do have their critics --- but, then, so do many other companies.
For every person who says they are unhappy with the "charities" there will be one who is happy. I am afraid it is down to how you feel after chatting with them.
Personally I would chose a company I know will communicate with me, and again, I would urge you to look around the forum and see who does communicate (and who doesn't!).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
