I don't have a huge amount,just some savings and it's not enough to cover all my debts,but it's still something to fall back on,a cushion so to speak,obviously entering into an IVA then this money would be taken as part payment against the debt oweing,but still IVA would require same amount over same time,only difference is that I wouldn't have any savings at all,and really be broke,I know that sounds contradiction,maybe a debt management programme wild be better???
If you have free assets - ie savings - they should be used to repay your debts. The sooner your debts are repaid, the sooner you can build back those savings again. I doubt you would find any reputable DMP company prepared to act for you in the knowledge that you intended to hide assets from creditors. How much are you actually holding, and how much do you owe to creditors?
Understandably I don't want to disclose amounts of what I owe or what I have on open forum, is there a pm section I can email you???
I thought on I dmp you didn't have to declare all assetts??
I hear what you are saying but as everyone knows its harder to start saving these days ,this was money from a house sale of few years ago!!
You can email me directly Stoxxy - my contact details are on the "Ask an Expert" section of this site.
In a DMP you should include a statement of your affairs, listing all assets and known liabilities. I know that some firms don't do this, but reputable ones will.
