www.iva.co.uk

I am actually on a debt management owing a sum of 130000with about 15 creditors.I would like to know please if I can enter an IVA .Also I work for the NHS and contribute for a pension.Kindly advise me if I enter an IVA,will it be likely that my pension contribution will be affected.Many thanks

Hi M.N. and welcome to the forum.

Before anyone can advise you please can you let us know how much disposable income you would have left to pay into an IVA, and also who your creditors are.

Regarding your pension contribution you might be ok providing you aren't making any additional contributions into the pension. Is the pension deducted at source?

Hi MN and welcome.

On the face of it, it would seem that you could be eligible for an IVA. You need to speak either to the company you are with, or another IP. If you visit www.iva.com there are reviews on there to help you.

I am in an IVA and I still contribute to my local government pension scheme with no problem.

Hey M.N, welcome to the forum. As the other have said, if you can post a few more details we can help further. I just wanted to say hi. You'll get good advice and support here. X

Hi MN

Just wanted to echo the welcome from the others.

Post a few more details up and I am sure one of the experts would be able to give you some sound advice ... and keep in touch with the Forum as you are amongst friends here and we are all here to help.

Debbie

That's a lot of money to be in a Debt Management Plan for! Either you are paying pretty high contributions, or there are probably better options. It might be worth having a chat with an Insolvency Practitioner to see how this and other options will deal with your debts in the most appropriate manner into the future.

Hello all many thanks for the warmth welocme and the full support of advice you gave me.Sorry for the delay in replying.I am giving details requested by some of you.Some of my creditors and that of my partner are:Barclays,Barclaycard,LLoyds TSB,Littlewoods,Aqua card,universal card,Bank of scotland,Alliance and leicester,Morgan stanley,MBNA,EGG,GE money,British credit trust,Marshall ward ,citi cards and few more.

I am paying the debt management company £430 pounds per month and after that I have to struggle.Recently I have received a county court judgement and I have been ordered to pay the full amount or by instalment.However,the inslament plan is very too high and I have send it to the debt management company.I just rang them and they have not even bothered to look at it.Could anyone please tell me what should I do for the CCJ to be reversed or lower the amount said.I have also asked the debt company to amend my outgoings as things such as electricity,gas,petrol have gone up and the've refused??.I am planning to change company and could anyone please tell me which company is the best??Many thanks

Hi M.N ,assuming all interest is frozen and no fees you are going to take 25 years to pay that lot off. Speak to an IP soonest because your debts wont be dealt with in a dmp. Good luck.

Hi

Suggest you speak with 2 or 3 IPs (make sure that they are licensed and not a company that just passes you on to an IP)and then make a decision based not only on their advice but also how you get on with them. You may be working with them for several years so it is important that you feel you can always pick up the phone to them.

A licensed IP has a duty to advise you on all of the options open to you - only then can you make an informed decision about what is best for you and your family.

Good luck with it all

Indeed.

To answer the earlier question though, it is extremely easy to change DMP provider, just cancel the service you are not happy with and look to take your business elsewhere. I am more than a little astounded though that a DMP company would not review your circumstances. The point of any debt solution is to make sure that, whatever is proposed whether IVA, DMP etc, is both affordable at the outset AND sustainable in the long run. If something like massive cost of living rises, the like of which we have all had to bear over the last 12 months and which, in fairness, could not have been envisaged at that time, occur then a DMP should be very easy to change upon demand from the client.

As for the CCJ, assuming it is a consumer debt of the same kind as the others, it again should pose no real issue to your provider to get the order varied to fit in with your (assumedly) pro rata budget. With an IVA of course, it would just slot straight in, so to speak, without too much fuss either. I would just echo the view that you need to speak to a professional directly as soon as you can and would again echo that a good place to start is to visit www.iva.com and have a look round there.

Regards.

Hi all again.Many thanks for your reply.In fact I might consider an IVA after all.However,if I enter into an IVA will I be able to have a second job parttime or do extra shifts?

Hi M.N. Why don't you have a look on www.iva.com. They have reviews of IP's on there.

I can thoroughly recommend Melanie Giles who posts on here. Give her office a call, and she will go through all your options.

You will be able to work shifts and do a second job in an IVA, but of course you will be expected to pay across more to your IVA.

I would agree with an earlier post that £130,000 is a huge amount of debt to have in a DMP.

I would suggest that even with reasonable payments a DMP will take at least twice as long as an IVA and you have no protection under law from creditors taking you to court etc.

Really would suggest you check out reviews on both this website and iva.com.

the most important decision is who you can work with for 5 years.

You could do no better than give Melanie a call and at leasy have a chat.

Many thanks Paul.I am dealing with a CCJ appeal at the moment and once this is sorted,I will contact Melanie.If I have a charging order against me,can I still enter into an IVA?

Many thanks Kallis3.