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Posted: Sat Oct 11, 2008 10:50 pm
by l846
Hi, could anyone please help - my husband and I are currently looking at an IVA or DMP.One of the loans is with Lloyds TSB and we have only had this since July.We have read several reports that Lloyds will automatically reject our IVA application, and they hold over 30% of the total debt.Is this the case? If so, are we better off trying with a DMP first and then applying for an IVA ? Also, if an IVA is rejected are you able to reapply at a later date?
Posted: Sat Oct 11, 2008 11:05 pm
by plasticdaft
Lloyds policy is that if 75% of the debt is with them they would not go along with an IVA. Who else do you owe money to??
Yes if an iva fails you can do a dmp for a while then re-apply but you would have to find out what your 1st proposal got turned down for.
Posted: Sat Oct 11, 2008 11:33 pm
by David Mond
It looks as if you'll only be able to do a DMP first - my advice is to speak to an IP - visit
www.iva.com and see a selection of experts who can help you. You will need to give them full details of all your debts and income and expenditure.Good luck