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I am considering an IVA as we have debts totalling £47500 all with credit card companies. After paying out monthly expenditures we have £700 to £800 left each month. Would we be better off going for a DMP rather than IVA. My husband gets an annual bonus if the Company we work for makes a profit but this is not guaranteed. If we take out an IVA will we have to hand over all of the bonus or just a percentage of it? Also as we both work for the same Company do we have to inform them of any IVA that we take out. Thanks.

Hi Sab and welcome.

I would speak to an insolvency practioner and get advice on the best way forward for you. Initial advice is at no charge and you should be given all the options avaliable to you so that you can make an informed decision on the best way forward for yourselves.

The Ip's that post on here come well recommended and you can get reviews on Ip's and companies on iva.com.

Ang

Hi sab and welcome to the forum.

I think that an IVA would possibly be better than a DMP. They only tend to work if you can pay off your debts in a shortish time.

If you did a DMP, then the bonus earned would be all yours. In an IVA you would certainly have to pay at least a proportion of that across.

I recommend that you contact an Insolvency Practitioner, either by visiting www.iva.com and phoning one of the companies on there, or click on the expert link on the left hand side of the page and phone one of the professional experts on there. They all come highly recommended and they will go through all of your options with you.

Either would probably work for you, although I think that a DMP might take a little longer to conclude as you would have to repay your creditors in full. In these circumstances, some creditors may favour a DMP so best to take professional advice at an early stage.