www.iva.co.uk

hi can you tell me if it is true that if your loans and other credit are less than a year old, the chances for been accepted for an iva are extremely slim

I can't say for definite but i've just had my IVA accepted and one of my debts was only 3 months old at the time of looking into the IVA, 5 months by the time it was accepted. Saying that i don't know how that one voted!!

Hi
I don't think that is true, although it may be one of the factors for a rejection.
The creditors are looking for the best deal on the table and do not balnket refuse due to the debt age
Regards

the reason i ask is that nearly 80% of my debt are with natwest, and i only got the loan about 6 months ago as a consolodation loan and needless to say i didnt use it for that. i spoke to a debt management company and they said that a dmp was best for me. the thing i am concerned about is the figures. the fee was 17.5 percent of every payment i would make through them. althoough they say they would have my the interest freed on my debts. this still equates to a lot of extra money paid on top of my debts. what is the normal charge on a dmp. can someone recommend a good company for this cause i think a dmp would be best for me at the moment. i have been trying iva.co.uk all day to get a list and reviews of companys but cant get it to come up, keeps coming up with an error message. might be my computer. any help much appreciated, thankyou

I had a DMP before my IVA and we paid about 17.5% to the company we used, so I think this is pretty standard.

You can try Payplan or CCCS who don't charge you at all for the DMP, they get their charges paid by the creditors.

There should be no reason why you could not put forward an IVA, depending of course on what the money borrowed was actually used for.

I suggest that you have a chat with an insolvency practitioner, who is qualified to give you detailed advice on all options and will not try and steer you down one particular route.

Visit www.iva.com for reviews on IP's and select one or two and I am sure you will get the appropriate advice. Good luck.