www.iva.co.uk

If I am to enter into a dmp for a debt of approx 48000, initially paying 280 per month then perhaps increasing this by 100 per year, do any experts know what the likelihood/percentage chance of a firm issuing me a CCJ is if I keep up payments.

Thanks

There is never any guarantee - a DMP is a gamble, an IVA will definately stop this happening legally.

Thanks Melanie.

Im so confused by the two but IVA does sound better.

I have 2 problems tho

I have been refused a basic bank accountby co-op!!!! (my basic wage is 2100 and my credit score 100%)Are there ways round that?

At certain time of the year I have to pay bulk professional fees- eg £1000 per time. I have no contingency funds im just surviving paying for everything but my two credit cards lose their 0% balance special rate in 2 months so will be stuck then.

If you enter into an IVA they would definitely have to go. You should also not use them in a DMP either.

You may find that you were turned down by the Co-op if you are not on the electoral roll.

What would have to go- can my fees not be worked in monthly?

Also if going for IVA could I cancel all my creditors now to make a contingency?

Your credit cards would have to go. You would need to sort out your fees with an IP.

If you decide on an IVA,then you can stop paying your creditors, but be warned that they will hound via phone and the post.

thanks for help kallis no i mean i will never use credit cards. my financial problem is that my 0 percent interest cards all expire shortly. My reason for being hesitant for an iva as oppose to dmp is that at certain times of year I have to make large cheque payouts. i have no contingency and wonder is it worth stopping my creditors now or will that risk my iva application

Sorry, I'm with you now!

Stopping paying your creditors will have no bearing on whether or not you are approved for an IVA.

We stopped paying and managed to build up some contingency. The only bad thing about it are the phone calls and letters.

Thanks the only worry for me is ive been refused a coop basic account- i think its due to too many credit apps- any ideas?

are you definitely on the electoral role for the property that you are applying for an account?

yes i sure am

not sure what else to suggest as that is the usual sticking point. I didnt think co-op did a credit check for thier cashminder account

If you have large exceptional items to pay for during the year, then these can easily be built into an IVA - I am sure I have advised on this point earlier.

How were you intending to address the same matter in the DMP as a matter of interest?

you are quite right melanie- but the dmp quotes are always a lot lower so i thought i could build contingency

What do you mean by DMP quotes being a lot lower? Surely this is based upon your actual expenditure as presented to the firm representing you, which would form the basis for the same amount of disposable income in either an IVA or a DMP.

Or am I missing something here?