currently in dmp for last 10 years.
looking to move out of it to an iva as in current dmp would take 50 years and I'm 44 now.
however the real question i have is with my current employer for 3 years and have a 5 k loan with a credit union...increased from 1k over the last year ..attached to my earnings every week. As this is a recent loan under a year old is it unwise to attempt to have it disclosed added into a potential IVA.
I'm assuming the surplus £25 weekly credit union repayment I make if added to an iva would just be shared out amongst all 12 creditors.
However this would be pointless unless I can have the £25 back in my weekly budget instead where its needed as what's the point of messing up my only line of credit worthiness. .ie. ..never missed payments and built up a worthiness over 2 years with them.
Any advise appreciated
You HAVE to include all unsecured credit in an IVA -- you cannot leave the credit union out. When in an IVA you are supposed to be cut off from all lines of credit ! An IVA is a formal debt solution and your credit score will be shot beyond all use for the next 6 years.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk
Foggy wrote:You HAVE to include all unsecured credit in an IVA -- you cannot leave the credit union out. When in an IVA you are supposed to be cut off from all lines of credit ! An IVA is a formal debt solution and your credit score will be shot beyond all use for the next 6 years.
I worry as I have taken these lines of credit whilst being in a DMP but I guess that's not as formal as an IVA.
So having an IVA you think the provider would insist on declaring the credit union loan to the creditors but they said they don't have to as not on my DMP?
As Foggy says - ALL unsecured debts have to be included in an IVA.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk