I was due to start a dmp with cccs but myself and husband has been reading the info on here and think maybe an iva would be the best solution but i have a few questions which i hope someone could try and answer for me.
We have a 6 year old car which is not on finance and would prob be worth approx £4500-£5000 if sold, would we be forced to sell this and buy a cheaper one. If really dont want to do this as need a decent car as my husband works nights so needs a car for work and i also use this car in the day for my work and need a car which will last us for at least another 6 years which this car would
Another question is my husband wage - he earns a basic wage but then gets a premium night rate and also commision so his wage changes each month - cccs said when we were setting up the dmp that they could only take his basic into account and advised us to pay any extra into seperate account and then pay into dmp every few months, would this be same on iva - would we just put husbands basic wage and i have understood by reading that he could keep 10% of extra wage and then any more he would have to be send 50% each month of the extra into the iva ? is that how it works ?
any help would be grateful appreciated so i can try and have a decent nights sleep thanks xx
ps. owe 35000k / joint salary £2000 can pay into iva £250 per month - mortgate interest only £85000 - house worth £85000
Hi and welcome
The car will be fine, as you say it needs to last 5/6 years.
I would use the basic wage and any guaranteed premium as a base wage. Anything that is earned as a net figure above this net figure you would keep the first ten percent and the balance split 50/50 and paid into your IVA.
Why did CCCS not advise an IVA ?
Regards
Firstly about the car, it is unlikely that you will be required to sell it. Ours was worth £8k and we kept it. You need a decent car as it will have to last you for the duration.
I would speak to one or two firms to sound out your options. Visit www.iva.com for a list of companies and reviews.
The advice is free and impartial.
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
cccs did offer us dmp or iva - i first dismissed the iva as i thought would lose house and car, now reading all the info on here i really do think its the right thing to do.
As cccs has all my paperwork (statements/balances etc) do you think best for me to stay with them so iva could get set up quicker - dmp was due to start with them 20th of this month. I have spoke to payplan aswell and they recommend iva also
It is totally up to you. If you want to change companies then just request your paperwork back from CCCS.
Give one or two more companies a ring, it can't hurt.
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
Hi and welcome to the forum from myself too, I would talk to a couple of other companies and get some case specific impartial advice and it will then give you a comparison to the advice of the CCCS. The link Jan provides is an excellent starting point to choose another couple of companies and our professionals who post on the forum do all come highly reocmmended too and can be found via the experts link.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
