Right now I just need some advice

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David.45

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Post by David.45 » Sun Aug 08, 2010 3:27 pm
I currently have personnal debts of around £42k
split between 5 seperate companies, I've missed payments and am getting letters from creditors. I'vespoken to a couple of companies, 1 about a debt management plan and 1 about an IVA and really don't what to do. The debt management programme can start right now but will take years to complete and their fees seem very high, the IVA with take about about 6 weeks to set up, and seem far more complicated. Right now I just need some advice.
 
 

kallis3

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Post by kallis3 » Sun Aug 08, 2010 3:38 pm
The IVA will last for a set amount of time and your creditors will not hassle you.

With a dmp there is no guarantee that interest and charges will stop. It will still take time to set up. Both options incur fees.

You need to think long and hard as it is a very important decision..
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
 
 

carole2662

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Post by carole2662 » Sun Aug 08, 2010 4:20 pm
We were in a DMP before an IVA and I can say the IVA is by far the best thing we have done. No more nasty calls and we can now begin to see the light at the end of the tunnel. What I will say is that we didnt enter in to the IVA without a lot of thought as your credit rating is messed up for 6 years plus. For us it was worth it.
 
 

kallis3

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Post by kallis3 » Sun Aug 08, 2010 4:26 pm
Quite agree Carole - we were in a DMP as well before the IVA. We had terrible advice and we could have done an IVA from the beginning.

It is the best thing we have done.
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
 
 

plasticdaft

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Post by plasticdaft » Sun Aug 08, 2010 8:03 pm
A dmp is a good stop gap but is highly unlikely to rid you of your debts as they just take far too long to pay anything off.

An IVA protects you from further interest and charges and has much clearer guidelines(although often you would think not).Do you have property with any equity?

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

MelanieGiles

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Post by MelanieGiles » Sun Aug 08, 2010 10:29 pm
I don't see why an IVA should be so complicated. If you employ the services of a good IP, all you will need to do is to provide supportive documentation with regard to your assets, liabilities, income and expenditure, and the IP will prepare the proposals for you.

One big advantage of an IVA is that creditors all have to make a decision whether to accept or rejected your IVA on a day set in time - whereas a DMP can actually take longer to set up in the long run.
Regards, Melanie Giles, Insolvency Practitioner
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