I am in Debt Management with Churchwood, but they have offered me an IVA. I am unsure to take up this offer as I hear this could be bad for my credit file. Please advise if I should go for the IVA or am I better off offering settlements for my creditors as they are only very low outstanding debts
If you are already in a DMP your credit rating will already be negativley affected due to you making reduced payments and deafult notices stay on your credit file for 6years.
How much debt do you have? how much are you paying into your DMP?
PJG Recovery have a free online advice channel at www.debtadvicetv.com. If you are ready to ask us for specific advice or help, then get in touch at www.pjgrecovery.com/contact-us.asp . I look forward to speaking to you.
Has there been a change in your circumstances which now enables you to present an IVA, and if not why did they not advise you of this process when you started the DMP. How much are your total debts, and how much are you currently paying into the IVA?
I started the dmp about 3 years ago, I have been paying 80 pounds a month , I owe about 12,000 in total for 3 debts and about 2000 in little debts, I don't no why they never offed it to me befor but they are asking for 120 for 5 years. My concern is how bad are they because along with asking if I have been bankrupt nearly every other question I get asked is have I had a iva, it really concerns me because one day I will want credit again as I hope to have my own buisness one day.
If you have no assets worth more than £300 and disposable income of less than £50 a month then a Debt Relief Order might be worth looking into.
Other than that, I'd suggest reading this forum for at least a week, get a feel for the things that people praise and criticise about IVA's and the companies who operate them. There are plusses to an IVA but there are minuses as well, availability of credit being one of them. That said, be realistic, if you're on a DMP your credit rating is shot to pieces anyway and the DMP was going to take forever to pay off.
why not get a second or third opinion. Try www.iva.com for a list of companies contact 2 or 3 and get some impartial advicce. Being in a DMP with one company does not mean you have to stay with them for an IVA if you're really wanting to enter one x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
The only item I have over 300 are my tools that I use to earn money so no not really, I don't have a house I rent and I have a little bit of spare income, how do creditors look at iva when they ask u if u have ever had one
If you can afford the increase, then the IVA looks a much better bet than a never ending DMP, but of course it is, proportionately, a very large increase, and you may have other options as well. A lot of IVA's are being accepted with contributions that are less than you have been offered so it may indeed be well worth speaking to 2 or 3 other providers if you do decide to go down the IVA route.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
It's not the increase that bothers me its the ever lasting print of after 6 years having to say yes I have had a iva, I'm worried about getting a bad look from creditors because of silly teenage mistakes I made that's all, thanks for help so far people
Most creditors seem happy to line up and offer lending streams again to be frank, and will not really care about you at the end of the IVA. If you don't like the idea of an IVA, is it better to stay in the DMP - and how long will this take you to repay your debts in full?
