IVA or DMP? Scared we may do the wrong thing

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Nicky.ct

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Post by Nicky.ct » Wed Jul 13, 2011 3:20 pm
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We owe about 44K on cards and others, have no equity in our house - we know we should go for either an IVA or a DMP - but which one? Quite scared we might do the wrong thing
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liamjames

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Post by liamjames » Wed Jul 13, 2011 3:36 pm
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Hi Nicky and welcome,

You're right to ask questions - they are very different kinds of plan and it depends on what you need.

How much can you reliably afford each month? Do your outgoings exceed your income?
Take care,

Liam James
Varden Nuttall
http://www.vardennuttall.co.uk

Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp
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plasticdaft

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Post by plasticdaft » Wed Jul 13, 2011 3:46 pm
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Work out what you can afford a month and then work out how long a dmp would take assuming no interest is added.
Dmp's in my opinion are a stop gap,a useful tool to allow breathing space. In an iva you are protected from creditors adding interest or charges,or from them taking further action against you.

Bankruptcy should also be considered but contact at least 3 firms from www.iva.com and see what they think.

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