So I’ve decided to go down the DMP route in the first instance. With the possibility of an IVA on the cards if a DMP doesn’t work out.

Hopefully the creditors will stick to the DMP

Thanks for all your help

Your original post had been deleted so I couldn't see that, thank you. A DMP will likely be cheaper than an IVA, although you might like to check whether interest can be frozen in a DMP. IVA is legally binding so creditors cannot take action against you once in place, assuming you stick to the term...

Mon Oct 07, 2019 8:30 amLisa Thomas wrote:

It depends on your circumstances, how much debt you owe, what assets you have, what disposable income you have etc.

Hi Lisa.

As mentioned mortgaged house with about 15% equity. Owe around £43k with circa £650 surplus. Been told an iva would be approx 5y 6m and a DMP would be approx 5y 7m.

Thanks foggy just not sure which would be the best way forward

Any suggestions on what to do next? Basically I pay for my car insurance costs and maintenance etc in cash to my dad company that covers all my costs towards the car so I don’t have to pay anything out at all. This comes to about £400 and because I can’t provide evidence that it’s paid as I’ve been ...

Ok that’s fine. Thanks for that.

I need to stop all my creditor direct debits then. I’ve got a new account to move across to just haven’t got chance to do it yet.

So just change the payments that are being made without contacting them? How does it work with default charges etc?

Hi all

StepChange has advised I contact my creditors about the IVA and tell them that I have been advised to pay x amount to them.

Does anyone know if there’s an easier way to do this than ringing them?

Thanks

All Sorry for all the questions that might sound silly. Ive got the paperwork through today and in it, it says "You wouldn't be expected to release more net worth than is sufficient to repay your creditors their remaining balance in full" does this mean the debt before the IVA or the IVA balance? Al...

Thanks for the reply.

Bit of a pain i guess, ill get working on sorting it then.

Just need to tell everyone my account details are changing.

All

I am going forward with an IVA and i have been told that as one of my debts is with HSBC i have to close the account down

Is this a must or just advisable?

Thanks

Still looking into an IVA and wondered how old does the debt need to be? When I was speaking to step change they asked how old it was.

I have some credit cards which were balance transfer and they are still on 0% does this matter?

Thanks

Fri Aug 02, 2019 10:05 pmkallis3 wrote:

If you already have a mortgage you should be ok.

that's what i thought, or hoping, any idea what effect it will have when my fixed term ends? also is it worth ringing them to ask or would alarm bells start ringing at their end?

All

Looking into an IVA at the moment and currently have a mortgage with Virgin Money, does anyone know what the IVA will do to my mortgage as i know they dont give mortgages to people who have had IVAs.

Thanks in advance