I have been in a DMP with the CCCS now for 18 months, which is going ok. However my level of debt is so high the DMP is impractical as would take 24 years to pay off my debts which is silly. I am now seriously thinking of an IVA but have some concerns/questions. 1)My Mortgage is a Together Mortgage with Northern Rock and part of this is an unsecured loan. If I do an IVA will Northern Rock pull my Mortgage as they will be loosing out on the Un/Loan ? 2) I work for a bank and originally I didnt do an IVA as I was told if the Bank found out they would probably fire me hence told to do a DMP - Any advise on either please ? as I want to make some positive moves this year to get some resolve over this. At the moment the DMP gives no light at the end of the tunnel. Thanks
I would certainly think of an IVA if your DMP is going to last for such a long time. As to your employer, check the terms of your contract and/or speak to HR as to what would happen if you did an IVA. We have several posters on here who work for banks and have no problems.
As long as you continue to pay your mortgage then NR can do nothing.
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Hi
Jan's advice is spot on.
SpeaK with the HR dept of your bank and find out if they would support an IVA.
The NR mortgage will be fine but NR do have a criteria regarding IVAs as their unsecured debt will be included and they will almost certainly have a yes or no vote.
Make sure you speak with several experts/companies and understand the NR criteria
Regards
When I started to look into resolving my financial crisis I too was worried I might lose my job because I work for a bank. Furthermore, one of my creditors is the very same bank.
Spoke to my line Manager who was great, my role does not pose a risk, ie I do not give financial advice nor does my role within the bank put me in a position where I might be tempted to resolve my problems illegally. So, entering into an IVA did not put my job at risk. If you can, speak to your Manager or even make an anonymous enquiry to HR to find out where you stand.
I am amazed that someone would have suggested a 24 year DMP to you when an IVA may well have been more suitable. Your NR mortgage would not be affected, and I have lots of clients who work for banks who have successfully entered into IVA procedures - although you will need to check your HR manual and contract of employment to see if your own position would be affected.
