www.iva.co.uk

Hi

As we speak the CCCS (VA) are drawing up an IVA proposal for me. They have not approached my creditors for the meeting yet, but will do any time soon.

However after 2 recent postings on here and the advise I have received, I am suddenly thinking that going ahead with an IVA may be the wrong thing to do...

I have £300 that I can pay a month into an IVA/DMP

Things I am worried about...
1) I work out that it will only take me 2-3 years more to pay off my debts with a DMP.

2) If i get a payrise (which is likely in the next 5 years) on an IVA I will lose the benefits of this, but on a DMP i will get to keep the extra money I earn (or at least some of it)? - Otherwise what is the point of aspiring to get a better job over the next 5 years?

3) As with point two, with a DMP if I do earn more money I can up my payments and pay off more, and thus may pay it off in the 5 years anyway?

4) I have given the CCCS my outgoings but want to add an extra £150 a month for car contract hire, as I need a car for work and my old banger is sure to die in the next year or so. This was not taken into account when I gave my outgoing details.

5) If I am on a DMP I can still go and work in Australia on a working holiday visa, at least easier than when I am in an IVA.

Can you advise as I just don't know what the best option is?

Thanks a lot!

Becky

How much do you actually owe to creditors? If you could reasonably pay them all off within 2-3 years, then an IVA is neither a sensible solution for either you our your creditors!

What advice about options have CCCS actually given you, and have you had any direct dealings with their insolvency practitioner?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hi
I think Becky means that a DMP will take 2 to 3 years longer than an IVA to pay off her full debt.
If you take out the car lease Becky what will be your disposible income and what are our total debts ?
Be aware that under a DMP interest will more than likely continue to be charged so your 7-8 years can,and probably will, go on for many more years.
Regards


Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

There is definately something wrong with my eyesight today! Sorry Becky, disregard my earlier post.

Anyone who is going to take longer than 5 years to repay their debts should seriously consider the merits of an IVA because:-

1 Full protection from the Court against any actions taken by creditors.

2 No interest is charged from the date the IVA is accepted

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

hi

your pay rise might not be touched if your cost of living increase at the time of yearly revue same as overtime you might get if cost of living goes up my pay rise and ot was not touch on my reveu in febuary

ps creditors will plague the life out of you in a dmp trust me ive been there bought the t shirt 2 weeks after iva went through ive never had a phone call or letter just dont be worrying that your not going to be aproved an iva you have to try good luck