www.iva.co.uk

for almost a year i have been in a dmp with cccs - with 4 creditors owing about £11,000. i am paying cccs £111 a month.
But i also have 3 other creditors out of the dmp, a loan with about £6,500 left on it, a credit card with £2,700 and a catalogue with £1,100. All together debts of about £22,000. I thought i could manage with paying the 4 creditors through cccs and paying my other creditors, but i can no longer do it, its crippling me. I cannot go on any longer the way it is.
would i be eligable for an IVA?
income is £1,560
outgoing is £1,296 (everything except debt repayments)
leaving £264 to pay an IVA.
I am married with 2 small children, and we have a motrgaged home- but with no equity.
any help would be much appreciaited. regards, Adam

Hi there and welcome to the forum

An IVA is a definate possibility for you, pending the receipt of more detailed information. I suggest that you get rid of this neverending DMP and take proper professional advice from a licensed insolvency practitioner.

Hi Adam, and welcome.

I would agree with Melanie that subject to verification of everything an IVA is far more likely to be suitable for you than the DMP you are currently in.

What was the rationale behind only putting half of the debts into the DMP?

Ian