Just found out I can't have an IVA as 1 of our debts is not over 12 months old. Advised to go for DMP - which we will do - but should we go with a company to manage it for us or go it alone after some free advice? If we could get some advice from anyone who has experienced this situation I would be grateful.
Someone has given you duff advice, I had 2 debts under 12 months old and had my IVA accepted last month. Speak to a few IP companies first, I went with Melanie Giles and highly rate her company as do others on here.
(Incidentally I think I was told the same thing about the 12 month rule by CCCS)
IVA Accepted - Sep 2009
F&F Accepted - Oct 2014
CC Received - Jul 2015
If you have received that advice from Mel, then it will be correct. Some companies are funny about IVA's if the debt is a reasonably fresh one.
You can do a DMP for a while before trying again. You can either use a fee paying company (I did this and it worked for me), or you can do it yourself. There is a site which can help you if you go down this route:
There are template letters and a forum as well if you have any problems.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi Samantha - Kallis has given you great advice, whether you do the DMP alone or via a company is a personal choice. I guess by using a company they will deal with the creditors so it should be less stressful. Depending on circumstances, you may be able to enter an IVA later on.
I was not aware of your discussions with my colleague, but I am going to have another look at this and speak to the creditor concerned to see if they will consider an IVA. The facts of your case are unusual, but it is definately worth asking the question rather than making assumptions.
I hope Mel can sort something out for you Samantha - if anyone can help you, she will.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Samantha - I gather that the main reason for my staff's advice to you yesterday, was due to the fact that you have more equity in your property than your debts! We would never have advised against an IVA purely on the basis of a debt being less than 12 months old, which is why I was concerned to read your post this morning. If you need any more help with the DMP, or need us to suggest a few companies we would recommend, the do not hestiate to get back to me.
Hi Melanie - Yes, I have too much equity! You're comapny has been very helpful though and Melanie Nichols (I hope I have her name right) was fantastic! She helped me understand the issues and suggested DMP as the best route for me. She passed me onto a company last night that are calling me back today so hopefully the DMP route will work out and I can relax a little! Thanks for all your help on here guys - I will keep you updated and of course be back if I need some advice! x
Hi Samantha, I'd like to wish you well in your journey to debt freedom and can only say that Melanie's company and staff are second to none and will only give out first class advice.
Do stick around and let us know how you're getting on.
I hope the company calls you back and you can get something in place.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi SamanathaC - I too have too much equity in my property so did not want to go the IVA route. I have just this month set up my DMP with Bright Oak. First payment to them was 22nd Sept and today I have received letters from 2 of my creditors stating that they will suspend interest. They have been brilliant at Bright Oak and will put you at ease in this difficult time. I was worried sick last month but now feel like there is definite light at the end of my debt free tunnel. I hope this helps you and the very best of luck.
