Sounds like you fell into the DMP trap that StepChange tried to lumber me with: They tried to get me into a DMP which would have taken an unrealistic 15-20 Years to repay.
This sort of thing only reinforces my view that, being funded/sponsored by your creditors, that is who's interests SC and the other debt charities are primarily looking out for. This is reflected in the fact that they tend to suggest DMP's over IVA's, regardless of how long it takes to repay, as the DMP gives the creditor a 100% return.
I understand that on the rare occasions when SC recommend an IVA for the self-employed, it is farmed out to their partners at Grant Thornton. (So much for these Charities claiming to be 'impartial').
If it was not for initially being taken in by the anti-IVA bias on another Money Saving website, I would have been at least a Year further down the line with my IVA by now.
At least with the IVA, you can see light at the end of a 6-Year tunnel.
Best of luck if this is the route you decide to take.
My opinions are just that: Based on my experience and being a self-employed IVA customer.
Hi there Kelly - sorry I have not posted on your thread until now, I've been having a couple of forum free days whilst I try and get some important reports done.
Glad your chat with my colleague, Kelly, went well - and really look forward to working with you if you decide that our firm will best represent you. We specialise in acting for the self-employed, so hopefully you will feel that you have come to the right place.
I know it helps when people can recommend IVA companies. I took out my IVA with Melanie Giles and her colleague Susan Clay. It was the best thing I did. I have read so much over the years on here about 'unhelpful' IVA firms and about delays etc. I have had nothing but excellent service from Melanie and Susan's firm. I had lots of questions over the years and whenever I emailed or called them, my case handler was on it straight away. I was always put at ease.
People write on here that they wait months for completion certificates. This is the final piece of paper you get to say it is all over. You won't be thinking about this now but this will be an important thing in 5 years. I got mine from Melanie and Susan in just over 1 week!
An IVA is a serious thing to consider, especially when you have a house and family. However, debt management plans do indeed feel like they are never ending! An IVA will restrict you later in life (to some degree...not all the time!). However, being in debt is not only restrictive, it is suffocating.
Whatever you and your family decide, if it is an IVA, then you can't get better then Melanie and Susan. They are pretty much the 'gold' standard when it comes to IVA firms.
Kelly, If you do go with mel's company, your in great hands.
Been with them myself and when I fell on hard time dueing my IVA they got me though to the end.
IVA now over with and it was worth it.
now starting my life again,
We've had a DMP for the last 5 years with Payplan and I'm starting to get the feeling we were talked out of an IVA on purpose.
I originally asked for one but were told we couldn't afford it. However they couldn't tell me how much it would cost. Our DMP is 18 years and the more I find out about all this the worse I feel.
It feels like I've wasted 5 years and feel no further forward.
If you have any doubts about your current debt solution or the advice you have been given, you might consider seeking another opinion.
Some IVA companies will not do an IVA for below a set monthly amount but that should not stop you seeking advice about an IVA if you believe it to be the right solution
PJG Recovery have a free online advice channel at www.debtadvicetv.com. If you are ready to ask us for specific advice or help, then get in touch at www.pjgrecovery.com/contact-us.asp . I look forward to speaking to you.
