www.iva.co.uk

I started with debts of around £60000 half of which is pure interest, i have been on a DMP for over two years. Although only paying around £90 per month, this eased my problems massively. My problem is i have a bit more money available to offer, but the debt has increased and will continue to increase as all interest has not been stopped. Where do i go now as bankruptcy is not an option. I am with the CCCS.

Hi & welcome, have you spoke to anyone regarding an IVA,,you will need more than £90 a month desposable income though.Why isnt BR an option?
You need to speak to an IP, give one or two a call.

How much more would i need for an IVA ? I will be speaking to CCCS regarding this, but they use a third party for IVAs. Regarding BR i dont want to lose house, pension etc etc.

Hi Harry

Check out your options with the experts or specialist companies listed on this site to discuss all your options.

The individuals/companies here will look to offer free, confidential, no obligation advice.

Hi
This can often be a problem with some DMPs, if interest is not reduced or frozen you can end up further into debt. It is so important to choose a debt management company that will actively work with your creditors to freeze interest. Some people will choose a provider because they are "free" but sometimes by choosing a commercial company that manages to freeze all interest will mean that you will save the cost of your DMP [typically 15-20% of your monthly payment] many times over each and every month.
A question for the CCCS......do you actively look to have interest frozen on a DMP ?

To answer your specific question I would speak to several experts/companies and look at the possibility of an IVA. All interest will stop once an IVA is agreed
Regards

Hi
Unless you are self employed The CCCS will use their own VA dept.
Regards

Maybe i was nieve when it all started as i used Spectrum for the first 12 months, but as they were taking half of what i paid i thought i would be better off using the CCCS as the creditors would receive all my money.

Hi
Half of what you are paying is very steep so you were right to move.
Explore the IVA route asap
Regards

How much do you now feel you could afford to pay to your creditors on a regular monthly basis?

Thanks for your advice. Around the £200 mark at present with that increasing each year if all plans fall into place workwise.

An IVA, offering a very low dividend could work for you, so it would be worth having a chat to an insolvency practitioner to discuss options.

Thanks for the advice everyone, i will be speaking to the CCCS today to look at my options. What is a low dividend IVA Melanie ?

One where very little is returned to creditors on a percentage basis of what you owe.