www.iva.co.uk

Afternoon Folks,

I'm currently doing a self administered DMP, paying £176 per month on debts circa £56k. My other half returns to work in July, so I've been thinking about how to move things forward - staying on a DMP will leave me in debt for what feels like an eternity.

I like the idea of an IVA and have looked into them a lot (bankruptcy is probably a better option on paper due to having no assets - I rent my home, but my job could throw up issues).

However, I currenlty have some catalogue debts that I'm paying back (not defaulted) plus 4 mobile contracts (don't ask - I'm a sucker and a fool for shiny gadgets [:I] ).

Now I could wait until I've paid the catalogue debts off plus paid of 2 of the mobile contracts (use the other 2) and then start the IVA process. Or should I start it now? What would any IPs think of this? Of course, having paid them off I'd have more to pay towards an IVA, but with my partner going back to work, and not paying any debt paments whilst and IVA goes (hopefully!) through, I could probably pay them all off within a few months anyway.

Any advice appreciated

Thanks.

Hi foolishqueen and welcome to the forum. An IVA is an excellent debt solution if that is what you want to do, bankruptcy is also a good debt solution for those it suits. I would definitely suggest talking to 2 or 3 IP's to gain some case specific advice which will be free and all debt solutions can be discussed.

Try www.iva.com for a list of companies and some reviews of these, there is also our professionals who post on forum and they all come highly recommended and can be contacted via the experts link.

Welcome from me as well, and excellent advice from Lesley.

Hi foolishqueen and welcome to the forum.

Some excellent advice already given in respect of speaking to 2 or 3 IPs.

Why wait - the sooner you move forward with an IVA, then the sooner you will be debt free.

In respect of your mobile phone contracts, you can include them in your IVA, along with the debts outstanding on your catalogues.
There are a number of IPs who post on the forum, and who will gladly enlighten you with their expertise in respect of you moving forward.

Gd luck.

Once you have made your mind up about following a particular solution, I personally would crack on with it straight away. The other debts should be included into the IVA in any case - and an insolvency practitioner will be able to help you make the right choice for the future.

Thanks for the replies guys - sorry for the delay. The catalogue includes recent expenditure (needed some new work clothes) and one of the mobile contracts is only a few months old.

Obviously all my fault, continually thinking tomorrow will be better, that finances will improve and so on, but always something unexpected coming up No one to blame but myself and being in debt I should have known better.

I feel that is the money spent is recent, I should pay as much as I can. It seems wrong to me to now suddenly go for an IVA and stop paying. Surely it would be looked upon very dimly indeed?

please dont long and hard about going into an IVA its not an easy way out. we are in an IVA with DEBT FREE DIRECT. we have been in the iva for 5 years ours is over 6 years we were to pay back 80pence in the pound to our creditors this has now changed to 100 pence in the pound. plus they has also added between 9 and 10 thousand pounds fees to our debt we have paid back 56.000 out of a debt of 55.000 but dfd wont release us out of this iva they say our contract was for 72 payments we have paid our debt of in 52 or 53 payments but dfd wont release us they say we have to continue paying till we make 72 payments which to us means out of a debt of 55.000 we will of payments back 72 thousand pounds. this company controls our money since entering into the iva gas electric fuel food have all incrased and even though we can prove all these incrased we dont get any incrase in our income and expenditure which is done in an annual review. please give a lot of thought before you decide. their adverts say DEBT FREE IN 5 YEARS SO MUCH OF YOUR DEBT IS WRITTEN OFF NO MENTION IN THE ADVERT IF YOU CAN PAY BACK 100 PERCENT OF YOUR DEBT YOU WILL HAVE TO PLUS OUR FEES OF 10 THOUSAND POUNDS. PLEASE GIVE THIS A LOT OF THOUGHT BEFORE YOU ADD MORE TO YOUR DEBT.

Hi Foolishqueen and welcome back.
Recent spending is not that much of an issue unless it was serious amounts of money and you knew what you were doing. The mobile contracts that you do not need can be just cancelled and entered as a debt.

I think you should at least seek some advice at this even if you do not proceed immediately. At least you will know what you can and cannot do and any implications. Also the advice is free.