www.iva.co.uk

Hi,
Myself and my partner have been on a DMp with the CCCS for almost 2 and half yrs. Our unsecured debt when we started was about £29,000. We paid £350 per mth for the first year but found it unmanageable due to our 'up and down' incomes. We were actually paying more than we had to because we wanted to pay the debt faster. We now pay £200 per mth.It'll take another 8-9 yrs (maybe more?) to pay in full. Most of our creditors do not charge interest now and quite a few debts have been sold on. We have 13 creditors, to which we owe Barclays the most, about 40%. We've been happy with the CCCS, had no problems,they have been understanding and helpful. I had a telephone call from a company today who said we would be better off in an IVA because of the 5 year payment plan, our house which we own (mortgaged)would be secure i.e no future CCJ's etc and our credit rating would be better after the IVA term.I have arranged an appointment with an advisor but feel sceptical as they are still after profit aren't they?! I don't know whether I want more restrictions in my life, I have 2 children and I want to be able to provide for them adequately. Our incomes are up and down as we both do overtime. My partner HAS to do overtime, it's part of his job and he works very hard. However, some months he doesn't get much o/t at all. I don't want to carry on overworking ourselves to have to pay more money per mth and risk bankruptcy when we are actually in a position to pay on a DMP. Does this make sense? I got quite upset again today about it all thinking that I may lose my house even on a DMP when I never knew that before and I accept we owe money and must pay it back. IVA versus DMP dilemma.

I would talk to 2 or 3 companies about your options rather than going with this company who contacted you-a reputable firm wouldnt need to scout for business like this-maybe try some of the companies that post on here-they all have very good feedback from clients.

Hi, as Andrea said, I would be very wary of a company who are cold calling -- and offering advice at this stage without knowing any of your circumstances.

IVA does have many advantages over DMP --- but you must choose the option with which you are most comfortable.

I would suggest that you have a chat with one ot two of our experts (or have a look at www.iva.com where you will see more companies with reviews). Their advice is free and impartial.

Hi Sarah
How could a company you have never had any dealings with and knows nothing about your individual circumstances tell you you would be better off doing something else?? Please think very carefully. I suggest the best thing to do is speak to CCCS who will have your info and discuss with them what other options you might have. Do let us know how you get on.

I'd be very curious to know who this company are who are cold-calling you - and am perhaps just as curious to know why CCCS themselves have never offered you the option of an IVA - which on the face of it would seem an appropriate option for you if you want to get your debts cleared sooner than in the DMP.

Do you know where they got your details from, and are you aware that CCCS have their own in-house IVA company who could also be offering this to you?

I agree with the other posters why not contact 2 or 3 companies using the provided link www.iva.com to ensure impartial free advice that is case specific to you.

It is entirely possible that you have not been cold called at all, maybe you have been contacted by a representative of one of your creditors, who have every right to suggest that you consider all your alternatives. This is in no way a slur on CCCS, more a reminder that DMP's are not the only solution. If IVA is viable then why not investigate? If someone is working for you on a no win no fee basis then I don't see what you have to lose.

Regards.

That's a point Size5 .... could it have been CCCS's IVA arm suggesting a change from DMP to IVA ??

I would have thought that they would have made it clear who they were if that were the case.

It is certainly worth investigating and you don't have to put your life on hold during an IVA. A lot of people manage to save up a little to go on holiday and can also save up to give the kids a decent Christmas as well.

Are there really creditors who would call someone in a DMP with the CCCS to suggest an IVA as an alternative Mike? I am aware that some IP firms seem to have special links with creditors - but creditors being proactive to suggest IVAs!!! I'd be very interested to know if this was actually happening out there.