I was recently made redundant with unsecured debts of £48k that I was paying through a DMP. I have managed to get a new job, but it is much lower paid. I have calculated income and expenditure and believe I have about £230 per month free. Would an IVA be the right solution, and would creditors be likely to accept this level of recompense (29% over 5 years).
An IVA may be a solution, but you should seek professional advice. Visit www.iva.com for a list of companies and reviews and give one or two a ring.
Can I ask why you didn't consider an IVA in the first place?
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
I think that an IVA would work very nicely for you, and would see your debts repaid over a much shorter timescale than in in a DMP. The dividend may be low, but I am getting a lot of low dividend cases accepted at the moment, so give it a go and have a chat with an insolvency practitioner to learn more about IVAs and other debt solutions as well.
Hi if you want to have a look at a list of companies with some reviews, try www.iva.com Always take the advice of 2 or 3 companies and then you will receive free impartial case specific advice. All the best. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
