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DMP to IVA, what will be the advantage? |
Submitted on: 25th Feb 2011 by Non-Member | Total Answers: 8
Hi,
One year back I had vey dificult time due to high mortgage based on fixed mortgage interest, many late payments, mortgage arears, bank charges, personal borrowings from this friend to pay an other, doing multiple jobs etc. Therefore I seeked advised from CCCS and signed up for a DMP. Since my morgage fixed terms ended in last year, now I am little confortable with my finance status how ever scared if bank of England interest goes up I will end up in same sitaution before. I also have two houses, one rented but no equity. My DMP isn't help me to come out from my debts. CCCS offer me IVA, can it be a good solution for me to come out from this debt after 6 or 7 years from now?
Re: DMP to IVA, what will be the advantage?
If your DMP isn’t reducing your debt, then an IVA could be the best option for you, especially as you have assets you’d like to protect. The IVA term is typically 5 years, although it can be extended by another 12 months if you are unable to remortgage in the final year (CCCS will go through all of the detail with you). CCCS is a registered UK debt charity and so would trust the advice they’re giving you. We assume that the reason that you have been offered an IVA now, having been offered a DMP 12 months ago is because your monthly disposable income has increased sufficiently to allow you to meet the minimum return to creditors required in an IVA (traditionally this has been set at around 15%).
This question was answered by Debt Advice Foundation, an independent UK debt advice charity. If you're considering entering into an IVA or need further help with your IVA, Debt Advice Foundation provides a free, confidential helpline and can advise you and on whether you qualify. Click here to find out more.
Re: DMP to IVA, what will be the advantage?
If CCCS have recommended an IVA I would hope it is because it is a viable way for you to become debt free. An IVA will usually last for 5 years and if you stick to the monthly payments you will be debt free after this period. If you have any queries about the details of your finances, or how an IVA works, I suggest you speak again to CCCS who can advise you further.
This question has been answered by Christians Against Poverty, a leading debt charity offering hope and a solution to anyone in debt.
Re: DMP to IVA, what will be the advantage?
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Re: DMP to IVA, what will be the advantage?
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