Has anyone any experience of IVA's or DMP's?

Hi bubbles

We are currently on a DMP with Payplan (google them, theyre free and v helpful) We had debts of about 35K and we now pay £200 a month versus the £900 + we were paying before. Im not pregnant so they are going to review our budget again so im guessing the £200 will drop.

They have written to us about an IVA. However only OH has enough debts to be considered for one, it cannot be done joint. So we would them be left with a DMP for my debts and an IVA for his debts. Howevere we are considering it as it will work out a lot cheaper and it will be the quickest way to pay his debts off. OH doesnt own a house but I do, but him getting an IVA wont affect me as far as I know. The only thing we are worried about is getting a mortgage in the future, weve been told its difficult but not impossible.

We need to sit down and research them properly, but what I will say to you is dont struggle any longer, get in touch with Payplan or CCCS and get some free advice tailored to your situation.

HTH xxx

Thanks for replying Miraclemummy.

We are both quite worried about the prospect of either a DMP or an IVA but know that something needs to be done. We are struggling to pay each month. We have been in touch with Payplan and an IP so we are just waiting to decide which would be the best option for us going forward.

Thanks again.

Bubbles05

Bubble i would guess that it all depends upon the amount of debt you have and living costs.
My husband works for a company that do cover both (i believe-he doesnt deal with it...he is it really) but he always tells me IVA are the safer option x there are iva forums where you could post for advice x