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| The independent answer to your debt problems | login join |
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JCaroline
| 23-11-2007 05:46 PM |
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Joined: 23 Nov 2007 Posts: 2 | I have debts of £39k and currently speaking (nothing signed) with IP re IVA Agreement. However, I am not happy both morally and with the stigma of IVA. Would consideration be given to a DMP. I work full time and ideally would like to pay back (example only: say £550 x 72 months or perhaps £660 x 60 months) and increase set payment yearly i.e. extra £25 year 2 per month, another extra £25 year 3 per month etc. I have no car and they want to freeze my company pension for 5 years. Any advice would be appreciated. This way the creditors (8) are getting their money back and is a combination of store card, catalogue and loans with payment protection. JCaroline |
| helpmenow | 23-11-2007 08:29 PM |
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Joined: 15 May 2007 Posts: 30 My Profile | Hi JC and welcome to the forum. I was in almost the same position as you. What I found that helped me was to do a SOA. I know the experts on the forum will want to know what your financial position is before giving you any advice. You're doing the right thing by investigating all the options. Personally I see nothing morally wrong with an IVA and certainly no stigma because I have just recently signed one. I can tell you that I sleep more easily and less stressed since I did the deed. I am not saying that you should definitely sign up an IVA but you should definitely do something about your debt. Good luck. Someone will be around shortly :) |
| DW George | 23-11-2007 09:18 PM |
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Joined: 01 May 2007 Posts: 148 My Profile | Hi JCaroline To give you the best advice we really need to see your SOA. As helpme says, it's a great way to get a handle on your expenditure. In respect of morals and stigma, my views are very strong, see my article on irresponsible lending. Where are the creditors morals when they happily extend some ones credit limit when they know they are only making minimum payments. Where are their morals when they constantly bombard you with junk mail saying would you like to borrow more money or use credit card cheques to buy some one special a gift or go on holiday! Where are their morals when they hound you morning noon and night at work and home if you start to fall behind with your payments! In any case follow this link for information about the difference between an IVA and a debt management plan. Stigma, only the sad old git who reads the Edinburgh or London Gazettes will know, part from that no one else. Should anyone find out then what of it! G |
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JCaroline
| 26-11-2007 08:53 AM |
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Joined: 23 Nov 2007 Posts: 2 | Thank you very much for your advise, much appreciated. |
