Author Topic: iva or dmp  (Read 2897 times)

polly0071

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iva or dmp
« on: Jan 21, 2013, 12:15:52 PM »
Hello all
I was looking for advice please I currently owe 8000 unsecured debt to 6 creditors 2 of are pay day loans I was wondering what route i should go i live in northern ireland.

brent1ford

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Re: iva or dmp
« Reply #1 on: Mar 08, 2013, 03:28:26 PM »
You do not have enough debt for an IVA do a Debt Management Plan is the way forward.

James Falla

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Re: iva or dmp
« Reply #2 on: Jun 14, 2013, 04:53:28 PM »
Hi Polly0071
 
I would agree with brent1ford, normally you would not start to be eligible for an IVA unless your debts were at least £10k or over. However if you own money to payday loans companies they can be very aggressive and therefore doing a DMP might be difficult. Have you heard of the DRO (Debt Relief Order?) This option is also open to people in Northern Ireland so it is definitely worth checking out as an alternative to the IVA depending on the level of your income.
Debt Expert & Author
beatmydebt.com