General Chat, Products & Comps <
19/02/2013 at 13:27
My brother has been to see a few companies but isnt sure which way to go. He is in Scotland if that makes any difference. Problem is CAB have told him that it will take 7 years to pay it off with their appointed company but the others are telling him he can have it paid off in 3 years. CAB also say that he cant get any written off yet the others say he can. Problem is I know which would be more appealing to me. He just doesnt want to get ripped off. xxx
19/02/2013 at 13:31
The difference what you have described above is an iva and debt management program.
An iva is very similar to bankruptcy although they let you keep your house, as its a voluntry arrangement. Its much more formal than a dmp. There
A dmp will basically allow you to pay a very small amount to each creditor over however long it takes you to pay it off.
With a dmp, youw will pay more off, But an iva will have to be declared on any futre mortgage applications or credit applications the same way as bankruptcy.
19/02/2013 at 13:50
Thanks for the reply, Ive just spoken to him and you definitely don't have IVA'a in Scotland. He doesnt have any property. The debts are credit cards and loan companies. He's not bothered about his credit being affected as it will be a long time before he will be in a position to need credit. Have you any idea what a trust deed is and how it works? xxx
19/02/2013 at 13:52
No sorry I havnt. I also missed the scotland thing. Iv not been much use have i . x
19/02/2013 at 13:55
ha ha, Dont worry, Im clueless, Thanks anyway. Ive been googling but tbh it may as well be written in chinese. xxx
19/02/2013 at 13:57
I've no idea, but is it worth going on the moneysavingexpert forums? I can imagine there'd be someone there who could help if you can't find any information already posted.
19/02/2013 at 14:04
Oh good thinking Deedee, Never thought of that. Thank you xxxx
19/02/2013 at 15:02
This guy is always advertised on the radio up here and on the back of buses! So might be worth a look - http://www.yourdebtexpert.com/
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