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DMP or IVA wwyd

(3 Posts)
blushingm Tue 19-Jul-11 14:51:42

dh and i have debts of almost £35k - dh had his hours cut so we were ok but now we're not.

We have been paying towards a DMP for the last 2 years and we will be debt free by 2037 shockshock

If we took an IVA we could both be debt freen in 5 years..................which sounds good to us but obviously it almost means putting the debt against our home sad

wwyd? - they will be calling me later to go through all the options but i would love other peoples opinion and experiences if you've ever done either

TIA

am just on my way to collect dc from school but will be back

CogitoErgoSometimes Wed 20-Jul-11 07:52:46

Are 'they' one of the free debt advisory services such as CAB or CCCS etc? Without knowing the specific details, I would have thought that if you're holding onto an asset such as a house, it might make sense to cash it in, pay off the debts and downsize.

Gonzo33 Fri 22-Jul-11 07:46:51

I'm with Cog in this one. Obviously it depends on whether you have enough equity in your property to do this.

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