Hi Nick27. Welcome to the forum.
Before advising about whether an IVA
would be a better option for you it would be useful to understand how much you owe, how much you currently pay into your DMP and whether you are a home owner. Can you give us this information?
In terms of your specific questions, starting an IVA should not make it any harder for you to get a mortgage in the future and may even make it easier. If you are in a DMP your credit rating will not start to improve until your debts are paid in full. If you start an IVA this will be recorded on your credit file for 6 years. After this your file will be clear. As such if it is going to take you longer than 6 years to clear your debt using your DMP, an IVA could offer a real advantage in this area.
In terms of proving your income, if you are self employed you will need to provide past trading accounts / tax returns if you have them to give an idea of what you have been able to earn in the past through your business. You will also need to produce a trading projection for the next 12 months to show that the business can support you. Do you think this would cause you an issue?
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