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?
Senior Debt Expert and FCA Approved Person
Want to talk to me about your debt problem?
Call me on 0800 077 6180 or drop me an e-mail: firstname.lastname@example.org