DMP/IVA query

[johnz]

I was wondering if one of the experts could answer this for me.

I got a copy of my dmp proposal today and worked out it's going to take me 9 and a half years to repay my debt (assuming the all of the interest and charges are stopped).

Now, I know that DMP's are not legally binding, so while everything may be ok for now if they all agree to it, next year might be a different matter, and so on.

So, can I not go down the IVA route, but offer to pay the same amount of money for the same amount of time. This will give them all of their money back the same as the DMP, but also give me the security that they can't change their minds about it.

It's been said that not all IVA's are the same, and some run longer than 5 years. Which would be what I was asking for. Seems to be a sensible idea to me.

Johnz

[MelanieGiles]

Sorry johnz - that won't work. Creditors are very reluctant to accept IVAs which run longer than five years these days, and you do know the reasons why an IVA will not work for you - disclosure of your husband's earnings which cannot be avoided even if the IVA could run over a longer period.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[johnz]

Grrrrrr [:D] I keep trying Mel[:D][:D]

Johnz

[MelanieGiles]

Don't ever give up. Your high spirits are very commendable, and you might just come up with an idea none of us have thought ot!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[catullus]

Hi Melanie

I may be interpreting something in to your last post that may not be relevent, so apologies if I am.

I had a proposal accepted very recently where the partner would not be a party to a sole IVA and would not disclose their income.

The client was insistent that we persevered and put together a proposal where she claimed to pay 40% of overall household expenses, providing some evidence that this was the case.

At the time of signing the proposal we advised the client that her chances of an IVA being approved were significantly impaired by her partner refusing to cooperate, but signed the nominee report on the grounds that it was a good return to creditors.

It sailed through, minimum mods, usual bunch of creditors. Probably irrelevent but thought you might like to know , anyway!!

[MelanieGiles]

Thanks for that. I've had one of those cases myself recently, and suprisingly we got it through as well, on the basis that the lady told us that her husband would divorce her if he found out about her debt. Divi was good, and her sister has underwritten the final year equity release, but we were knocked over by a feather to see it accepted.

This posters circumstances are somewhat different, and I don't really want to say too much more on a public forum about her individual case.

You and I will remember the days when we did not have to include partners at all - but times change with the whims and whys of creditors, to whom we insolvency practitioners are enslaved if you read all of the adverse press at the moment!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[johnz]

oooh, I was getting my hopes up then.

Mel, obviously without going into too much info, is my case different because of the amount I can offer to pay back. Cos otherwise it sounds the same. My husband only disclosed his income because we were told we had to prove I was not supporting him. Otherwise he would have refused to have anything to do with it.

I'll keep trying until I find that loophole you know. 10 years of repayments Mel!!!! [:D]

Johnz