I don't really understand about the repayments

[roy.ms]

Hello,

I don't really understand about the repayments. How can the IVA last for 5years? In several sections it says that the IVA lasts over a fixed period of usually 5years and the remainder is written off. Yet another section it says that all debt must be paid off, i.e. £20,000 can take 9years! How does this work? Also, if creditors can change the rules (i.e. not stop interest etc) how will I ever pay off a debt?
Mant thanks

[couple31]

In an IVA, a proportion of the debt is written off

The creditors cannot change the rules regarding interest which is stopped as soon as the IVA commences

The concerns you have relate to a debt management plan (dmp)

[MelanieGiles]

That proposal seems to be a little muddled, so I would check this out with your IP directly.

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

[Adam Davies]

Hi
You seem to be referring to both an IVA and a DMP
An IVA is a fixed term and interest is stopped.
A DMP[debt management plan] will not have a fixed end date and interest and charges can continue to accrue.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Oliver]

I think you are mixing up and IVA and a DMP. In an IVA all interest and charges are frozen and any debt remaining after the IVA term (usually 5 years) will be written off.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp