Hi trudy
On the basis of the figures you have presented, I do feel that an IVA is an option for you and would bring the following advantages:-
1 Creditor cannot charge you ongoing interest.
2 The IVA runs for a set time period - usually 5 years
3 Creditors will not continue to contact you
4 A dedicated insolvency practitioner will act for you.
This will only work, however, if you feel that you can afford to make a regular affordable payment. I certainly think that you should seek more specialist advice on this matter - and any experts on the forum would be more than happy to have a chat with you. I am suprised that Payplan did not suggest an IVA as an option to you. How long has the DMP been running for?
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
For further details contact me at
http://www.melaniegiles.com and view my IVA blog at:
http://melaniegiles.blogs.iva.co.uk