IVA incorporating existing payment plan ?

[jamjar]

I have a payment plan in place whereby I am paying back 4 creditors with £142 a month. The plan was set up through a firm of solicitors. Would I be able to enter into an IVA and incorporate these 4 creditors as well as others, into the IVA, thereby doing away with the original payment plan?

[cat 1]

Morning. I think you would have to be specific about what you owe and to who before oneof the experts can answer your questions. Welcome to the forum though. Cat 1

[MelanieGiles]

The repayment level is rather low for an IVA - but can you confirm whether this could be increased and how much you actually owe to your creditors.

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
Yes you can
What is your total unsecured debts and disposible income ?
Also are you a house owner and if so how much equity do you have ?
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

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

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

[Cybus]

The question that came to my mind ...

Why have the Solicitors only arranged payment back to those 4 creditors, if you have more than 4?

I suspect, though may be wrong, that the repayments have been organised as a result of a failure to satisfy CCJ's?

As suggested above, you will need to provide some more information to create a fuller picture of your position

Tell it like it is.