Can I change from an IVA to a DMP for more manageable payments ?

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Markdr38

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Post by Markdr38 » Sat Sep 20, 2014 3:36 pm
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Can I change from an IVA to a DMP for more manageable payments ?

Should PPI payments be payed directly to me ?
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Foggy

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Post by Foggy » Sat Sep 20, 2014 3:52 pm
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Hi -- you can allow your IVA to fail, at which point your creditors will add back lost interest and possibly late payment charges. Then there is a good chance that they will not agree to the DMP and pursue you for repayment through the courts, or secure the loans on your house, if you own it.

PPI payments will go into your IVA --- or the creditors will offset any refund against the outstanding debt, particularly if you are in a DMP. .
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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plasticdaft

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Post by plasticdaft » Sun Sep 21, 2014 8:32 am
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Why have your iva payments become unmanageable? Have you been in the iva long?

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
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