Will the year spent paying DMP come off the duration of my IVA ?

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Elaine.40

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Post by Elaine.40 » Sun Apr 19, 2015 6:15 pm
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I initially started on a dmp and was advised to Change to an iva. Does the time spent paying the dmp transfer to the iva. My point being will the year I spent paying a dmp come off the duration of my iva. Thanks
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Foggy

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Post by Foggy » Sun Apr 19, 2015 6:17 pm
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Hi. No, the year spent on the DMP is gone and forgotten. The IVA starts as a whole new arrangement and will last the usual time.
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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lifenoteasy

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Post by lifenoteasy » Sun Apr 19, 2015 6:20 pm
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If it is the same company that you have the DMP with that is advising you to change you can explore whether it was missold in the first place.

However it will not change the advice that has already been given - that basically if you start an IVA this year it does not include what was paid via the DMP.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
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Lisa Thomas

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Post by Lisa Thomas » Mon Apr 20, 2015 12:45 pm
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Only in that your creditor balances may have reduced slightly based on any payments they received during the DMP. Other than that you start again, sorry.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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Pandy

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Post by Pandy » Mon Apr 20, 2015 5:26 pm
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We did a DMP for approx. 15 months before changing to an IVA.
If life is what you make it, I must have been in a strange mood when I made mine
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