Hi, ive been in a DMP for about a year with stepchange (paying £180 back) and ive just had my annual budget review. Things have changed and im now only able to pay £101 per month, they have recommended an IVA but im worried it wont be accepted by creditors. I currently owe 28k to 8 creditors(all on the dmp). can any advise me whether i would be successful
Stepchange wouldn't suggest it if they didn't think it would succeed. Bear in mind that an IVA is a lot more formal and restrictive that the DMP -- although will end a lot sooner. You have to be fairly confident ( as much as any of us can be) that you finances aren't going to take another dive over the next 5 or 6 years.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Don't worry Daniel, Stepchange reduced mine in the first place by adjusting and adding a couple of allowances to bring my first payments down from around £170 to £130.
This was increased a couple of times in the annual review and at the end I was paying £175 for the last year.
I had no equity so all was done at the end of the 5 year (last August) and the CC was with me within 6 weeks.
They were also helpful when the car I had failed during the IVA and the replacement one I got then failed itself with 3 months left to go ... ended up being approved for car funding by Moneybarn with Stepchanges backing as I could fund it using the current fuel/ maintenance allowances plus the "extra" allowed to keep with a payrise (50/50 split) without it affecting my IVA.
the only downside with Stepchange is they only have one IP and your case manager will quite likely change over the 5 year but I did not find that a problem.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
