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Posted: Fri Sep 21, 2007 3:34 pm
by andrea
i didnt know if your iva fails you can still go into a dept management programme is this true and how does it work thanks
Posted: Fri Sep 21, 2007 3:58 pm
by MelanieGiles
Well you can certainly propose this sort of arrangement to your creditors, and it will then be up to them to determine whether to accept or not. You can either offer ongoing payments directly to your creditors, or instruct a company to do this on your behalf.
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
Posted: Fri Sep 21, 2007 4:01 pm
by andrea
hi melanie how long will it last for and will we only have to pay back the 18p in the pound that we are paying now thanks
Posted: Fri Sep 21, 2007 4:32 pm
by iva experts
Hi Andrea,
In a DMP there is no legal obligation on behalf of your creditors, therefore you are due to pay back the whole amount owing. How much is your debt? What is your Disposable Income?
Best Regards,
IVA Experts
http://www.iva-experts.co.uk/
Posted: Fri Sep 21, 2007 5:13 pm
by kah
Can you apply to change from IVA to DM in any way (the amount I end up paying will be the same either way I think)
Posted: Fri Sep 21, 2007 9:31 pm
by Adam Davies
Hi
You can stop an IVA at anytime and switch to a DMP but remember that your creditors do not have to accept this and can start legal proceedings including bankruptcy.Your IP can also start bankruptcy proceedings if your IVA fails and your creditors request this.
Just be careful
Regards
Andy Davie
IVA.co.uk Spokesperson
About me:
http://www.iva.co.uk/andy_davie_profile.asp
IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Posted: Fri Sep 21, 2007 10:24 pm
by MelanieGiles
There are few advantages to you of a DMP over an IVA to be frank - and I would only ever recommend DMP to clients with low debts and high disposable incomes. Do remember that over 80% of DMP do not result in a full repayment of debts, and that the majority fail in the first year.
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