Sounds like a daft question I know but I'm currently on a DMP with Payplan which to be honest feels like a waste of time. I know they say they can't guarantee that charges and interest will be frozen but I am unimpressed by the takeup so far.
I am looking at an IVA and bankruptcy but I feel it best to cancel the DMP payment as it is over a hundred pounds down the drain every month. Is this something that will affect the likelihood of getting accepted for an IVA?
My plan is to stop the payments, which are doing no good because of the interest and save what I would be paying in. If I get an IVA accepted, all well and good. If not I'll have the funds to go bankrupt. Not an option I want to pursue if there is any option but even with frozen interest (which it isn't!) it would take 12 years to clear the balance on the DMP.
I don't want to lose my car, but anything would be preferable to that length of time.
Also one final point I am really grateful for all the info on here and will therefore be speaking to the fine companies represented here. I would therefore be grateful, in light of the above info, if you could answer the following question.
Would it be considered a waste of time for me to speak to IP's if I do not believe I am in a position to take up an IVA at this moment in time? I want some prep time as I've stated above in case bankruptcy is the only remaining option.
Another reason why the DMP is useless is it contains no allowance for emergencies and stuff like that.
I was on a DMP prior to the IVA, and as soon as I knew the proposal was going forward then I stopped my payments. It does give you a little bit of money towards either your first IVA payment or BR fees.
As soon as you stop paying though the creditors will hassle you again.
Is there any reason you didn't do an IVA initially?
I'd give one or two of the companies who post on here a call to see what your options are if you're not happy with Payplan. Do inform them if you're going to stop paying though.
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
I would give 2 or 3 companies a ring and get some case specific advice, they will talk through with you all debt solutions and by contacting 2 or 3 you'll get impartial advice.
Why not take a look at www.iva.com for a list of companies and some reviews of these, our professional posters also come highly recommended and can be found via the experts link. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
"Is there any reason you didn't do an IVA initially?"
Payplan mentioned it, but it sounded like it was more to the advisors benefit than mine. To be honest I decided to test the waters first with a DMP. If the debt stopped increasing I'd have a shot at paying it off, I figure if it was going to stop it would've after four months.
I'm quite untrouble by creditors hassling me, I've reasearched the legal stuff and the worst they can do is make me bankrupt, which is the only remaining option if an IVA cannot be agreed.
Thanks for the input though, I presume its not unreasonable to have a little prep time for an IVA? I just want to be prepared if anything unexpected goes wrong...
I will definately speak to the firms on here as they all seem good. I know genuine praise when I see it
