HI guys! Please i need an advice, because I want to know if your already in IVA, can u change it to DMP? the reason I ask about this is the amount Im paying now for the credit of £42k from last year is £780, the last time I inquire about the DMP, is they saying I am Looking of paying £600 per month, so I was thinking, whtas the use of IVA? if IM struggling to live and wanting me to put just inside the box. when I can have a small payment in DMP?
Is that mean, for the period of 5/6 yrs, you cant live your life as normal? you cant even afford to throw a b-day party for your kids coz your in IVA, how can u explain that to your kids?
Your iva should be based on an affordable standard of living. If things are really tight then your income and expenditure should be reviewed to see if it can reduce your current level of payment.
An IVA is not an easy option and does require strength, ability to learn new ways of budgeting your money and initiative to look for ways of saving a little here and there to allow you to do the niceties in life like your kids birthday parties.
A DMP could last for years and years and you are always at risk of them recalling their money with immediate efect..
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Plus there is no guarantee that the creditors will freeze the interest and charges in a DMP so your debt could actually go up rather than come down.
As Liz says, you can try and make savings so you can fund little birthday treats but do ask your IP if you can do a new I&E if you are really struggling.
Hi. Your IVA payment is based upon your disposable income, which might have been lower when you last asked about a DMP. So the payment, now, in a DMP might be around the same --- but will have to be paid for years longer! On the face of it your debt could be repaid over 7 years -- IF all creditors freeze interest and charges and IF they don't either sell on your debts or simply change their minds.
In your IVA, in 5 / 6 years time you can treat the kids all you want -- in a DMP you might have to wait until they are adults themselves before being able to afford much!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
