Is this just an agreement between you and a creditor to pay a lowered amount as you are on a low income. If so then I would assume it will run until you have paid the debt back. I would get in touch and find out how much is still owed. What was your original debt.
An Iva runs for five years usually, which is agreed via a proposal , then a meeting and payments are much higher.
Sounds more like a DMP then an IVA. I would contact your creditor or company dealing with it on your behalf and get an up to date balance. Haver the company frozen all interest and charges? If not you may find that paying £12 a month is not taking much off the balance.
When I was in a DMP we were payin one creditor £9.63 a month and they were charging us £12 a month for late payments. So the debt was just increasing and not going down. The DMP company I was using was rubbish and not very helpfull.
I agree with Melanie. If you don't have any assets then bankruptcy does sound better. You wouldn't have payments hanging on for ever.
What is your total debt?
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
