www.iva.co.uk

this may sound daft
but ive been in a dmp for quite a while now and have never missed a payment .
now me being me im starting to try and think how creditors may think on voting day
is it concievable that some creditors will vote no due to the fact they are getting a reasonable amount via a dmp ?

or am i losing my mind [:0]

That is a definate possibility. Why did you start off on a DMP and what is not motivating you to try an IVA?

reason for trying for an iva as apposed to the dmp certain creditors have refused to stop interest despite numerous requests i also recieved a stat demand off a d.c.a as well .

Given that certain creditors wont freeze interest it amazes me that anyone sticks with a dmp for long.

As Mel says it is possible that it may influence things,but how long was the dmp going to take to pay off your debts??

Hi Fuzzy,

I was in a DMP for 18 months before my IVA, purely because I was told I couldn't do an IVA at the time.

I had no problems being accepted for the IVA.

12 years was the plan but with halifax and co not stopping interest more like 19

I hope your IVA is approved as it will draw a line under things for you. 19 years is ridiculous!

Given that the longer a dmp carries on the more chance there is of it failing,surely creditors would rather get some of there money back sooner rather than later or not at all!!

What other creditors do you have??

I was in a DMP too for a while, it was only ever going to be short term. I think some people who have a lower total debt amount and dont qualify for IVA have little choice. I also feel that the creditors will sell the debt on, as they did with me. Only one of my creditors threatened to continue to add interest and I was told to just stop paying them and let them take court action (they kept on threatening this whatever I did) as I was doing the very best I could. So I wrote to them, they hadnt agreed to the DMP anyway. They quickly sold the debt on. No more interest and the new company were much more reasonable.

I am sure there is legislation somewhere whereby, large financial institutions have a duty to help a debtor to pay back what is reasonable without adding to the problem. As long as the income and expenditure is reasonable and documented by a third party, this is usually the case, at least thats what I was told.

Most of mine had sold the debt on as well before my IVA.

I was lucky that they all froze interest and charges. Even though, it would have been 19 years for me to pay it back. I'm 54 now, so I may even have been pushing up the daisies before it was paid back!!!!!!!!!!!

i have 10 creditors in total 7 of which have stopped all interest but 2 have partly stopped it but 1 won't
78k debt

I would definitly look into an IVA. It may still be a millstone round your neck, but for a much shorter time!

If all of your creditors are not playing ball with the DMP then you have good grounds for an IVA. Just make sure that your IP highlights this fact in the IVA proposal.

That's a good point Melanie makes ... it hardly seems fair to the majority of creditors that some are stopping interest whilst the others are continuing to claim it.

Are the creditors that wont stop the interest in any way your 75% holders?

Debbie

my main creditor (egg) have approx 25% of my debt they froze interest imediatley and seem very happy with my dmp arrangement

halifax who wont stop interest are my second biggest creditor with approx
12/15% (my maths is slightly poor )
i may be looking into things too much but thanks for the replies and all advice will be taken on board