www.iva.co.uk

Well
Ive started my new job, but cant afford to pay my IVA £330 a month as I was, so have offered £160, my IVA Firm are saying that they will put it to variation to the creditors but it would mean that my IVA would extend to 75 months. However they are still taking payments but not getting back to me about the current situation. Im worried that the creditors wont accept the variation and that my IVA firm are just taking my money. Im thinking of doing a DMP, but it would take 22 years to pay my debt at £140 a month. Bankruptcy is not me.

I dont mind paying the £140 a month for that long, as situations change however I dont know whether I could rent in 6 years time.

Please advise.

At least a DMP would give you the flexibility to increase your payments if your fortunes change on your terms, so that might be a sensible solution if creditors turn down the variation.

Thanks Melanie

Do you think that Creditors will accept the variation?

And if I wanted to rent a flat, could I on a DMP

I'm not sure to be honest - as you will reducing the dividend payable quite considerably.

You can rent a flat whilst in a DMP, as you are under no obligations to anyone under that sort of arrangement. Your credit rating is already impaired, but it is unlikely to get any worse, so I would take your chances with the variation, and consider the alternative if you have to.

Thanks
Ive asked that they fail my IVA, I may go with Gregory Pennington or Bright oak for a DMP,

I have extra bills the next month such as car insurance, road tax and xmas that i havent been able to save for due to loosing my job and now starting a new job at reduced pay.

Hope it works out

I would definately recommend Brightoak to you. Andrew Graveson can discuss this directly with your IP, so that payment can start to creditors at an early stage to avoid the letters and phone calls starting up again. If your circumstances then change in the future, there is nothing to stop you trying for another IVA.

Brightoak have been recommended by a few people on this site.

Good luck with the variation x

Thank you

Im thinking brightoak but starting end of Jan, this would then

1. Give time for the IVA to fail
2. Allow me to pay the £125 deposit for car insurance
3. Allow me to pay £120 for road tax
4. Allow me to pay £150 for xmas
5. Sort out my wages as i am on Emergency tax at the moment.

Think I will remain with Thinkbanking though

I think you should go over the figures with your Supervisor and insist on doing a Variation taking into account the upcoming expenses. That is preferable than having your IVA fail. If that is not acceptable to your creditors speak to a good DMP house - check what their charges are first though. Good luck.