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Posted: Thu Oct 16, 2008 8:17 pm
by MAH
I am actually on a debt management plan and I am considering an IVA.However my concerns are that if the IVA fails,will my creditors accept the debt management again.
Posted: Thu Oct 16, 2008 8:37 pm
by Lisa2009
If your IVA fails you will be back to where you were before it and would be free to apply for a DMP again.
Posted: Thu Oct 16, 2008 10:59 pm
by MelanieGiles
Yes - a DMP is one option if an IVA fails, as is bankruptcy.
Posted: Thu Oct 16, 2008 11:26 pm
by size5
If you are on a DMP with the same provider that is looking at your IVA then you should still be paying into your DMP whilst your IVA is being looked at, which in reality means there will be no effect should you be rejected as your DMP will continue as before.
If you are looking at an IVA with a different provider then that is another matter, speak to your IP to get their take on it.
Regards.
Posted: Thu Oct 16, 2008 11:28 pm
by kallis3
Before my IVA I was in a DMP with a different provider to that used for my IVA. Payplan (who I used for the IVA) just said that if my IVA wasn't approved, they would put me onto a DMP for 6 months and then try again.