www.iva.co.uk

Hi everyone

My meeting was today and although the answer was yes, the creditors wanted more than was being offered and with hubby being self employed and very little money coming in on his side, the payments would have been too much for me.

So......it was decided that a DMP would be better for 6 months and see where we are then. At the time of filling out the i&e we did have enough but things can change rapidly, and they have.

I am seeing this as a positive step but do have a couple of questions:
1. If my original proposal was £152 a month (they wanted £288) how much would I be expected to pay? or would everything be re-jigged again?
2. If I had some extra money one month could I overpay into the DMP?

The people I am with is Payplan. I expect i will have other questions!

Thank you

Hey 1 step closer, sorry your IVA didn't work out but I'm glad that you didn't agree to an increase in payments if you can't afford them. If you can only afford £152, then that is what your DMP payments should be. You can increase the payments at any time. Good luck. X

I'm sorry they wanted a lot more money (where do they think you are going to conjure it up from?) but you have made the right decision in not accepting it as that would have been doomed to failure.

The DMP is a good temporary idea so that you can sort yourselves out, and who knows what position you will be in 6 months down the line.

Payplan will sort out payments for you and contact the creditors for you.

I imagine you would be able to give them more if you had some spare, but clarify that with Payplan.

I am sorry you have had some bad news, however it may turn out to be a blessing in disguise and a DMP as a temporary alternative certainly seems to be a good way to go.

Jan and Viki are, as ever of course, correct in that you can generally increase your DMP payment at any time relatively easily, just let your provider know. My own instinct on this point though is to say that if you are viewing your DMP as temporary before a re-proposal of IVA after 6 months, then you may be as well to put any surplus aside (especially if irregular) to cover any emergencies in the interim, and to give you a launching point for your IVA from relative strength rather than weakness. If you are not then in a position to go forward after 6 months then an increase at that point, if still affordable, may be a better bet.

Regards.

Absolutely the right way forward for you in my opinion - sometimes it takes a brave person to walk away from something, but with creditors asking you to almost double the contributions - which suprises and alarms me greatly - a DMP even if it is just for the short-term seems a sensible solution.

Brilliant advice thank you for that! I do feel it is a blessing in disguise as although it theoretically wont stop the calls etc it isnt as strict as an IVA.

Question 3:

This is an IVA forum mainly, can I still post as you are all much friendlier?

Thank you!

1 step

Of course - we will happily provide advice on all debt solutions on this forum.

Aw thank you! You all feel like family even within the short space of time I have been here. and are so non-judgemental too.

Melanie I gather you live in Wales? Me too!

1 step

Where abouts? I am in Cardiff.

Cwmbran! Great area too, near the mountainy bits that I always feel I have to climb in the summer with the dogs!

small world...........

Haven't been to Cwmbran for ages - but I love the area around Abergavenny and Crickhowell - great for hillwalking.

One of my friends wants to take me up the Skirrid.........I have seen photos..............I may be washing my hair that day! lol

There is a lovely pub at the bottom, which does great food. Very welcome after a long, wet hike!

Its the long bit that worries me!

Ah!! 1 step, I am so sorry that the creditors wanted more than was being offered but I agree too that you are definately doing the right thing in going for a temporary DMP for now...glad to see that you will continue to keep posting as well[:)]..I'm relying on you to keep me informed of any new creepy horror films worth watching[;)]..take care..xx[:)]