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Posted: Wed Mar 25, 2009 8:30 pm
by chris94
My Husband amd I have been in a dmp for about 15 months now and we are still being charged interest by about half of our creditirs. I am retired on a small pension and my husband is still working but retires in 2011.
My question is where do we go from here, would it be possible to do an iva of 2 years? Or is gping bankrupt our only option.
Would be grateful for any advice
Posted: Wed Mar 25, 2009 8:45 pm
by gilldc
speak to melanie giles she seems to help everyone.
Posted: Wed Mar 25, 2009 8:48 pm
by MelanieGiles
That is one of the problems with a DMP - there is no guarantee that interest will be stopped. Which firm are you with as a matter of interest?
If you have no assets to protect, then bankruptcy might represent a better option, as a two year IVA - whilst not impossible - would be unlikely to provide an economic return for creditors.
It might be worth having a chat with an insolvency practitioner just to explore this option a little further based upon your own specific circumstances.
Posted: Thu Mar 26, 2009 3:25 pm
by chris47
MelanieGiles wrote:
That is one of the problems with a DMP - there is no guarantee that interest will be stopped. Which firm are you with as a matter of interest?
If you have no assets to protect, then bankruptcy might represent a better option, as a two year IVA - whilst not impossible - would be unlikely to provide an economic return for creditors.
It might be worth having a chat with an insolvency practitioner just to explore this option a little further based upon your own specific circumstances.
Posted: Thu Mar 26, 2009 3:30 pm
by chris47
MelanieGiles wrote:
That is one of the problems with a DMP - there is no guarantee that interest will be stopped. Which firm are you with as a matter of interest?
If you have no assets to protect, then bankruptcy might represent a better option, as a two year IVA - whilst not impossible - would be unlikely to provide an economic return for creditors.
It might be worth having a chat with an insolvency practitioner just to explore this option a little further based upon your own specific circumstances.
Hi,
Sorry i clicked submit without realizing before. Our DMP is with Payplan.
We do not have any assets we had to sell our house and rent it back about 18 months ago, We will have a £12,000 payment coming from this agreement but it will not be due until 9 months after my husbands retirement.
Best wishes
Christine
Posted: Thu Mar 26, 2009 10:02 pm
by MelanieGiles
Where is the £12,000 coming from exactly, and when is your husband due to retire? Could you also confirm how much you currently owe to creditors please.
Posted: Fri Mar 27, 2009 7:14 am
by David Mond
chris47 and chris 94 - speak to an IP to ascertain whether you can do an IVA. Visit
www.iva.com and see reviews on several - have a chat with one or two - their advice is frre.
Posted: Fri Mar 27, 2009 8:58 am
by kallis3
I believe they could be one and the same person David.
Posted: Fri Mar 27, 2009 9:30 am
by chris47
MelanieGiles wrote:
Where is the £12,000 coming from exactly, and when is your husband due to retire? Could you also confirm how much you currently owe to creditors please.
The £12,000 is part of the money owed to us from the sale of our house - we did not get all the proceeds immediately, and this sum will be the deferred part of that money. It is due in Feb/Mar 2012. My husband retires in June 2011. According to Payplan's schedule we owe our creditors around £80,000, but the creditors have not all provided up to date statements so this is guesstimate.
You have not asked but we beieve we will have about £1300 per month to pay into an IVA, but when my husband retires we will probably not be able to afford anything.
Posted: Fri Mar 27, 2009 5:38 pm
by David Mond
So possibility of paying into the IVA for the period up to your husband's retirement plus the lump sum kicking in would be your offer. Suggest you speak to an IP and see whether that is appropriate under your husband's circumstances. Looks to me a reasonable suggestion.
Posted: Fri Mar 27, 2009 8:02 pm
by MelanieGiles
I think an IVA based upon contributions until your husband's retirement, coupled with the offer of £12,000 due to you from your house sale, would make a very good offer - however it would be a good idea to have a chat with an insolvency practitioner to get specific advice as to your options.