www.iva.co.uk

Happy New Year to all of you. This is my first post here.

I was BR with IPA which I have finished in Oct 2010. My OH is on DMP with Payplan and outstanding is approx 50k[V]. She is repaying about £219 a month to Payplan.

Now Payplan have advised her to go for IVA and the papers have been sent to her but she is worried that Barclays which is her main creditor will not accept the IVA. Barclays debt is approx 30k.

We have joint mortgage with Barclays, so will this be affected as she does not want to loose her home.
The house is is in negative equity .

Her DMP will take her 15 years to clear. Also she cannot pay more than £220/month for IVA.

Please advise as whether she goes ahead with IVA.[?]

Hi, and welcome to the forum.

I think your wife will be fine with an IVA, we are with Payplan and had no problem and Barclaycard were one of my creditors and they didn't bother to vote.

Your mortgage won't be affected as long as you continue to make the payments to it.

£220 a month sounds ok to me, and Payplan would not be putting that forward unless they though that it would be accepted.

Thanks Kallis3.

So i will advice her to go ahead

Hi
I would also agree that an IVA seems a sensible route, your joint mortgage will be unaffected.
Regards

One wonders why they did not advise the IVA option in the first place?

Shall my OH who is on DMP with Payplan, stop making monthly payments.
She has already sent papers for IVA to Payplan but has not received any reply from them. She posted them last week.

Does she need to inform PP regarding cancelling payment or she just do it online by cancelling her standing order.

Thanks in advance.

If she is doing an IVA with Payplan and is on a DMP with them, then they usually ask you to carry on making those payments.

You should have a case officer so be worthwhile ringing or emailing them.

We went dmp to iva with freeman jones - only took a month and payment amended as required-didnt miss any payments during process and all extremely straightforward