www.iva.co.uk

Been in a dmp with Payplan since May 2013, was originally for 4 years but over the last couple of years due to a debt being added and monthly payments reducing (couldn't afford original amount) this is now showing as ending July 2020! what worries me more is that even in July 2020 we still don't know if that will be the end due to charges and interest being added.

Not even sure if we can both get iva as we have 2 debts with link financial and I have been told they reject a lot of iva's.

My worry about an IVA is at the moment of budget is not 100% accurate and would have to change as I know they require more proof of your expenditure. We are currently left at the end of the month with a bit of spare money which allows us to have a bit of a life (money for Xmas for my son and days out for him) on this plan but know we should really put everything into paying our debts off but this way it just makes life a bit more manageable.

We currently pay 360 month to Payplan and have £21500 debt left and have paid 12000 off so far. I keep reading lots of stories about iva's that scare me but just want to get this debt paid off. Me and my husband both have old cars and I do worry about replacing them as we both pay lots of money in repairs and mot.

Grateful for any advise

Hi and welcome

I would think about possibly paying into an IVA.

Have a word with an IVA company - Andy Davie/Vincent Bond can be recommended with some free advice.

Call a few different companies and see what they say. As Kallis says, Andy Davie from here would be a good place to start. We went witb Cleardebt who were fantastic for us. Try a few and I hope you find the right solution for you.

I wonder why an IVA was not suggested at the beginning unless you were paying £700 per month. It certainly is an option now but pity you did not start earlier.

I would suggest you explore the IVA route, which would give you a definite end point. I would also suggest you chat to a couple of the independent firms, such as Michael's, who has posted above, to get a different perspective than that of a firm funded by the banks.

Hi Longess,

We started off with a dmp to manage some of our debts, and paid into it for a year. We only stopped paying when we saw the interest was still being added, as well as defaults, and our dmp company were barely paying our creditors (money has gone and never been able to get it back from them).

We sought an iva as we wanted a definite plan to end paying all our debts and we were able to include debts that we hadn't thought of adding before, and although it's been a rollercoaster, it was the best decision for us.

As others have said, speak to a few companies and get some advice to discuss your questions/concerns etc, and hopefully you'll be able to plan what steps to take.

Good luck !