www.iva.co.uk

I was devestated to find that the total payments on my IVA would be nearly £5000 more than the actual debt. we have now pulled out of the IVA and are looking at DMP. has anyone else botherd to add up what there payments will toyal over the course of there IVA? and should this have even been put forward as an IVA in the first place.

I agree with Helen, that is a small price to pay for all interest on your debts to be stopped over a 60 month period as opposed to most DMP's which will run for longer than this or an IVA may not have been the best option.

Along with the added security of no creditor hassle has to be worth it in the end. Your IP will have done the hard work and continue to work alongside you for the term of the IVA too. After 60 months you'll be debt free.

Obviously, if you can get your creditors to stop adding interest and charges and the DMP will be repaid in less than 60 months then maybe an IVA wasn't for you in the first place? x

£5000 more than the original debt seems a little high??

After everything, and 72 payments to Payplan, I will have paid off 46% of the original outstanding amount.

That will include the fees and would mean that you had paid your debts in full which is to be applauded.

How long will a DMP take you to pay? Don't forget that there is no guarantee that interest and charges will be frozen.

How long had you been in your IVA?

Before IVA we struggled with a DMP. They reduced the interest but wouldnt stop it and every so often some of our creditors added charges which bought us back to square one. For us an IVA was by far the best option even with the fees which for us are less then the interest and charges in a DMP.