You need to speak to an expert - either contact one of the ones who post on here via the 'Ask a Question' link, or visit www.iva.com for a list of companies and reviews - the advice is free and impartial.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
If, by a one year IVA, you mean an offer of full and final settlement by the introduction of a lump sum, this may be possible - but I doubt you would get creditors to agree to limit the timeline to one year if you were intending on offering ongoing contributions.
How long is it predicted that it will take you to repay the DMP if you continue payments at the current level?
We.re with PayPlan and initially we wanted an IVA but they decided that it was not possible and didn't even try but told us we'd be better off in a DMP, even though we specified that we wanted to clear our debts asap. The DMP has 20 years to run according to their site.
P, if you are not happy with your situation then visit the link I posted above and speak to one or two more companies, or a couple of the experts who post on here.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
There of course may be any number of reasons why it may not have been possible. Perhaps you could contact Lizzy or Nick Payne from Paylan who now both post on here and ask if they would take a look at it for you off forum, and then come back and let us know how you got on?
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
Hi P, would you mind emailing me direct? I would be very interested to look into your case and pehaphs give you some clear answers as to why we did not think the IVA was the best solution for you. My email address can be found on my profile, alternatively you can email Lizzy and she can pass it onto me.
Hi, my name is Nick Payne and I am an Insolvency Practitioner with Payplan.
Read the Payplan blogs by visiting our website www.payplan.com
They didn't, I was looking through my stuff and contacted them to ask why. The reply was that they didn't think it was doable but didn't run it by me nor the creditors. Just assumed that it would be OK to do a DMP, as I didn't know much then i naturally thought they were doing the best thing for me but it wasn't. The 'consultant' assumed and took a desiccation that wasn't his to take without consulting me or even putting the plan to the creditors. I have raised a complaint and I think I will complain to a higher authority.
You can speak to other companies P to sort out an IVA. I was initially told I couldn't do one and I am now halfway through!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Surely if they are creditor funded then they are biased to do the right thing to the creditor and not to the person in debt. If they do too many 'inappropriate' deals they might loose their funding.
P wrote:
Surely if they are creditor funded then they are biased to do the right thing to the creditor and not to the person in debt. If they do too many 'inappropriate' deals they might loose their funding.
They can't do any "inappropriate" deals at all, P. Each and every deal is agreed at the start with the creditors and each deal is between debtor and creditor. The IP is the mediator between the two.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Payplan are a well established and respected firm both in the insolvency profession and amongst creditors. It is important in your case P to find out why their employee felt that an IVA was inappropriate for you - there are many reasons why this could have happened, and you can always take advice from other firms as well if you are thinking of switching as not all IPs work to the same criteria for acceptance.
