when can u stop a IVA?

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tinytori

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Post by tinytori » Thu Jun 28, 2007 8:23 am
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Iam just in the early stages of a IVA when can u stop it???

I was just wondering what the benefits if any of staying on a DMP???

what do u think is better???
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MelanieGiles

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Post by MelanieGiles » Thu Jun 28, 2007 8:25 am
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Has your IVA been accepted by creditors at a creditors meeting yet?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
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tinytori

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Post by tinytori » Thu Jun 28, 2007 8:27 am
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nope
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MelanieGiles

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Post by MelanieGiles » Thu Jun 28, 2007 8:52 am
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So you can do what you feel is best as you are still in control. If you feel a DMP is better for you, then disinstruct the IP who is working on your behalf.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
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tinytori

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Post by tinytori » Thu Jun 28, 2007 8:53 am
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can i ask what ur opion is on DMP and what ur opion is on IVA please
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tinytori

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Post by tinytori » Thu Jun 28, 2007 8:56 am
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can u stop a IVA?? and go back into a DMP??
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Oliver

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Post by Oliver » Thu Jun 28, 2007 9:26 am
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Once you are in an IVA the only way you will be able to stop it is to default which may mean that your IP or your creditors will petition for your bankruptcy. You may be able to enter into a dmp at this time.

A rule of thumb would be to look at the amount of debt you have and work out from your assets and disposable income how long it would take to pay it off if interest and charges were frozen. If this figure is around the same length of time as an IVA (i.e. 60 months) then a dmp should be strongly considered.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp
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Oliver
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MelanieGiles

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Post by MelanieGiles » Thu Jun 28, 2007 10:09 am
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A DMP is generally better for people who have lower, fewer debts, and could possibly pay their debts in full over a realistic timescale - say within 6 years. The downside is that you have no legal protection against the ongoing actions of creditors, and interest is not always stopped.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
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