im in a dmp with pp and i can make an offer of 3/4 what i owe iv been in dmp for the last 10 years,they have said unless i make full offer my creditors wont except my offer and now hubby is on his last iva payment i can do an iva with them ,but i dont want to .would my creditors except my offer or is pp correct
Payplan is correct in that it is their opinion that the creditors will not accept, but they cannot make that decision on their behalf. You are, of course, free to make an enquiry of your creditors yourself, as your DMP is an informal arrangement (unlike the IVA).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
You can do an IVA but I would query Payplan - I don't see why you can't make an offer but hopefully one of the experts will be along with a more informative offer.
Payplan are getting a bit above themselves at the moment.
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
Unless I read this wrong, you are offering, or proposing to offer, your creditors 75p in the £ of the remaining balance after being in a DMP with them for 10 years?
If so, I'll eat my hat if creditors refuse, and Payplan are talking complete drivel.
As a first step, ring round all your creditors yourself and hint that you have some money due. Do not at this stage tell them how much. Ask what they will accept as a full and final and get them to put it in writing, any offers made will usually be valid for 28 days. Add up the total of how much you need (my own experience of this is that some will be far more generous than others, some will be very stingy, it isn't an exact science). if you are happy, then pay them yourself and cancel the DMP with Payplan as it will no longer be necessary.
You can always go back to your creditors and tell them that you haven't got QUITE that much and see if you can knock them down a little further, but that would be a decision for you.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
There was a DMP company that recently went bust who offered a model based on minimum payments with money being saved so that a one off lump sum offer could be made in the future.
Irrespective of what happened to that company it proves that lump sum offers will be considered or accepted.
I would follow Size5 advice (and he is an expert in this area).
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Go for it and good luck, it would be nice to be debt free the same time your hubby comes to the end of his IVA, why would you want to start another one now! Do what size5 suggested and well done for sticking with it for 10 years!
