Can I change from Iva to a dmp

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majid

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Post by majid » Tue Jan 12, 2021 8:00 am
Can I change from Iva to a dmp, I don’t want to release any equity in my because it’s in a joint name me an my wife, and I can’t release no equity, I have my Iva annual review coming up in March 2021, my daughter has started work and my wife has and my disposable monthly amounts can increase, is it possible

Foggy

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Post by Foggy » Tue Jan 12, 2021 8:44 am
It is possible, though not usually a good idea having already asked creditors to agree to an IVA. You would need to fail the IVA first and then try to negotiate the DMP. On failure of the IVA creditors will add back lost interest and missed payment charges and your debt could increase somewhat. They would also be free to commence collection / enforcement procedures and under no obligation to entertain the proposed DMP payments.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

kallis3

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Post by kallis3 » Tue Jan 12, 2021 9:30 am
I agree that it might not be a good idea to do that as you may end up owing more than you did originally. As stated, you are unlikely to be able to release equity at the end.
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.
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