Coming out of IVA and into a DMP?

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Pigger479
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by Pigger479 » Mon Apr 30, 2018 6:00 pm
Has anyone successfully came out of an IVA and into a DMP? With my job being the Way it seems almost that I don’t really need the IVA anymore and would probably pay my debt off quicker if I could use a DMP. Is this a terrible idea or has anyone done it?
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kallis3
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by kallis3 » Mon Apr 30, 2018 6:12 pm
If you come out of your IVA you will find that creditors may add on interest and charges. Stay where you are and continue with your IVA.
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Foggy
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by Foggy » Mon Apr 30, 2018 7:03 pm
As Kallis says, the creditors will add back lost interest and possible charges -- the original debt amount will increase significantly. They will then be able to invoke whatever enforcement / collection measures they see fit. You might, if they co-operate, be able to pay the debt off faster -- But it will be more expensive in the long run.
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