DMP to IVA

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Palerider67

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Post by Palerider67 » Mon Aug 20, 2018 12:31 pm
Hi,
I have been with a dmp for 12 years and paid off £65000 with them. I have about 8 years to go. I am thinking about going into an IVA. Would my monthly payments to the IVA be around the same as my current payments to my DMP?
please advise
Thanks

MerlinL14

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Post by MerlinL14 » Mon Aug 20, 2018 12:54 pm
Your IVA payment would be based on your disposable income after all your bills are paid and allowance for utilities and food.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues

Foggy

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Post by Foggy » Mon Aug 20, 2018 1:21 pm
If your income has increased over the years and your payment in the DMP hasn't you might see an increase. I would suggest a chat with an IVA provider to see what the figures might come out at. I would also suggest a small to medium firm, rather than the "IVA factories" or the supposed "charity" firms.
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

Lisa Thomas

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Post by Lisa Thomas » Mon Aug 20, 2018 1:54 pm
Out of interest what reason did chose to do a DP originally, rather than an IVA or Bankruptcy?
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Palerider67

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Joined: Mon Aug 20, 2018 12:24 pm

Post by Palerider67 » Tue Aug 21, 2018 3:42 pm
Lisa Thomas wrote:
Out of interest what reason did chose to do a DP originally, rather than an IVA or Bankruptcy?
Hi thanks for reply. Yes i should of gone for an IVA years ago.

Foggy

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Post by Foggy » Tue Aug 21, 2018 3:52 pm
Lisa Thomas wrote:
Out of interest what reason did chose to do a DP originally, rather than an IVA or Bankruptcy?
Back when I started in 2010 it was a common thing for Payplan to put people in a DMP and convert to an IVA a year or two later. No idea why.
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
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