DMP to IVA

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Palerider67
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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
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MerlinL14
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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.
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Foggy
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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.
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Lisa Thomas
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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?
Palerider67
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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.
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Foggy
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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.
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