Hi, when I do an IVA calculator on this site it shows that I would pay only half of my DI to the IVA however in reality my IP has said I pay all my DI to the IVA. which is correct or does this differ with different companies?
Unless you know what you are entitled to claim and what the CCCS guidelines are, the IVA calculator will only be an estimate. You need to speak to an IP firm and find out exactly what your surplus would be in an IVA.
Thanks I am already with an IP and all of my DI is being used. However they calculated that I would end up paying more back than I owe after the 60 months. This is probably because some of my debts have less than 5 years to run??? So I am now considering bankruptcy. Just waiting to see what my IP says when she discusses with the proposer. I am worried that I will be forced to do DMP which I really do not want. I would rather bankruptcy. The at least the debt is cleared??
If you are going to repay more than you owe debt management may be a better option
for creditors as they would get all their money back. Bankruptcy would also be an option and you would only have to repay a percentage of your DI for three years so you could be better off financially.
No one can force you to do a DMP and the decision is ultimately your own. If you are unsure take another opinion.