Switching from a DMP to an IVA

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tony320

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Post by tony320 » Sun Jul 29, 2018 9:22 am
I’m currently in a dmp with Payplan. I started with over 40k worth of debt I now owe just over 25k I feel that the dmp is never going to end as the end date keeps changing. My question is can I go from dmp to Iva easily and quickly ?

MerlinL14

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Post by MerlinL14 » Sun Jul 29, 2018 9:37 am
You can change to an IVA, quickly and easily is going to be relative on which company you chose to proceed with the IVA. Good luck.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues

Foggy

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Post by Foggy » Sun Jul 29, 2018 10:27 am
It is possible, though, as Merlins says, quickly and easily are relative. And remember, with the DMP you have some freedom with the way Payplan rules your financial life, in an IVA you will be in chains for the duration --- so, choose the IVA provider wisely.
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 » Sun Jul 29, 2018 10:56 am
I agree you should seek further advice and possibly do an IVA
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.
http://kallis3.blogs.iva.co.uk

Radish

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Post by Radish » Sun Jul 29, 2018 12:23 pm
Would any be able to advice on this scenario - Would you be liable for the lost interest (if you had a windfall) for the £25.000 that is currently owed or would it revert back to the original £40k? if switched to from the DMP to an IVA Obviously you can pay more than the amount you owe on an IVA as many had (fee's = interest etc)

Just curious about how much could be paid out?

Thanks
IVA complete March 2014 after 6 years.

Foggy

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Post by Foggy » Sun Jul 29, 2018 12:31 pm
Radish wrote:
Would any be able to advice on this scenario - Would you be liable for the lost interest (if you had a windfall) for the £25.000 that is currently owed or would it revert back to the original £40k? if switched to from the DMP to an IVA Obviously you can pay more than the amount you owe on an IVA as many had (fee's = interest etc)

Just curious about how much could be paid out?

Thanks
Difficult to say as the creditors will all have differing viewpoints and will possibly have treated the debt differently: Some would have stopped or reduced the interest running, others would have let interest run as normal, and would just be accepting reduced payments. I doubt those that had stopped or reduced interest would add it back on ... a DMP is something they have agreed to voluntarily, whereas an IVA, and froxen interest, is sometimes forced upon them.
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 » Sun Jul 29, 2018 12:47 pm
We both had a DMP and switched to an IVA with no problem.
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.
http://kallis3.blogs.iva.co.uk
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