Switching from a DMP to an IVA

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tony320
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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 ?
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MerlinL14
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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.
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Foggy
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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.
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kallis3
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by kallis3 » Sun Jul 29, 2018 10:56 am
I agree you should seek further advice and possibly do an IVA
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Radish
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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
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Foggy
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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.
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kallis3
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by kallis3 » Sun Jul 29, 2018 12:47 pm
We both had a DMP and switched to an IVA with no problem.
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