I’m considering leaving my IVA and trying to make arrangements with my creditors. Last month I paid over 700 pound into my IVA. The problem is I have a slightly different job role now so my basic pay stays the same but I’m earning more bonus , standby payments and phone call payments in my job that I’m going over my 10 percent monthly. My review was in June and my payment has gone up which is cool but I’m still gonna go over every month. I just think now that if I was in a DMP they would have all their money I owe them back in 2/3 years at the latest rather than 4 more years of an IVA. It just seems that to me that I’m paying all this extra money and and it’s going no where. Last year I was in a financial mess and the IVA was definitely the best thing at the time it just seems now that it’s not what I need . I just feel incredibly frustrated that I’m gonna be stuck in this for another 4 years when I could be clear It myself in less time. I just don’t know what to do. Sorry for the rant guys!!
You do realise that if you do leave your IVA your creditors can add interest and charges back on and you could be in more debt.
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
The remaining 4 years is going to be a significantly less time than if you ditch the IVA and go into a payment scheme (DMP). Creditors will add the interest back to the figures and this interest will be resumed for the period of the DMP. The 2/3 years outcome that you describe is going to be from the figures you have available from the IVA and will not be calculating the interest payments of the full debts. You are legally protected in the IVA, you lose this when in an IVA and a creditor could petition for BR at anytime during the DMP, your debts could get sold on to a debt collection agency, some are good and compassionate, others are total pigs and will harass you constantly.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
Have to echo Kallis and Merlin. It is rarely a good idea to throw away a lifebelt along with the protection it affords. If you do and things go belly up in the DMP (assuming they all agree to one) it might be hard to convince them to allow you another lifeline.
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