iva's

rodeoqueen

Dear All, new to this,,,,i have read somewhere in these posts someone, like me now, was paying back not just there creditors but the dmp agent as well on an iva, i am paying £500, per month on an iva and am realising i am probably paying way over what i owed and for longer, the people i read about managed to change to a cccs - payed less- and payed off earlier, i have until Sept 2012 and its depressing seeing such a hug chunk go out of my wages each month,does anyone know anything about this and is it possible to change to a cccs ?? many thanks

Tixy

Hi

With a DMP then you can easily switch providers and can choose to use a chairty where you don't pay fees.

But with an IVA there will always be quite substantial fees up front (even if you use CCCS). As far as I am aware you cannot really switch IVA providers as an IVA is legally binding. I think even if you could change it would probably mean a second set of fees being added. You could give national debtline or CCCS a quick call to confirm this tho.

rodeoqueen

Thanks for the info, will look into this a bit more

Nargleblast

As Tixy says, you can't switch IVA providers that easily - it would mean your current IVA would fail and your creditors would be on your back again. And if you got a new IVA drawn up, that would involve another set of fees. You only have 2 years to go. Have you had an up to date figure from your IP, as regards the total amount left to pay? Is it possible you could get a sum of money together (from a relative perhaps?) to offer a full and final settlement? Having said that, you would need to be able to give a good explanation as to why you want to terminate your IVA early. I would suggest you get an up to date figure from your IP and discuss your options with them.