Loans

Loans

We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

What classifies as a payment plan

If you have arranged your own payments with debt collection agencies by calling/writing, is it still considered an Individual Voluntary Arrangement (IVA), a live Debt Relief Order (DRO), or a Pay Plan (the actual agency) arrangement?

Comments

  • Posts: 31,455 Forumite
    If you arrange you own repayments then it would simply be classed as an informal repayment plan.
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • Posts: 8,658 Forumite
    1,000 Posts Combo Breaker
    the answer depends a bit on who is asking. For example if a question on a loan application says "have you ever entered into a.." then the answer is yes.
    Debt free 4th April 2007.
    New house. Bigger mortgage. MFWB after I have my buffer cash in place.
This discussion has been closed.
Meet your Ambassadors

Welcome!

It looks like you're new here. Sign in or register to get started.

Categories

  • All Categories
  • 347.2K Banking & Borrowing
  • 251.6K Reduce Debt & Boost Income
  • 451.8K Spending & Discounts
  • 239.5K Work, Benefits & Business
  • 615.4K Mortgages, Homes & Bills
  • 175.1K Life & Family
  • 252.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.