3 months and still no sign of IVA

Theboardroom_2

As per title it's been 3 months now and my propossed IVA has still not been finalised with Grant Thornton, as of 2 weeks ago they are reviewing the final piece of paperwork I'd sent them. I've tried to contact them today but seem to get fobed off with the line "***** or whoever is dealing with it will get back to you" so far i've had 4 different people dealing with it.

In the meantime I'm getting constant phonecalls and letters from my creditors demanding payment. I'm begining to wonder weather I'm doing the right thing, I could not do a DMP as it would take 19 years to pay it off (23k), but I've just had a letter off my mortgage provider saying my fixed rate has finished from next month, which means I go onto a variable rate, which will save me £250 per month.
This extra money would probabley make a DMP viable.

Is it possible to back out and set up a DMP or would I be charged by Grant Thornton for the work they have done so far, even if they have/are dragging thier feet?

Theboardroom_2

Another thought......

If the IVA did go through and my mortgage payments dropped, would It be possible to ask my mortgage providers to keep the payments the same as before, so I overpay it and reduce the term?
I know I would need to pay an extra 1 year on the IVA due to the increased equity but at least with a lower amount outstanding at the end of the 6 year, we may be able to move to a much needed bigger property.

It would also keep our spirits up knowing we may be able move at the end of the term, a little light at the end of the tunnel if you like.

FoggyBrain_2

Hi. If you pop over to https://www.iva.co.uk, a couple of representatives from GT post there and will give you a direct contact address to get things moving.

As for dropping out and starting a DMP instead, it is possible, but you will have to check your agreement with GT as to the position regarding fees. The usual approach is, if the IVA isn't accepted then you pay no fees. However, if it's a case of you changing your mind, they might take a different view. That said, three months for a straightforward proposal is a bit of a joke ( assuming it is straightforward).

I doubt you will get away with overpaying your mortgage as the creditpors would want their share !!!