I Contacted Payplan And......... (iva/dmp Advice Needed Please)

luckylady45

I looked at IVA/bankruptcy/DMP and opted for the IVA route as would have work probs with bankruptcy.
I liked the idea of 5 years rather than 7+ with DMP also knowing a set amount going each month has made me budget and keep to I/E plan with envelopes for each expenditure.
There are lots of sites with free advice to help you look at all your options
HTH

I_was_a_fool

Hi Totallyfedup

We owe much more than you & went for dmp as we were worried we would lose our home with IVA despite no equity. Started at dmp for 13 years, which we have now got down to 10 1/2 years by following advice from the forum. (hope to reduce still more as time goes on)

All creditors have now accepted offer except 1 (rbs) after 4 months of phone calls, letters etc...

Hope this helps

Sharon

CLAPTON

you dont say what you family situation or your aspirations for the future or whether you expect both of you to be working over the next 5/10 years

but basically it look like this

bankruptcy

you lose the car but will probably be allow 2k for a replacement
you would probably pay say 300 per month for 3 years
payments are flexible if there are changes in your income,
you would probably have to pay 60% of bonuses, increases in salary or windfalls for the three years


an IVA would would pay 483 for 5 years
they are very inflexible if your income changes
you often pay 100% of increases in pay, bonuses, windfalls and they rarely allow for little things like inflation (RPI is currently 4.4% so over 5 years your costs may rise by over 22% while your income may not change)


DMP
you pay your 483 for 10 years assuming interest and charges are frozen although in practice it may well be that you can arrange F&F after a few years (if you can afford it)
they are flexible but both ways of course.

Gemmzie

I've dealt with two of your creditors.

Halifax required a reference number from PayPlan, CCCS or National Debtline. It's their policy for DMPs. They have frozen interest for six months, then there will be a review.

Egg Loan and Egg Card were very easy to deal with, both have been issued with Default notices.

HTH

HHH_2

I have a DMP with CCCS which will last for 10 years It sounds an awfully long time but if I didnt have it I'd never be debt free.