DMP or IVA

maxmax

Hi Everone,
I was wondering if anyone could give me some advice..
We have been on our DMP with Payplan for just over 2 years.

I received a call from them yesterday and they asked if we would like to go on an IVA.

Has this happened to any of you peeps and if so what did you do?

Also my annual review is on Friday and I think our payments will have to go down to Payplan by £50 per month.....Is this likely to upset our creditors?

Confused at the moment all help greatly appreciated,

Thanks
Max:beer:

fermi

Some reading here ---> IVAs: Are they worth it?

Mort

Our payments varied during the DMP several times, it went down £72.84 on the first review without any fuss from the creditors.

maxmax

Mort wrote: »

Our payments varied during the DMP several times, it went down £72.84 on the first review without any fuss from the creditors.

Hi Mort,our DMP is for 40k of debt and paying£305 pm
If this was reduced by £50pm do you think it would be ok,
Many Thanks
Max

Mort

maxmax wrote: »

Hi Mort,our DMP is for 40k of debt and paying£305 pm
If this was reduced by £50pm do you think it would be ok,
Many Thanks
Max

Sorry I really don't know. I owed a bit more than £40k and after the reduction was paying more than what you do. All I can say is that from my experience the reduction was accepted.
The best thing you can do is go through your budget review with Payplan and let them negotiate on your behalf. It's what they are for and I think they do it well.