DMP or IVA

chrisb1357

Hi There,

I have been with PayPlan for the last year on a DMP plan paying around £100 a month to pay off around 16K of debts i got in trouble with a while back. Before that i managed my own DMP plan direct with the creditors for a year and before that was with the CCCS for 3 years until i lost my job. I have been happy paying £100 a month for the last 12 months via PayPlan and its been no trouble at all.

They contacted me today as i am due for my annual review and they suggested an IVA might be better for us. The problem is i cant make my mind up and i have a funny feeling with an IVA and would be still happy to try and clear the debt off iva the DMP Plan.

Would my creditors have any issue with me staying on a DMP or would they rather me be on an IVA. PayPlan seem to want me to go down the route of an IVA.

Also my work seems to be getting rid of a few people and we all know what the job market is like at the minute so i did not want to go down the route of an IVA then in 12 months time my job is at risk etc.

Payplan_company_representative

Hi,
When we conduct our annual reviews we always look at what changes have occurred to see if there are any alternative options available to you. In your case it seems your case officer has identified an IVA may be an option for you. It is up to you to decide if you would like to consider doing an IVA or carry on with your DMP.
An IVA is a legally binding agreement between you and your creditors and if for some reason you are unable to maintain payments then this could result in the agreement failing. If you are concerned about redundancy then please speak to your case officer who will be able to explain things in more detail to allow you to make an informed choice.
Many Thanks
Gemma