iva help me

cliffy1

hi I am a new member still a bit green on what I am doing . I am in an iva in debt of £12000 .I have been in it about 3 years of a 5 year plan and paying £210 a month .I have just been made aware that the first 3 years has payed back the admin fees of approx. £6000 and I am paying back 83% of the loan. I have been told that I may have been missold this as it was not really made clear to me .I have also been told to stop paying this and get into a debt management plan in need of some more advice ps the debt plan will be approx. £110 a month awaing your replys .thank you

Tixy

Hi and welcome to the forum

I doubt very much that switching to a DMP now will be the best option for you once you are aready more half way through your IVA.

Who is your IVA with? did you just contact them at the time or did you speak to any other IVA provider or any of the debt advice charities.

Who has told you to stop paying the IVA and told you that DMP payments would only be £110 a month?

If you still owe £12k and paid only £110 a month then even if the DMP provider charged you no fees it would still take you a further 9 years to clear your debt, compared to 2-3 years if you can stay on the DMP.

Don't make any rush decision on stopping your IVA payments - and perhaps speak to one of the charities for some advice on your current situation and what option may be best for you at this time -
IMPORTANT - Where to seek professional impartial advice about your debts.

sourcrates

The advice you have been given sounds bogus to me, you are more than half way through your IVA, stick with it, your IP takes his fees from the first two years payments, that's how it works, eventually your creditors will receive there cut, your IP will take his fee, and you will be debt free, stay with the program, you have legal protection from creditor hassle on the IVA, in a DMP you don't, they can hassle you and take you to court is so desired, also you would be stuck in it for 9 years, why even think about this when your IVA will be over in two and a half years ????

happy_bunny_2

Your IVA sounds like the best option and is a legal thing, so don't just stop it.

It will also be gone from your credit reports the year after it finishes, as the accounts will be defaulted for the IVA and fall off 6 years after that.