Iva or DMP

Jazzyd

Hi,

Just a quick reply.

I went into an IVA with Payplan back at the start of 2014. Dents racked up die to hubby losing his job as a easily of ill health and a restructuring at work which reduced our household income by £25k a year. At the time we had one child.
The IVA allowed us to keep out home and car, and initial payments were set at around £175. Due to increase in November 2015 to £360.
However I became pregnant and had a son in September 2015. I took a 6 month payment break from November 2015 and then was granted a further 3 month extension whilst sorting out amended budget which took into account new childcare costs. Agreed payment was £154 and I was awaiting the outcome of a variation meeting. During this time I was made redundant and offered a full and final settlement to my creditors. This was accepted just over 10 days ago.
An IVA can work. But do make sure you do your homework and ask questions.

Good luck for the future whatever you decide. PS I continued to make payments into my NHS pension