When will my IVA start reducing my debt?

maisie0206

I have started a sort of IVA - not bankruptcy, but because I have gone part time have joined the CCCS to help me organise my debt - but my bank charges are still going up on my main account and on my credit card - will they stop adding charges on to my accounts soon? Or will they carry on adding these charges until I go back to full time (about two years) and can start paying off these debts - in all its about £5,000 (and now rising!)

rog2

I'm bumping this thread for you, maisie, as I'm not sure that the Bank should even be adding interest or charges if they have agreed to your IVA.
Someone will know the answer though.:beer:

Conor_3

maisie0206 wrote: »

I have started a sort of IVA - not bankruptcy, but because I have gone part time have joined the CCCS to help me organise my debt - but my bank charges are still going up on my main account and on my credit card - will they stop adding charges on to my accounts soon? Or will they carry on adding these charges until I go back to full time (about two years) and can start paying off these debts - in all its about £5,000 (and now rising!)

You haven't started an IVA, you've started a Debt Management Plan. The two are not the same. With a DMP, the people you owe money to are still entitled to keep adding on interest and bank charges as long as they see fit and are also not obliged to accept any reduced offer of payment. An IVA is not something you can do yourself, you have to go to an IVA Practitioner to do it.