Worrying about losing my car

mwarby

mumof3kiddies said:

my Iva is set at £227 a month for 5 years

Assuming your payment will never go up (this is not at all guaranteed) this will mean you write off £5k of debts (ignoring IVA fees). A DMP would take 6.6 years, it was often the case that creditors would look at a 10 year DMP when making their decision, if a debt could be repaid in full in 10 years if interest was frozen they'd reject an IVA.

I think there is a good chance that you may regret going for an IVA in these circumstances, if your cirmcumstances improve. Ther are many people who post here upset that they took an IVA for a small amount and ended up paying more than they thought and it having a longer impact than they thought