DMP Advice

Smiler2214 Forumite Posts: 12
First Post First Anniversary
Hi , so my IVA has now terminated and I am now keen to make a payment plan with my creditors. I know it would make more sense to wait and see who gets intouch with me first but my husband doesn't know the full extent and I can't risk phone calls and letters so would rather get intouch with them before they come to me.  I would sleep better knowing something was in place.

I have checked my credit report and I owe:
PRA £3,900
Halifax £1,090
Capital one £568
Another Capital one card £230
UK Search Limited  £320
Max something £120

I want to make them an offer that they will likely accept ,be debt free sooner rather than later but not put me under financial strain. Will they ask for payslips and bank statements?

I could afford £60 a week.
I was going to propose a 3 year plan to them. I was going to ask PRA group if they would accept £30 a week to give me a chance to get the smaller debts settled then once they are settled throw everything at PRA group.  

Should I put all this to them in writing or phone them?  Can I request that they get intouch with me via email /phone rather than letters? 
Thank you so much.


  • sourcrates
    sourcrates Forumite, Ambassador Posts: 27,690
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 4 September 2022 at 7:04PM
    You should really wait and see what pans out here, let them contact you, it's not out of the question that some accounts may have been sold, or will be sold, others may not be chased at all.

    You have less than 7k of debt, who on earth advised you start an IVA?

    Whoever it was, a mis-selling complaint would be on its way to them, if it were me.

    You could make offers on the 3 larger debts, the rest I doubt you`ll hear from again.

    They will soon know your IVA failed, they will think if that payment was unaffordable, your unlikely to be able to contribute much towards the debts now, so they may not even bother chasing them, as they are all quite low value sums.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- The "provit letter" is here-
  • Smiler2214
    Smiler2214 Forumite Posts: 12
    First Post First Anniversary
    Thank you so much Sourcrates, really appreciate your rey. You always reply with helpful advice. 
  • Smiler2214
    Smiler2214 Forumite Posts: 12
    First Post First Anniversary
    As for the IVA I deeply regret it. I was extremely naive. All my lines of credit had been exhausted. For months all my wages would go paying little over the minimum payment on my credit card. I couldn't face my creditors so when iva company said in exchange of 35 a week they would deal with everything I should have known it was too good to be true. 
    Another thing that annoyed me was when I had my first annual review my payments went up by 10 a week even though my income had not changed. I felt so stupid, I thought I was talking to some debt counsiler who strongly advised an IVA when really he was just a salesman. 
    I guess you live and learn lol
  • RAS
    RAS Forumite Posts: 31,934
    Part of the Furniture 10,000 Posts Name Dropper
    fatbelly recently put up a really good thread linking to the new rules about advertising IVAs.

    Read Enforcement Update – Debt Management Ads - ASA | CAP

    Did your IVA provider use any of the "tricks" that are now banned? Consider making a mis-selling complaint.
    The person who has not made a mistake, has made nothing
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