IVA to DMP?

kdean

Can it be done? My husband and I have been in an IVA since June last year and my husband is hopefully going to be getting a new job soon which will bring in around an extra £700 p/m. If the IVA took it all we would not finish any earlier because are debts are quite high and we can not afford much on our current income. The reason I would rather be on a DMP is although we may end up paying for a little longer all of the money would be going towards the debts and not fees the the IVA provider. There is also the point that it is not quite so strict and we may feel a little less pressured, as at the moment things are really tight and I don't know if we can carry on like this for the next 4 1/2 years, things are becoming more expensive and DH's wages are not likely to increase (even by inflation) in that time.

If we cant go to a DMP would you advise that we switch our IVA to say Payplan or somebody who may actually charge less fees. Unfortunately, we did not come accross this site until after we had gone through with it otherwise things probably would have been different.

I imagine someone will just say give Payplan a ring but if you have any other advice I would be grateful.

SarahNeedle1872

Hi K,

I'm not an expert on either IVAs or DMPs, and I'm afraid I'm gonna be pretty predictable.... regardless of whether DH gets a new job or not, you should contact on of the free debt charities listed here http://www.moneysavingexpert.com/loans/debt-help-plan#help ... they do not charge a fee which means all ur monthly payment will go to your creditors....

Also try posting ur SOA here so we can see if we can help u cut back in any way.... sometimes it takes a fresh pair of eyes....

HTH

Sarah

kdean

Thanks I will try and post up a SOA but as I am in IVA already I am pretty sure there are no areas to shave off extra pennies, even the IVA people thought some of our outgoings were very low. We have been in debt crisis for quite a while now and have got used to finding bargains and cutting back on most things. We do not go out, or have any treats whatsoever everything we buy is the cheapest possible and we do not smoke or drink alcohol.

I will give someone a call and let you know how I get on. Hopefully they will be able to switch us over.