IVA/DMP query

hi Leixlip1,

Your right to propose an IVA will not be damaged by first trying to reach an informal agreement with your creditors. On the contrary, some creditors have recently been vocalising concerns of an increase of occasions where their first knowledge of clients being in financial difficulty is when they receive the IVA proposal from an I.P. and would have preferred to attempt an informal arrangement first, so don't worry about that aspect.

I personally have assisted hundreds of clients into IVAs from failing DMPs, allowing them to benefit from the advantages an IVA can bring over a DMP, but it is not always the better option. Your personal circumstances and point of view will determine what action is most suitable.

With regards to the speed with which you were advised to try the IVA route, sometimes the decision as to whether an IVA is the most suitable solution of all option available can be straight forward, so the speed with which the adviser arrived at the decision my not be an issue. What is of more concern to me is that the adviser has failed to explain their decision clearly enough for you to be in agreement with it. Without understanding the decision, how could you be comfortable with it.

The decision as to what course of action you should follow remains yours, and even if you are best advised on paper to propose an IVA, you should only do so if you are comfortable with it.

My advice would be to take a second, and even a third opinion. Ask for all your possible options to be clearly explained, with both the pros and cons of each option being pointed out in detail. It will be only then that you will be able to assess your own circumstances and decide on which option you are most comfortable with.

I hope this helps.