burly wrote:
I am currently paying my creditors an agreed amount(IFR)now some of them are insisting i start to repay interest again
can i start an IVA taking into account that i have an IFR with them
Could you please supply further information, such as the level of your debts, your surplus income (Income available after deducting all your household expenses each month, but excluding what you are currently paying your creditors)
How long have you been in the debt management program? Have you seen any reduction in the level that you owe whilst interest has been frozen on the accounts? It may well be that when the creditors add interest and charges again, you wil be back were you started before making the payments.
Who are you doing the Debt Management with or is it something you have set up yourself? If you are with a fee charging provider, will they not reduce the amount of their fees?
If it turns out that debt management is going to continue to be your most favourable option, you need to be careful if you are going to consider a switch of providers. For instance if you choose to go with a fee charging one, there is a possibilty that you will lose continuity if the second provider is not on the ball as they are going to want to take your first contribution as a fee. So it could be a month when your creditors don't receive anything and that will not go down well and could be another cause of interest being added, whereas your previous provider had built up a good relationship with them and the creditors as a result might well have considered continuing to freeze interest.
If you switch to a non fee charging provider, make sure they have everything in place before you stop making payments to your old provider. Always ensure continuity.
The more information you can provide, the better picture you present and that will enable an IP to give you details of every option availabel to you, based upon your circumstances
Tell it like it is.
