I have a number of questions

[m.c1306]

Hi there.

I have a number of questions and i am really hoping that you can help.

I am currently on a break with an IVA company called Wilson Phillips and to be honest i am not happy with them at all.

I start a new job in the next month or so with a slightly higher wage, but over time is compulsary. Now the money i would get from overtime i would like to treat myself for once as paying all the bills and not having anything left incase my car breaks down, or i want to go for a meal is very depressing. They haven't told me alot, just the monthly payments that i need to make. Not i have made a total of 12 payments to them of £175 a month. What would happen to that money if i pulled out? Also would i be able to contact my creditors directly to come to an agrement with them directly so thay i know all money would go to them. Also would i be able to hunt round for other IVA companies to help?

I hope you can answer the above questions

Thank you in advance

[chris.g]

hiya mc and welcome to the forum.
Sorry I can't answer you're questions but I'm sure one of the experts will be along soon and will help you out,
xx

[pm5]

HI mc, Are you in an IVA or DMP as £175 a month seems quite low for an IVA ?
Also in most IVA's there is usually a clause in that any overtime you have to give 50% to your IVA.
Why would you want to deal with your creditors direct now if you entered an IVA as you would probably have to start paying interest on your debts once you leave an IVA.
As for any money you have paid in I am pretty sure you wont get that back.

[MelanieGiles]

Wilson Phillips do not do DMPs so I assume that you are in an IVA but £175 per month is not really a lot when you take account of the costs associated with managing your arrangement.

You have, no doubt, agreed to pay over 50% of your overtime to creditors and this is normal if a voluntary arrangement is to be accepted by creditors. If you now feel that this is unjust, then perhaps bankruptcy or a DMP are a better option for you.