If i am currently in a dmp can i change to an iva.

[jeff]

If i am currently in a dmp can i change to an iva. I pay £300 a month to my dmp and i have a debt of £55,000 approx. As well as this i have a negative equity payment i pay of 280 per month on a house i used to own. Also i pay £50 a month on a ccj for one of the companies in the dmp. Can this all be streamlined into one? Probably could afford £600 to £700 a month i have a £30000 a year job that i have been in for a year been with the company 4 1/2 years. My ex wife is named on the mortgage as a joint owner but i pay the negative equity. Your advice would be like manna from heaven

[kallis3]

Hi jeff and welcome.

There is no reason why you cannot change from a dmp yo an iva, I did so myself.

Are you currently with a company? Did they advise you that an iva was a possibility?

I recommend that you spesk to a couple of ip's who will go through all of your options with you.

Visit www.iva.com where you will find lists of companies with reviews.

[flumpy dog]

morning jeff and welcome. there are many experts on here to help you.
melanie giles who was on here a little while back gives superior advice and mr size was around too.
someone will be here soon good luck !

[MelanieGiles]

Yes - from the limited information you have provided, it would appear that an IVA could be a sensible solution for you - the advantages being that you would have a finite time period for the repayments and the comfort that creditors could not take any legal action against you in the meantime.

Was this ever suggested to you as an option by your DMP company? The next stage is to contact an insolvency practitioner who will be able to take you through all of the options and fully explain the advantages, disadvantages and implications of each one.

[size5]

I am a little surprised that you are paying the shortfall separately, with it now being unsecured it should have gone into your DMP so that no preferential treatment was being given to any one creditor.

Notwithstanding that though, I agree that an IVA may be an option you wish to consider, so visting www.iva.com having a look around and taking time to speak to 2 or 3 providers before you make your next move would be a good place to start. By the way, if you do look at an IVA, or even bankruptcy, as a solution here, then as you are joint and severally liable for the mortgage shortfall with your ex wife, you need to bear in mind that they will then chase your ex for the full remaining balance on that debt. All that said, of course, you certainly have nothing to lose by speaking to a professional re this matter, you may well be pleasantly surprised.

Best of luck and do let us know how you get on.

Regards.