interested in changing to an IVA

[leigah]

I am in a debt management plan with Payplan. but am interested in changing to an IVA, as my creditors keep ringing me up constanly, and threatening me with attachment of earnings (can they do this if i am paying them money albeit a small amount each month) I am training to be an acccountant and wouldnt want my employers knowing either way- would they find out if i went into an IVA?

Can you get joint IVA's? I have a mortgaged house with a 118k owing and a secured 3k loan on it. it was valued a year ago at 125k but doubt i would get any more than 122 if sold in the current market.
And are there any company's that do not charge fees for doing it, as i have no money at all

[MelanieGiles]

You can offer an interlocking IVA with a spouse or partner, and the fees for proposing and supervising an IVA are covered within the monthly payments. How much are you currently paying into your DMP and how much do you owe to unsecured creditors.

Here is yet another example of a DMP where creditors are not agreeing to be bound by the terms, and I wonder what Payplan are doing about this for you?

[LoneRanger]

This is the problem i was having with Payplan. I am constantly being phoned saying the offer is not enough. With a couple of ceditors the interest and late payment charges are more each month than the payments we are making to them. [a figure offered by payplan]

When we phone payplan to tell them this i can hardly ever get to speak to someone as it goes to answer phone after waiting for ages or when i do they say that they wait until there is something like a 40% difference in the figure they have that i owe to the figure that my creditors are saying that i owe. which i think is rediculous!

[leigah]

1) I know Barclaycard will not accept my offer and will only accept if i increase by 5p!!!! but if i do that i have to increase all other offers and i cannot afford to do it - they are now threatening with door step collectors.

2)I have asked Payplan to look into iva but they say i have to much equity in my home - and i should remortgage and use money to repay creditors, 118k + 3k owing on mortgage and secured debt minus 122k market value = 1k how can they say this is too much equity and i'd jump at the chance if creditors would accept the 1k as final settlement. i then asked for the to look into a remotgage - to which they replied i was not suitable. so what do they suggest - to relook again in a years time, which doesnt solve my current situation

3)We currently are paying £232 into a joint DMP with unsecured debt of around 30k which is increasing daily with interest as most creditors are not freezing interest.

[plasticdaft]

I cannot see for the life of me what the benefit is of a dmp over and IVA.If creditors can add interest and charges what is the point of trying your best to keep paying into it.And how much clout do dmp companies have with creditors.

Does anyone have figures of dmp's success rates compared to iva's??

[indebtforever]

if we are going the way of DMP`s because creditors are refusing more IVA`s its time there was more security in DMP`S like interest frozen come on gordon were eating our left over food get your finger out were going to be inundated with debt once the recession hits!!!!

[plasticdaft]

Would there be any point in having IVA's and DMP's if dmp's came with the same protection as an IVA???

They just dont look worthwhile IMO.

[indebtforever]

no your probably correct i think the creditors are getting wise to iva`s and have much more power in dmp`s i think soon the dividend that they will only accept will be too high for anyone to afford and then it will be 60-72-84-months and longer for iva`s to be successful so at the end of the day they are basically DMP`s[:(]