Yeah, going through Stepchange.

Just about to send paper work back signed for a lump sum IVA, can I now cancel my direct debit for my DMP?

Thanks for the reply and the details are good! We owe 56k and at the last budget we can pay £153 per month. I'm hoping to do a lump sum IVA at £11,000 but wonder if I'm being too optimistic!?

That's how I saw it! Thank you. I hope they agree.

Hi again. I've just had one of the interviews about starting an IVA. The lady I spoke to suggested that my creditors may not like the fact that I have just taken finance out for a car (I know it sounds bad, but read on). I am currently on a DMP and I had a car on a PCP deal which finished last week....

I'm almost certainly about to enter a lump sum IVA. Currently we're on a DMP through Stepchange. Should/can we stop paying that once the decision has been made to press ahead?

If I go down the route of a lump sum IVA and the offer I make is not accepted, will my creditors make a counter offer or will I have to go back and try again via a IP?

Hi again. I've just had one of the interviews about starting an IVA. The lady I spoke to suggested that my creditors may not like the fact that I have just taken finance out for a car (I know it sounds bad, but read on). I am currently on a DMP and I had a car on a PCP deal which finished last week....

Just had another thought!

I have a car on finance over 4 years, so therefore in year 5 the creditors would be getting the payments I had been making towards that (£288 pm).

Would this effect the lump sum I should offer?

Thanks Melanie. I was hoping that with a lump sum the amount would be lower as I'm not sure I could borrow 12k, but it's early days and I will need to do more homework yet. I'm speaking to the people Stepchange put me in touch with. I had my first call today and they are following it up with an inte...

Thank you folks.

I am having my first interview next week and then I may discuss with one or two others.

I'm guessing that the creditors would get around £2,600 more if I completed the 5 years but that seems like a long time for not a lot more money!

Hi, this is my first post so please bare with me if it is not in the correct area! I am about to start (or I think I am), an IVA. I currently owe £56k and we are paying £210 per month on a DMP which would take 22 years to pay off! We are in negative equity to the tune of around £15k and I can't s...