www.iva.co.uk

If i enter a re-payment plan with my creditors can i at a later date go for a IVA?
Also Barclaycard are giving me alot of grief,saying that they'll give my debt to local collectors who can come to my door and talk!about my debt,is that right because the last thing i want is people at my home.
thankyou people for any input.

Hi eddie.d -

Yes - you can. A repayment plan (DMP) is an informal arrangement between you and your creditors - and your creditors can vary it or pull out of it any time. However, there is nothing to stop you coming to such an arrangement with your Creditors - assuming they are agreeable - and then applying for an IVA at a later stage. Remember though, that - once approved / accepted an IVA is legally binding on both you and your Creditors.

Before I started my IVA I had initially intended going for a DMP. However, the level of my debt and large number of Creditors made it impractical really. And - assuming frozen interest on all accounts it would have taken me 100 months to complete. In the early days I contacted the CCCS who were very good in explaining DMPs and IVAs to me - and were willing to try and arrange a DMP on my behalf. However, I decided that an IVA would be better and luckily this was approved. Aside from CCCS I know there is at least one highly regarded DMP company (Brightoak) who posts regularly on this site.

It all comes down to the details of your own case really and what feels best for you.

On the subject of threats from debt collectors etc - I think nearly all of us have had these. I was told on more than one occasion that a collector may call at my home - but none ever did.

Good Luck!!!

I was in a DMP with two of my creditors, and am now proposing an IVA (meeting 11th January), so yes there is nothing to stop you.

Also, I have had threats of people calling at my door - they never came!!

You can do a DMP than IVA....to allow the dust to settle so to speak, but don't do it too long as the IVA is where your money should be going unless you can pay off your debt in a DMP in 5 or less years.

Why not go striaght to IVA?? Is that doesn't work a DMP. How much is your debt??


"Always think outside the box"

"People will come to your door" is a common creditor tactic designed to make honest and proud people panic, when they do it is much easier to get money out of you. Be aware that if anyone does call to your door, they have no power really other than to ask you as to your plans regarding the outstanding debt you have. In other words, a telephone call in person.
Whether you choose a DMP or IVA you should be referring the caller to whoever is assisting you with your finances.