Posted: Mon Apr 28, 2008 6:25 pm
Hi, I hope someone can help..apologies if this is a bit long!
In july06 I started a DMP with Payplan, with this DMP I have 11 creditors and as of today the estimated debt remaining is £23,000. Today I received a letter from a creditor asking me to phone and when I did was told that the payment they are receiving is not enough and unless it is increased by 150%(£10.50 up to £25.00) the they will start court proceedings.Have contacted PP and am waiting for them to get back to me with regards a IVA. My question is with an IVA I was told that I would have to pay a min of £150 month(at the moment it is £120) this is possible but will be difficult, but reading up on different sites it seems that it would be more.
Also, and I know this was stupid, I have 9 other creditors(not with the DMP) and these total £5,000...do these have to be included in an IVA? (Two of these are companies who I have been paying a reduced amount since I had my daughter 12 yrs ago and the reason I didn't include them on the DMP was because they had been so good with not hasseling me I thought it unfair to reduce their payments again(as I say stupid!). Hope someone can trawl their way through this and offer some advice. I've been worrying all day and don't know which way to go
In july06 I started a DMP with Payplan, with this DMP I have 11 creditors and as of today the estimated debt remaining is £23,000. Today I received a letter from a creditor asking me to phone and when I did was told that the payment they are receiving is not enough and unless it is increased by 150%(£10.50 up to £25.00) the they will start court proceedings.Have contacted PP and am waiting for them to get back to me with regards a IVA. My question is with an IVA I was told that I would have to pay a min of £150 month(at the moment it is £120) this is possible but will be difficult, but reading up on different sites it seems that it would be more.
Also, and I know this was stupid, I have 9 other creditors(not with the DMP) and these total £5,000...do these have to be included in an IVA? (Two of these are companies who I have been paying a reduced amount since I had my daughter 12 yrs ago and the reason I didn't include them on the DMP was because they had been so good with not hasseling me I thought it unfair to reduce their payments again(as I say stupid!). Hope someone can trawl their way through this and offer some advice. I've been worrying all day and don't know which way to go