You should be able to speak to an IP, or at least to your case manager and explain what is happening. They might be able to reduce your payments.
If you did want to drop onto a DMP then you would have to let your IVA fail and you'd be back to square one. The creditors could then start charging interest and charges again.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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agree with Jan here, how far into your IVA are you Kitty? remember with an IVA there is an end point to when you will become debt free, there isn't with a DMP as it is very much dependent on if creditors will freeze interest and charges, a DMP is usually only a means of giving someone 'breathing space' until they find a debt solution that works for them.
It is worth speaking with your IVA company and explaining why you are struggling and working with them to make your IVA life a bit more bearable and seeing if there is anything that can be done with your I&E, if you fail your IVA, not only will you be back where you started, but creditors have the right to add on all the interest and charges they would have made on your debts up to the point the IVA failed which could mean you end up owing more than you did when you started the IVA
If you are stuggling with the IVA, I would definately try and renegotiate the payments with creditors rather than enter into a neverending DMP. The same level of payments will be available in both options, and at least you get the benefit of debt write off in the IVA.
How much are you currently required to pay into the IVA, and how much do you realistically think you can afford. What has happened to change matters?
Melanie I am only a year into my IVA and currently pay £300 per month, i have just spoken to a lovely case manager in the company and they are arranging for someone to call me back as they agree my contributions need reviewed, feeling a bit better now.
I know you are all right at least in an IVA there is an end point to it, was talking to someone in work who is on a DMP and think i may have just let them sway me a bit.
12th payment out today 48 to go, sure does sound better than 60
How long is the person at works DMP going to take to pay off?? That really is the big question as far as DMP's are concerned,that and how long will all the creditors keep interest frozen???
You are much better protected in an IVA but it must be set at an affordable level. Fingers crossed that your case manager sorts things out.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Hope you have managed to sort things out with your IVA Kitty so that you can stay with it and have the benefits that an IVa offers you over and above a DMP.
Keep us posted on here how you are getting on and you should never be concerned about going back to your IP if there is a problem.
Regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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