www.iva.co.uk

total debt £25110. have payed £5426 already into DMP. 15 months @ £304 and now they want £472 a month, with 55 months to go. Total payback over £35k - have I missed something here!! wife has just walked out of the house when I told her this - Happy holidays!!

Hi Skyline,

Are you still in your DMP or have you now entered an IVA?

With DMP's they are not always able to stop the interest and charges, and they will take a fee, which is why you may pay more back than you originally owed.

With regards to an IVA, this is income and expenditure based, so they will request payments for what you have as a disposible income. But no charges or interest will be added as you are protected.

I would speak with your company and ask for a break down of how they have calculated the monthly costs.

How long have you been in an IVA Skyline?

Was the total debt of 25110 minus the amount already paid the amount that was declared for the IVA?

have been in iva for 16 months. 15 months dmp prior to that. Rang IP last April stating wife was going to take 2nd job and also asked at this time, what money she could earn? FJ then told us she could earn up to £261 a month. anything over that would have to be payed via the 10/50/50 rule. Asked FJ if they wanted her payslips on a monthly basis for the 2nd job and they said "NO - not at this time". Now after review FJ have increased monthly payment by £172 a month. Given no incentive for my wife to work extra hard to improve our income.

Hi Lesley.

to be perfectly honest the DMP was a total shambles form start to finish. Badly advised and should have been advised to go straight into IVA. I,m at the moment seeking independent advice on the whole thing.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by skyline

have been in iva for 16 months. 15 months dmp prior to that. Rang IP last April stating wife was going to take 2nd job and also asked at this time, what money she could earn? FJ then told us she could earn up to £261 a month. anything over that would have to be payed via the 10/50/50 rule. Asked FJ if they wanted her payslips on a monthly basis for the 2nd job and they said "NO - not at this time". Now after review FJ have increased monthly payment by £172 a month. Given no incentive for my wife to work extra hard to improve our income.

So is the £172 50% of her additional income going forward, or have they built into that figure repayment of the 50% since she started getting it?

Income was average at £317 from August 2012 to January 2013. I do not know how they came to this figure.

Regards.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Hyperdrive

So is the £172 50% of her additional income going forward, or have they built into that figure repayment of the 50% since she started getting it?

Hi there

Did you have a previous thread where you paid Gregory Pennington some £5400, over many months to then realise nothing was off your debt before being passed on to Freeman Jones the sister company to do an IVA and did they explain as to why nothing came off your debt despite paying in some £5400 and did they explain why they did not advise you to do an IVA from day one, perhaps there is a good reason wondered if you knew what it was and if you understood it, finally is your wife in the IVA also,

Yes, I have a thread about my DMP. I have just received details from Gregory Pennington about this. with a list of monies paid and to whom. grey area was the car loan. I was told to stop paying the loan and I would get debt written off and be able to keep car. which I did! only to be told many months later that this was a mistake and I would have to take car payment off DMP. Hence loads of charges and interest!!