My modifications - query

[cr15py]

As you may have seen on the IVA approved board, my monthly payment is now £270 for a debt of approx £15,500.

By my sums 270 x 60 = £16,200, which is more than I actually owe. Obviously, I realise my creditors will only get approx £10,500 of that after IP fees (65p/£).

Is this not a little bit double-dutch? Not that I am complaining, but it seems a little strange.

Visit my blog at http://cr15py.blogs.iva.co.uk

[pbeck]

Naturally the IP has to be paid for running your IVA, so yes, creditors can ask for more than you actually owe as they themselves will only get back less than what they are owed.

If you had realised before that you could afford £270 per month, then a DMP with Payplan or CCCS who get paid by the creditors would have been cheaper for you as you'd be shot of debt 3 months' earlier.

Philip Beck - www.freeivaadvice.co.uk

Licensed Insolvency Practitioner and IVA specialist

[james.c]

i wonder if the day will come went you can do it your self IVA's just like you can with divorce now.

Just think it would be in the interests of creditors, becuase then no IP fees and they get more pence to the pound.

But - dont know if this will be possible.

Also sorry all IP'S reading this it sounds like i am trying to put you out of job, which i am not, its just a theory

no matter how bad money gets, theirs stll alot more important things in life

[Emily]

cr15py
I am very curious about this post.I am new. Just going on what pbeck have said, were you informed of a Debt management plan? And how much it would cost?

In a DMP your credit reference would be in a better shape as some lenders will not default you as you are making affordable(reduced) payments. Although you wouldn't be taking credit you would have a better credit file in the next 5 years in a DMP.

[cr15py]

Emily

I wasn't informed of a DMP, because an IVA was the road I wanted to go down. I basically rang my IP and said "I want to go into an IVA". To me, an IVA is a more "secure" option than a DMP. It is something I will stick to as it is "legally binding". I was in reduced payment plan with 2 of my creditors prior to looking into an IVA, and personally it wasn't working for me.

I understand what you mean, but my personal choice was to go in to an IVA.

Visit my blog at http://cr15py.blogs.iva.co.uk

[emma_t]

Very interesting that this has appeared on the IVAC forum from a one time active forum member.............

[Skippy]

Hmmmm, my suspicious little mind is working overtime on that one - methinks someone is stirring things. I'm going to try and remember to keep an eye on that one.

Cr15py, I can understand why you chose an IVA as it's much more certain than a DMP. Were you sent a booklet (I can't remember what it's called) explaining your options?

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[emma_t]

Just think this is a bit of a liberty using cr15py's situation to try and start a debate on another forum........

Oh heck Skippy we will now be on there and subject to the 'friendly'(!!!) debates that they have....

[cr15py]

Yes skippy, I was sent a booklet - and I did research of my own first as well.

It's personal preference, I aren't anti-DMP's or anything like that, I just thought the IVA was the best for me.

Don't know what that link is referring to? [:s]

Visit my blog at http://cr15py.blogs.iva.co.uk

[Emily]

I am glad that you have done the research as you say, but that makes your original post even more curious to me as you are asking something that would have been stated on your proposal before the IP can authorised the meeting with creditors.

[MelanieGiles]

I'm suprised that creditors actually accepted the proposal with that level of payments - but they did so that is all that matters to you now, as you followed your most preferable route.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp