www.iva.co.uk

i owe about £7000 could I pay a reduced amount over a fixed period

You would not be eligibile for a IVA. Have you considered DMP with your creditors ?

It is unlikely that that would be agreed to.

There may be an outside chance if you offered a lump sum payment. If you go down that route, you must make it clear that that is in full and final settlement and you must get it in writing from your creditors that they will accept such full and final settlement offer, before you make any payment.

I don't see why a DMP would not be accepted - and suggest that you contact your local Citizens Advice Bureau to see if they will help you with this. How much do you think you could afford to repay each month?

I'll just give my interpretation of the opening post ... if I am wrong, then please do correct me, sigj.

You owe £7,000 and are looking to pay it off over a number of months / years but at the end of it, you are hoping to have paid less than £7,000.

If my interpretation is incorrect then yes a Debt Management plan is an option, though you may well find that you end up paying more than the £7,000, and certainly no less than the £7,000

I've re-read the post Cybus, and can see how you intepreted in the way you did. I read it with a completely different meaning - so we could both be right (or wrong!).