Hi all, I have been in my IVA for over a year now but previous to this I did 12 mths in DMP. On reccommendation from the DMP company I advised to swap to IVA and they passed my details onto the company I am currently with. I had my annual IVA review and I asked what had happened with all the money I had paid into the DMP for the previous 12 mth, I was politely fobbed off with 'someone from another dept would contact me'..and they haven't. Having received my annual review outcome in writing there is no reference to funds paid into the dept prior to IVA. So I have tonight put together a letter asking about this. As it has taken over 2 mths for my November review paperwork to arrive I was wondering if any of the experts on here could tell me what is normal proceedure for these funds. Thank you
The money paid into your DMP should have been paid to your creditors - mine was.
You just need to give the details of your DMP company to your IP and they should sort it out if needs be.
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.
Bob Marley. http://kallis3.blogs.iva.co.uk
Did you ever have statements when you were in your DMP? I got them every few months and they told me what had been paid and to whom.
Once I went into the IVA I didn't give a thought as to what had happened to any remaining monies.
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.
Bob Marley. http://kallis3.blogs.iva.co.uk
I personally just dont trust the DMP. My GF is with payplan and has been with them 3 yrs. When the statements come through she still owes near enough the same as when she started. And the DMP is only for 4 yrs. When its up she's going to be in exactly the same position.
If Football was meant to have been played in the air then God would have put Grass in the Sky
Unfortuneately there are no guarantees with a DMP. The timescale at the beginning is always an estimation and there is always a chance that the creditors will continue to add interest and charges which will then add more time onto the repayment period.
isseymyake - your DMP provider should be able to provide you with a statement of payments that were made to all of your creditors whilst in your DMP.
Hi, my name is Nick Payne and I am an Insolvency Practitioner with Payplan.
Read the Payplan blogs by visiting our website www.payplan.com
Hi, I never had any statements from the DMP company. They just passed on my details to Kinsgate. Maybe I should give them (Hanover Sterling) a ring (as I still have the initial paperwork from the DMP) and ask the question.
You can do - they should be able to tell you where the money has gone.
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.
Bob Marley. http://kallis3.blogs.iva.co.uk
Is there an association between your DMP and IVA company? If not, then the IVA company cannot be expected to know what happened to the money that you paid into the DMP - which I assume was sent on to creditors - but the DMP company must provide you with a statement of account upon demand, so that is probably your best starting point.
