IVA, help me !

nick.simpson19

Hello been in contact with Payplan today with regards entering an IVA, they sent me threw an email with all my income and outgoings, They seem to think I can afford £321 a month but these figures dont add up for me.

Things I told them over the phone dont add up to the list they gave me if that makes sense. I spend £100 or there abouts on mobile phone bills they dont have them included. etc

My debts are £7100 on CCs and Overdraft (long time left) and 24k on a loan (35 year term.)

My only concern is if i enter into the IVA and my circumstances change such as my gas bill goes up etc can they change the amount I pay?

But I do know in 5/6 years ill be debt free.

Also I own my house at the moment I may have around 10k equity init its worth £110,000 and I ow £97000. If house prices go up alot in next 5 years can they take more money than what I ow the companys?

RAS

You really need to ask Payplan but...

You will not get a £100 allowance for mobile phones, you are supposed to cut back you expenditure to pay your creditors.

If the OD is long left, is it more than 6 years since you last paid towards it?

If house prices go up, you will have to realease money in year 4 of the IVA.

There are examples here where people ended up paying back what they owed originaly plus £10K for the IVA fees. But this was during a period of massive increased in house prices.

Why not ask CCCS what they would consider reasonable expenses for your SOA?

charliewalsh

Nick, I am with Payplan - thread carefully - there are better and more conscientious insolvency practitioner out there who will procide you with better advise and help. There reason they said you can afford 321 pounds a month mainly because that's the minimum payment you required in order to enter into IVA based on the debt you have - PLEASE DO NOT BE PRESSURED into entering into IVA if you cannot afford the payment. I was pressured into entering IVA by Debtmatters who manipulated my SOA to get me through IVA - I did not benefit from it - now I am looking at bankruptcy because I cannot pay when I do not have the money - there are weeks over the last 2 years that I could not afford to buy food for me, my 5 year old daughter and my hubby.

Lots of good IP offer free initial advice - go and see as many as you can before you make any decision.

Take Care.