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I.V.A any ways out?
debtdestroyer*
Posts: 39 Forumite
Hi all.
God this site is addictive! This is my story.
This time last year I had my lightbulb moment and decided it was time to take my head out of the sand. So I decided to contact Debt Free Direct ( don't I know!
. Didn't know where else to go and you know how it is they tell you want you want to hear and give you a way out (sort of).
Any way back to my I.V.A, I pay £235 monthly for 5 years, (4 to go). Like everyone else I want this to be paid off sooner, so today I contacted them asking if I increased my wages by £100 a month (currently work part-time, got a little girl who needs a play partner at home, ME!), would they end the IVA early as this, i worked out would pay it off a year earlier. They said NO 60% of it would just go to the creditors and the length of time would stay the same. So I asked if there was any way to pay it off early and she said only if I was to offer a settlement figure, offering the creditors more to the pound than I was paying now. Now I'm not saying i have any money to offer them i'm just curious as to how much they want, so I've written a letter today asking for a settlement figure. (breathe) I've worked out that I pay 29p for every pound I owe them but debt free direct take about £40 off me a month for nothing!!!!!!!! :mad: If i'd of found this site last year I would have taken a different route...
Does anyone have any advice for me with regards toending my I.V.A, I'm aware that I'm in a legally binding contract with this company and believe that the only way out is to settle. Any advice/opinions would be greatly appreciated.
God this site is addictive! This is my story.
This time last year I had my lightbulb moment and decided it was time to take my head out of the sand. So I decided to contact Debt Free Direct ( don't I know!
. Didn't know where else to go and you know how it is they tell you want you want to hear and give you a way out (sort of).Any way back to my I.V.A, I pay £235 monthly for 5 years, (4 to go). Like everyone else I want this to be paid off sooner, so today I contacted them asking if I increased my wages by £100 a month (currently work part-time, got a little girl who needs a play partner at home, ME!), would they end the IVA early as this, i worked out would pay it off a year earlier. They said NO 60% of it would just go to the creditors and the length of time would stay the same. So I asked if there was any way to pay it off early and she said only if I was to offer a settlement figure, offering the creditors more to the pound than I was paying now. Now I'm not saying i have any money to offer them i'm just curious as to how much they want, so I've written a letter today asking for a settlement figure. (breathe) I've worked out that I pay 29p for every pound I owe them but debt free direct take about £40 off me a month for nothing!!!!!!!! :mad: If i'd of found this site last year I would have taken a different route...
Does anyone have any advice for me with regards toending my I.V.A, I'm aware that I'm in a legally binding contract with this company and believe that the only way out is to settle. Any advice/opinions would be greatly appreciated.
0
Comments
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We unfortunatley got sucked in by debt free direct as well, no advice sorry, but would be interested to see what settlement figure they quote you. Keep us posted.0
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i have done a thread on my completed iva you can read it here
http://forums.moneysavingexpert.com/showthread.html?t=154761
i thought it might help people understand costs involved
please take no notice of the reply underneath must be trying to drum up buissness.0
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