Unfair or what

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thewad
thewad Posts: 330 Forumite
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Can't get my head round the fact that
e.g. 2 people both owe £50000 yet one could be only paying say £150 and another is required to pay say £500 per month yet both are payed off on completion of the term, doesn't seem fair to me.
Surely they charge a %age of the debt as the minimum.
I owe 65000 and am just starting to struggle a bit due to the phone not ringing as much in this recession.
If I took out an IVA and said I could afford £700 a month would that be acceptable.

John
If God didn't want us to eat animals, why did he make them out of meat. :beer::beer:

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  • Not_so_wise_one
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    The figure you would pay is based entirely on your income and expenditure. If you can only afford £300 a month then that is what you can afford.As far as I know the minimum payment is around £200 (may be wrong) but can obviously be a lot higher depending on your I&E. Have you sought professional advice from an Insolvency advice place (CCCS / CAB / National Debtline etc)?
    :jDebt Free after 5 years.:j Now Time to start saving for my move to Canada :D
  • thewad
    thewad Posts: 330 Forumite
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    Not got to that stage yet thanks.
    My main bone of contention is the discrepancy between the amount paid by different individuals.
    Just doesn't seem fair.

    John
    If God didn't want us to eat animals, why did he make them out of meat. :beer::beer:
  • ccvictim
    ccvictim Posts: 54 Forumite
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    thewad wrote: »
    Not got to that stage yet thanks.
    My main bone of contention is the discrepancy between the amount paid by different individuals.
    Just doesn't seem fair.

    John
    its totally fair. depending on what spare cash you have left after normal living costs goes toward the loan you signed up for to pay!
    the banks want their wages too
  • peachyprice
    peachyprice Posts: 22,346 Forumite
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    thewad wrote: »
    Not got to that stage yet thanks.
    My main bone of contention is the discrepancy between the amount paid by different individuals.
    Just doesn't seem fair.

    John

    Not fair to who? The person who can afford to pay more, or not fair on the banks?
    Accept your past without regret, handle your present with confidence and face your future without fear
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