IVA or PayPlan

NickToye

Clapton, see here:

http://forums.moneysavingexpert.com/showpost.html?p=2025371&postcount=7

Chortle_2

I take it the £750 you worked out you'd have left after cancelling sky etc (in this post) has gone down then? Or are you back to keeping Sky?

NickToye

Sorry don't want to confuse anyone. I'm not sure what i'm doing with Sky yet, you see we only watch certain channels, and it would make sense to keep telly that we are going to watch, rather than be miserable with tv we wont watch. If you put a night out between two people and sky for a month in perspective, I know what I would rather have. But thats another matter.

I think after I speak to PayPlan tomorrow and nail down exactly what I have available for my debts i'll be able to have a better idea.

NickToye

Just had a chat with my Mum and she seems to think that it will cost me money to go IVA. I'm waiting to hear back from the IVA team, but anyone know if this is true.

Also PayPlan, would I have to give back my car to the dealers (its on finance at the moment)

Emmzi

Re: car

- is it ESSENTIAL to your job
- is it a flash model or an economy one?

If its essential and economy, should be ok.

NickToye

Any one know for definite, it is essential for my business, and economy? Its a VW Golf, its not a Cadilac, yet Yes I think it is economy, its only a small engine.

partysis81

hi, just read this thread and id like to comment on something.

If you go into an iva agreement with payplan, it will be for 5 years only.
Once youve paid them every month for five years, the rest of your debt will be written off!
The iva with payplan is for people with over a certain amount of debt, i think its over 20,000 im not sure.
For people with lower debts, they offer the service of just getting your interest frozen with creditors, but you need to pay the full balances that are owed.

Hope this helps

NickToye

IVA with PayPlan, i wasn;t sure it was the same thing, I thought it was two options.

NickToye

Going to go IVA, then I will know that in 5 years time I will be debt free, no more credit cards, no more loans, no more overdraft, no more catalogue, if I want something i'll save up for it. No more student loans either.

Feels good to think about living in a world without credit.

james32_uk

Speak only to Payplan. They can organise either a Debt Management Plan or an IVA. They will talk you through all your options.