We need a new idea? IVA not possible?

Webbigail

Hi,

I am desperate for advice. My hubby called Grant Thornton yesterday to say we would like to go ahead with the IVA. We have been through all the figures with them and have £230 per month left to pay into it. Our debts are £68k.

After the phone call yesterday they told us we need to find £500 per month to do the IVA and that we should call Northern Rock and ask to go interest only to try and find the extra cash. My husband told them that NR will only allow us to go interest only for 1 year so this wouldnt help.

Our debts on a monthly basis were costing us £600 per month and not Grant Thornton are saying we have to pay £500 ????? Its doesnt make sense.

Now is a panic because our creditors are going to start chasing for money that we do not have.

Any new ideas except going Bankrupt would be greatly appreciated.

Thanks:mad:

doelani

HI

£230 is not a lot to pay into an IVA for your amount of debts, the cost fo setting up the IVA and sdministrating it will cost thousands alone. Did GT give you a breakdown of their costs?

We ahad an IVA with them and our costs where £2700 as nominee for setting up the IVA and £6000 for supervising it over the 5 years, this would leave very little to acually pay to your creditors.

Have you spoken to any of the debt charities?


Just read you old posts and see you spoke to CCCS already.


you should ring CCCS againa nd see what they say, when they did my original fisures they suggested about £290 a month which was our " disposable income " according to them in realisty we paid £570 then was due to rise to £895 when our car HP finished but we ended IVA early because of F&F.

Charco_2

Apart from your mortgage, are NR one of your UNSECURED creditors?

If so then on recent experience it would seem that GT are not asking for this uplift in your Disp Inc, NR have been doing it to all IVAs in which they are included.

Have you defaulted on any of your debts yet? Missed payments? You may simply have to start missing payments or paying less than they're asking now.

Have you got PPI on any of the debts? Reclaim

Have you got bank charges? Reclaim