Promotion at work and IVA proposals

dafadau

[FONT=Verdana, Arial, Helvetica]Hi,

Further to previous threads where I've been proceeding with an IVA with Payplan, I've had some good news at work where I've been given a promotion.

I've informed Payplan of this and am waiting for details on the financial implications. I suspect I'll now have around ~£250/month more to pay into my IVA, and am close to the territory that a DMP may be a better option, given that I'll get various bonuses throughout the life of the IVA too. Initially my proposals say I'd pay ~£400 rising as my student loans are paid.

My question relates to the likelihood of getting Interest and charges frozen for the following debts:

MBNA (CC) 18,242.78
Egg (CC) 5,116.14
National Westminster Bank (overdraft) 2,400.00
National Westminster Bank (Loan) 3,344.75
National Westminster Bank (Loan) 13,222.30

Total: £42,325.97

Any thoughts on new options? I'd like to have some opinions before I go back to Payplan.

Thanks![/FONT]

Charco_2

MBNA will probably reject an IVA as on paper it will take you less than 10 years to repay the debts in a DMP (8 and a half years i think)... the reality is though, the DMP does not guarantee that interest and charges will be frozen so it will most likely take a lot longer than this. Paper schmayper!

MBNA are well over 25% your debts so it would seem that an IVA would be a non-runner for you because the 10 year thing is part of their voting criteria! (completely made up off the top of their heads)

What are your current commitments to your creditors? (How much money in total do they expect from you each month)

dafadau

[FONT=Verdana, Arial, Helvetica]MBNA (CC) 370
Egg (CC) 100
National Westminster Bank (Loan) 378
National Westminster Bank (Loan) 196

Total: 1044
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