Iva

james32_uk

Great stuff. Payplan are great although it can be a bit confusing at first as you will get passed on through a few teams while things get worked up. They can also be a little bit slow buts that's because they're so popular.

As you can see from my sig, I'm on an IVA with payplan. Check out my post here http://forums.moneysavingexpert.com/showthread.html?t=237135 to see how it worked for me.

megabroke99

hi again,

if an iva goes through what will i do about having a bank account , should i set that up now??
someone (cant remember who!!) mentioned a natwest "step account" is the best option .

any ideas,

megabroke99;)

james32_uk

You have a PM!

megabroke99

hi james,

have replyed to your pm,

Cheers

megabroke99

megabroke99

hi everyone,
Well i spoke to payplan today and they said i didnt qualify for an iva , really peed off now "as i could pay the minium to all my creditors". god i cant cut back anymore wont be any point living!! and to top it all had a letter from the halifax saying they were taking £28 out of my account as i had gone over my od......gits! can i try and claim that back
megabroke99

megabroke99

hi again everyone,
i really dont know what to do, cant seem to get an iva or dmp coz they say i,m meeting my monthly payments , just went to the halifax and they said we can offer you a loan to consolidate at 7.9% dunno what to do.please advise

megabroke99

CLAPTON

well you could try and see what CCCS say.


otherwise it seems to me you have the following options

a. find extra income
any chance of getting a better paid job?

b. cut back on your spending

it seems to me that it is possible to cut back
i.e. food from 200 to 100
BT 35 ...use call1899.com and call18185.co.uk for all calls (much cheaper than BT) and only pay BT the basic 11 standing charge.
plus some off the 60 spending money
i fully accept that this makes your life very restricted and leaves nothing for emergencies etc.

alternatively your large expense is your car and related costs.
is it feasible to move to reduce the travelling costs and also find somewhere cheaper to live at the same time?

c. default on your debts yourself. ... i.e. stop paying . obviously this will mean your credit rating will be shot to pieces but it would be if you enter a DMP with payplan. you should be able to offer say 80% of current payments

d. consolidated loan. althought normally against these as often people simply continue spending on the credit cards and so soon get back to being overspent but with a much bigger level of debt.

if you want to pursue this can you post full details of your debts
i.e.
for each CC can you list the debt, the min monthly payment and the APR

for your loans can you say monthly payment and number of months left to pay and if it is a 'flexible' loan or not...if its not then you need to find out the settlement figures

and the details of halifax offer .... how much will they lend you , over how many months and what would the monthly payments be?

lynzpower

One thing Ive just noticed is that you are buying electric from your landlord and you are working for him and its still costing you 35 a month! We dont even spend 35 a month here, theres 2 of us in a 2 bed flat, and we have NO gas, so I think your LL is ripping you off

Search on the property board for "coin" meters there was a discusion about buying electric off LL;S the other day - theres legal rules as to this.

Also if you work for someone, you are entitled by law to the minimum wage. are you getting paid no cash fo your second job for your LL???