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IVA time?
Hello.
I have been on DMP for about 3 years now, and all is going swimmingly. However, I think now is the time to perhaps look at an IVA. On my current rate of my DMP I will be clear in 10 years and 6 months. Obviously this could go down with a couple of pay rises, but then I think, 5 years on an IVA!
So what I would like to know, is unlike the DMP, where they take your figures at trust, do you need to provide evidence of all your outgoings? So bills, rent,etc?
I am DMP with CCCS ( who I would recommend to everyone) and they are going to call me on their IVA.
I am paying about 130 a month on DMP and wouldn't really want to pay much more than that on an IVA. This for a current debt of 16000.
Any advice welcome!?:)
I have been on DMP for about 3 years now, and all is going swimmingly. However, I think now is the time to perhaps look at an IVA. On my current rate of my DMP I will be clear in 10 years and 6 months. Obviously this could go down with a couple of pay rises, but then I think, 5 years on an IVA!
So what I would like to know, is unlike the DMP, where they take your figures at trust, do you need to provide evidence of all your outgoings? So bills, rent,etc?
I am DMP with CCCS ( who I would recommend to everyone) and they are going to call me on their IVA.
I am paying about 130 a month on DMP and wouldn't really want to pay much more than that on an IVA. This for a current debt of 16000.
Any advice welcome!?:)
0
Comments
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You'll need to fill out an expenditure form which lists all in and out goings. If your saying that after ALL your day to day payments you have £130 left, then I'd say you wont have too much of a problem.
They will want either bank statements or pay slips every year and the numbers you fill out need to be reasonable.
Speak to 2 or 3 IP's first."Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0 -
So are thr repayments negotiable every year? I was under the impression that once the repayment figure is made it is set for the full term. Is that incorrect?0
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You have a yearly review, if you wages go up then payments go up, but the cost of living goes up every year even if your wages stay the same....THEY DO DONT THEY wink wink !!
"Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0 -
Yep you get where I am coming from.... That is what I really wanted to know. On the DMP they are very trusting and accept what you tell them. I wasn't sure if a IVA was a little stricter and looking for receipts and bills etc.0
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My IP never asked for anything other than wage slips and P60 every year, I know some want bank statements."Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0
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Also, with an IVA application are you credit checked?0
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Pass on that one, but if you have another debts that are not mentioned on the IVA and the IP finds out about them, then you will be in barney rubble."Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0
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