IVAs help

MARIADANCER

Hi there, im single mum, whos just got my first flat, and over past few years have mangeded to ge tinto lots oF debt. All the time i was at my mums, i managed to just do it, But now with more things to pay out, Im just not able to do it. Ive been looking at iva, Please can anyone tell me if these work?, And has anyone here used one. Oh and any recommendations. Cheers.

raq

Put down your SOA ( statement of affairs ) and someone will be along and help you out.

Don't worry , lots of good supportive people on this site

moxie_2

If you do go for an IVA (and it may not be the best option, depending on your situation and how much disposable income you have) do not go to one of the fee paying organisations that are always advertising everywhere. Rather, go to a non profit making organisation such as CCCS or Payplan, links are at the tope of the page. Then all the money you repay will go to your debts and not as fees and charges to the private company.

MARIADANCER

OK, I will try,

Wages £469.00
benifits £652.00 = £1121


RENT/COUNCIL TAX £245
CREDIT CARDS(approx) £150
LOAN £120
LOAN (MUM) £200
CATALOGES £300
CHILDCARE £286.80(80% IS PAID BY TAX CREDITS)
GAS £40-48
ELECTRIC £28
WATER £25
TV LIECENCE £20
TV/INTERNET £20
MOBILE £25-40
PETROL £100(MY CAR DRINKS THE STUFF)
TAX/INSURANCE £24


================£1583 APPROX
Thats with out all the food, my sons stuff, and things like that. Im sure you can see im in trouble.

lynzpower

moxie wrote:

If you do go for an IVA (and it may not be the best option, depending on your situation and how much disposable income you have) do not go to one of the fee paying organisations that are always advertising everywhere. Rather, go to a non profit making organisation such as CCCS or Payplan, links are at the tope of the page. Then all the money you repay will go to your debts and not as fees and charges to the private company.

this is incorrect for IVAs. Every IVA practitioner charges something for the IVA process

DMPs with payplan & cccs dont

However, OP , pop up your SOA and we will take it from there

lynzpower

Ok do you get council tax benefit or housing benefit?

moxie_2

I apologise, you are correct Lynzpower. This from Payplan website: Payplan do not charge up front fees to begin the IVA process. Fees vary according to the overall level of debt and are built into the regular monthly payments. A schedule showing the level of fees to be charged to an IVA is included within the proposal for you and your creditors to see.

MARIADANCER

I get housing benifit, bit not council tax benifit. So they keep telling me, My rent was 125 a fortnight. So its been reduced. Its starting to really worry me now. though. I cant beleive i got into this,

CLAPTON

to see the best way to go you need to post some more information.

firstly can you reorganise you spending so the debt repayments are separate from the main spending. (see below for details)

secondly your spending seems to lack a few things.
i would suggest you start a spending diary and write down absolutely everything you spend on.
also go through your bank statements / credit card statments and look at all the oneoffs/annual costs.

so you have nothing down for clothes, food, socialising, child related activities /parties, nothing for presents/xmas etc etc. , car servicing/repairs, any holidys or days out
you need to be very realistic because if you go down the path of an IVA or DMP you are going to have to live for five years on this budget so it must be realistic over the whole year and not just for a single month.

thirdly need full details of the debts (see below)

so re-organisate it and add the missing information as follows

a. list of income
b. a detailed list of spending

c. a total of spending as above
d. now you can see how much you have to pay debt monthly by forming income minus spending
e. a list of unsecured debts
i.e. debt amount, minimum monthly debt repayment, APR
f. a total of unsecured debt and of monthly unsecured debt repayment

my_gorgeous_ellie-belle

Please try CCCS before considering any other company - they helped me enourmously - we got so far in debt we were paying our rent by credit card and everyone knows how bad that is and what it leads to. I dont have anymore debts left now - my little'uns daddy only has a little bit of debt left and thats nearly paid off. I'm not entirely sure how we did it but they were a massive help and they don't charge a penny either.

MARIADANCER

Well i dont have a social life, as i dont have the money too, this could take a long time, i have no idea how much i spent on food. As at the moment i buy what i need when i need it. And hoildays well thats gone out the window now. All car stuff is fixed my my dad, as my son is only 2, we dont do day trips and he is at nursery 3 days a week. I have started to stop spending altogether. And only get what i really need. ie food, nappies, clothes for son. So i am on a basic spend now. I have no choice, i dont have the monet now. for all the other rubbish.