Debt Free Direct Over Calculate Income!!

MUMZ2BEE

tomtontom wrote: »

And each payment is seven days apart, yes?

!!!!!! what the hell does it matter?

Its 4 payments in a month of DLA, I dont need to repeat myself!!

tomtontom

MUMZ2BEE wrote: »

!!!!!! what the hell does it matter?

Its 4 payments in a month of DLA, I dont need to repeat myself!!

You don't seem to understand, receiving four payments a month means that is your entitlement for four weeks ie 28 days. If there are 30 or 31 days in a given month then your entitlement for the month is higher than those four payments.

Any clearer?

Gaz83

I am afraid, OP, that any misunderstanding or error looks to be on your part, not that of DFD.

MUMZ2BEE

No I dont think I am wrong.

Like I said, 4 payments in a month of DLA mounts to £444!!

X 2 payments in a month ESA is also £444.

Do I have to show you lot a bank statement!!??

Gaz83

MUMZ2BEE wrote: »

No I dont think I am wrong.

Like I said, 4 payments in a month of DLA mounts to £444!!

X 2 payments in a month ESA is also £444.

Do I have to show you lot a bank statement!!??

No, you don't have to show a bank statement.

You could clear up any confusion by simply posting what several people have asked and give the dates of your last few payments of each. If you did so then we would be able to help you understand very quickly.

Giggles_Fairy

Either the OP has realised she is wrong and doesn't want to admit it, or she can't understand the basic concept of being paid weekly / fortnightly.

Just apply for a DRO and have done with it.

Your letter to the Halifax will make no difference.

DLA can and should be included, along with relevant extra expenses you incur due to your disability, e.g higher travel, higher clothing costs, therapy etc.

MUMZ2BEE

Giggles_Fairy wrote: »

Either the OP has realised she is wrong and doesn't want to admit it, or she can't understand the basic concept of being paid weekly / fortnightly.

Just apply for a DRO and have done with it.

Your letter to the Halifax will make no difference.

DLA can and should be included, along with relevant extra expenses you incur due to your disability, e.g higher travel, higher clothing costs, therapy etc.

After speaking a long time with National Debtline and going through me and my partner's income and expenditure, total level of debt, I am below the £50 threshold for a DRO!!

They advised me to phone Debt Free Direct and cancel the IVA with immediate affect, then I need to wait for the Failure Certificate to come through.

My income meant that it came in at £43 left over a month.

This is such a relief.

Yes I have to admit my mistakes, but so do lenders have to admit them as well.

This will teach me from now on to be a lot more careful with expenditure and to budget for things.

I suppose life is one big learning kerb , you make mistakes, you deal with them, and hopefully I can now move on!!

National Debitline said to me that my IVA was clearly missold due to the level of debt and income.

I tried to deal with my IVA provider by asking them to accept an offer of £150 per month, yet they did not reply to my offer!!

I think they are greedy sods who's only motive was getting as much money out of me as possible, money I didnt have!!

I feel cheated because I have paid for 2 years into this with nothing to show for it!!

Giggles_Fairy

MUMZ2BEE wrote: »

After speaking a long time with National Debtline and going through me and my partner's income and expenditure, total level of debt, I am below the £50 threshold for a DRO!!

They advised me to phone Debt Free Direct and cancel the IVA with immediate affect, then I need to wait for the Failure Certificate to come through.

My income meant that it came in at £43 left over a month.

This is such a relief.

Yes I have to admit my mistakes, but so do lenders have to admit them as well.

This will teach me from now on to be a lot more careful with expenditure and to budget for things.

I suppose life is one big learning kerb , you make mistakes, you deal with them, and hopefully I can now move on!!

National Debitline said to me that my IVA was clearly missold due to the level of debt and income.

I tried to deal with my IVA provider by asking them to accept an offer of £150 per month, yet they did not reply to my offer!!

I think they are greedy sods who's only motive was getting as much money out of me as possible, money I didnt have!!

I feel cheated because I have paid for 2 years into this with nothing to show for it!!

I'm glad that you have found a resolution you are happier with. The IVA companies do have to comply with the rules, if the information they have says you can afford more they can not affect an 'offer' of less, although they should have called you to explain this and try and see if there is a way of resolving it.

At least with the two years you were protected from further action, and although some of that money will have been paid to your IVA fees, some of it will have be distributed to creditors also. It is all part of your journey to being debt free

National_Debtline

Hello again,

Glad you found the telephone call to ourselves useful. Out of interest, can you remember the name of the person you spoke with?

Best wishes,

David.

phil2580

UpToMyNeckInIt wrote: »

Iva's have their place and are often the least painful of the debt solutions, if you have assets to protect.

Trouble is, they are very profitable as well, so it is no surprise that they get sold on so may people, who may see it as the only olive branch.

I work for an IVA provider (who shall remain nameless), and I can guarantee that the number of barely profitable cases far outweighs the number of very profitable cases.

Yes, there are some instances where IVAs have/are mis-sold, but there are many cases where people with low disposable incomes (i.e. < £200pm) simply don't want to go bankrupt. In those cases, they are often left with the choice of an IVA for 5 or 6 years, or a DMP for 25 years. So it's very unfair to tarnish all low-income IVAs with the same brush.

IVA fees themselves are much lower than they were 5 years ago. Back then, IVA fees were pretty much universally charged on a time-cost basis, so filing a single piece of paper could cost £10. Now, most IVAs are charged as a percentage of contributions (as are DMPs, DROs and Bankruptcies), usually 15%.

Taking a typical £150pm case over 5 years:
Nominee Fee £1000.00 (Typical costs for setting up a case come to around £1700.00, so there's a £700 loss before any contributions are made).
Disbursements £100.00 (Land Registry, Insurance, Insolvency Service etc)
Supervisor Fees £1,200.00 (15% after deduction of Nominee Fee)

It's easy to assume that under BR you won't pay anything, but the rules have changed, and if you have any disposable income, it will likely need to all be paid into your Bankruptcy.