What is best thing I can do?

fatbelly

Available for debt repayments........... 7.27

I can't see how you can do an IVA on that.

Doing a rough calculation, I would have thought they would want £200 a month. To answer the question you asked me by pm, the answer is their fees - around £3k of fees will be built in to the plan. I actually like Payplan but I can't see how they would get you into an IVA, or a dmp for that matter.

Downsizing the car is an option (hadn't noticed that before) as a 9.1k car is likely to depreciate about 3k in the next year. Offsetting that (maybe) it is still in warranty and doesn't need an MOT yet

TheGardener

Payplan make money out of IVA's - talk to Stepchange, Citizens adviice or National debtline and make sure you have considered a full range of options.

MarkyMark16

The car is out of warranty.

My budget gives £100.00 per month towarda payments so may I uploaded the budget here incorrectly.

TheGardener

Brookside88 wrote: »

£200 a month on groceries for 1 person is obscene. ...

No its not - and based on other posts, on here, I doubt an OR would have a problem with it either.
That doesn't mean there are not ways to reduce the costs.

Craig1981

TheGardener wrote: »

Payplan make money out of IVA's - talk to Stepchange, Citizens adviice or National debtline and make sure you have considered a full range of options.

to be clear - Payplan do not charge you - they are funded by contributions from the credit industry.
the same is to be said by National Debtline - they also get some funding from private sector and get funding for IVA referrals to the IPs they deal with

Payplan i have recommended for several types of debt solutions - they do not try to get you on IVA because they make the money - it is what is in their customer's best interest

Brookside88

TheGardener wrote: »

No its not - and based on other posts, on here, I doubt an OR would have a problem with it either.
That doesn't mean there are not ways to reduce the costs.

Ok, not obscene generally speaking. But for someone trying to claw their way out of a £37k unsecured debt hole, it's a ridiculous waste. I feed 3 for £180. If it was just me I could probably do it for 70 a month

TheGardener

Brookside88 wrote: »

Ok, not obscene generally speaking. But for someone trying to claw their way out of a £37k unsecured debt hole, it's a ridiculous waste. I feed 3 for £180. If it was just me I could probably do it for 70 a month

Yes, as I said, there is room for savings - that's not disputed. An SOA for a potential BR is not about making savings as such - that's for the debt free wannabe board. The OR and any debt advice service needs to see the actual spend. I know on the DFWB board SOAs are about identifying savings but on this board its more about a combination of actual spend and what would be considered reasonable by the OR. £200 per month spend on groceries is unlikely to be an issue for the OR based on the feedback we have on this board.

TheGardener

Craig1981 wrote: »

to be clear - Payplan do not charge you - they are funded by contributions from the credit industry.
the same is to be said by National Debtline - they also get some funding from private sector and get funding for IVA referrals to the IPs they deal with

Payplan i have recommended for several types of debt solutions - they do not try to get you on IVA because they make the money - it is what is in their customer's best interest

We will have to agree to disagree on that one

fatbelly

It's an unfortunate fact that all advice is influenced by how it's funded.

TheGardener

I wasn't disagreeing with the funding - I know that. It was the comment about it only ever working in the best interests of the customer...