IVA help wanted asap please!

paperstars

mwarby said:

Re the mobile phone, what are going to do, worse case is cut you off (and you get a payg phone with new number and get a break from the hassle). Yes they will default you and harm credit history, but nothing compared to what an IVA will do.

imho you need to focus on the following
- a budget you can realistically stick to (and this can be used to see if a DMP, or wether another option is better
- not taking on new debt

This is very, very true. I will look at contacting EE properly, as well as contacting PayPlan.

paperstars

Harlequinn87 said:

@paperstars Unfortunately I'm not sure if they can help with your mobile contract - have you spoken to anyone at Payplan about this... they will be able ot confirm about the mobile contract... Do they know about the other debt for £100 or where they only able to help with certain ones?  
Does your monthly payment to Payplan change? or is it normally set to £202.89 and last month was a one off?
slightly concerned with the companies calling you as well - as soon as i went into my DMP the calls stopped and they dealt with the DMP company direct

I only have spoken to PayPlan, very briefly via their messaging service. 
They are aware of the other debt, but I have put my head in the sand and not given them any further information. Entirely my fault, I know. My monthly amount should have been £280. Last month was a one off as I simply ran out of money. It's the IVA companies that keep calling me, especially National Debt Help Line

paperstars

Expenditure

Item Name	Amount	Frequency
Total	£1,247.11	Monthly
Rent	£350.00	Monthly
Mobile phone	£50.00	Monthly
Hobbies and Leisure (inc pubs/outings, gym etc)	£25.00	Monthly
Other	£8.00	Monthly (mobile phone insurance)
Housekeeping	£50.00	Monthly
Vets Bills / Pet Insurance	£54.00	Monthly
Hairdressing/Haircuts	£30.00	Monthly
Clothing / Footwear	£30.00	Monthly
Health (dental, optical, prescriptions etc)	£20.11	Monthly
Car Insurance	£50.00	Monthly
Road Tax	£25.00	Monthly
Fuel	£150.00	Monthly
MOT and car maintenance	£25.00	Monthly
Other Essential Expenditure	£200.00	Monthly
Other Essential Expenditure	£180.00	Monthly (This is to my parents, they kindly placed previous debt on their interest free CCs)

Budget Overview

Total Income:	£1,300.00
Total Expenditure:	£1247.11
Available Surplus:	£52.89

I have copied this from my PayPlan account. 
I changed jobs, to improve my mental health, and as such, I have taken a cut in pay so am now earning £1300.00 per month.

Harlequinn87

Ok so i'm assuming mobile you are stuck in a contract paying off the handset?

Vet bills/ pet insurance - have you compared costs elsewhere to see if you can get a better deal?

Hair cuts ... ex hairdresser here   maybe try a college student or training day/nights at salons for cuts etc  most do this really cheap or even free!

Fuel - is pretty high... do you travel for work?   then again this is probs being nosey but what type of car do you have? as im 32 and my insurance is £24 but i have a 1.4 clio lol

Also i'm assuming a reduced payment to your parents is out of the question? do they know about everything?

paperstars

Harlequinn87 said:

Ok so i'm assuming mobile you are stuck in a contract paying off the handset?

Vet bills/ pet insurance - have you compared costs elsewhere to see if you can get a better deal?

Hair cuts ... ex hairdresser here   maybe try a college student or training day/nights at salons for cuts etc  most do this really cheap or even free!

Fuel - is pretty high... do you travel for work?   then again this is probs being nosey but what type of car do you have? as im 32 and my insurance is £24 but i have a 1.4 clio lol

Also i'm assuming a reduced payment to your parents is out of the question? do they know about everything?

With regards to the mobile, correct, it's a contract paying off the headset.
I haven' with regards to the pet insurance...but I can certainly do that although I think I might be in a yearly contract, but will check that with Tesco who I am with.
I will do this, this needs amending actually as found a college place now that I do flexi time at work I can actually go during the day. 
I do travel to work yeah, it's a good 20min/30min journey. I only have a 1.4 Ford Fiesta, however, I had an accident in my previous car just before Christmas which led to my car being written off and as it was my fault, my insurance tripled. 
Potentially with regards to my parents, but no, I am too frightened to tell them about everything..they are aware of the simple part of my debt..but nothing more..  

Thank you for taking the time out of your day to reply to me, it's really appreciated 

Harlequinn87

No worries at all    i can completely understand why you would be frightened to tell them everything it's a difficult conversation to have with anyone but they may be able to help you.

When i told my partner he wasn't happy especially as i had no explanation on what i had spent most of it on! but straight away was like right ok whats done is done! lets sort this! and i had to promise to not get more credit out and always be upfront with him with my finances!

However It's entirely up to you though if you want to talk to them

paperstars

Harlequinn87 said:

No worries at all    i can completely understand why you would be frightened to tell them everything it's a difficult conversation to have with anyone but they may be able to help you.

When i told my partner he wasn't happy especially as i had no explanation on what i had spent most of it on! but straight away was like right ok whats done is done! lets sort this! and i had to promise to not get more credit out and always be upfront with him with my finances!

However It's entirely up to you though if you want to talk to them

Yeah this is the trouble, we've gone back and fourth on several occasions. I have lied to them numerous amount of times. Hell, I've even used my Mums credit card without her knowing (she soon found out) it's all to do with my history and issues but I'm just too scared to admit to it all..like I said, they're aware of some of it but not all of it. I'm single and none of my friends are in debt so it's extremely difficult to find advise. This IVA has been pushed on me I feel, in fact, I just got another text now from the company..

mwarby

paperstars said:

Expenditure

Item Name	Amount	Frequency
Total	£1,247.11	Monthly
Rent	£350.00	Monthly
Mobile phone	£50.00	Monthly
Hobbies and Leisure (inc pubs/outings, gym etc)	£25.00	Monthly
Other	£8.00	Monthly (mobile phone insurance)
Housekeeping	£50.00	Monthly
Vets Bills / Pet Insurance	£54.00	Monthly
Hairdressing/Haircuts	£30.00	Monthly
Clothing / Footwear	£30.00	Monthly
Health (dental, optical, prescriptions etc)	£20.11	Monthly
Car Insurance	£50.00	Monthly
Road Tax	£25.00	Monthly
Fuel	£150.00	Monthly
MOT and car maintenance	£25.00	Monthly
Other Essential Expenditure	£200.00	Monthly
Other Essential Expenditure	£180.00	Monthly (This is to my parents, they kindly placed previous debt on their interest free CCs)

Budget Overview

Total Income:	£1,300.00
Total Expenditure:	£1247.11
Available Surplus:	£52.89

I have copied this from my PayPlan account. 
I changed jobs, to improve my mental health, and as such, I have taken a cut in pay so am now earning £1300.00 per month.

Gone through above to make easier to read
Rent £350
mobile £50
hobbies £25
other mobile insurance £8
housekeeping £50
Vet/ pet insurance £4
haircuts £30
clothing £30
Health £20
car insurance £50
road tax £5
fuel £50
maintenance £25
debt to parents £200
other can’t tell £180

Some comments
£58 on mobile seems high to me
£50 on housekeeping seems low
not sure hobbies is really an allowed category for Iva or other formal insolvency
debt to parents - could this take a back seat while other debts are cleared ? This wouldn’t be allowed to continue in an IVA or bankruptcy, it’d be regarded as misconduct in bankruptcy and they would seek to claw that back, you can not put one creditor (that’s all they are in insolvency terms really) front of the others

i would say your surplus is much more around £200-300 a month than £80, I think at £80 they’re being unrealistic at best, imho there no way a creditor would agree to that sorry

paperstars

mwarby said:

paperstars said:

Expenditure

Item Name	Amount	Frequency
Total	£1,247.11	Monthly
Rent	£350.00	Monthly
Mobile phone	£50.00	Monthly
Hobbies and Leisure (inc pubs/outings, gym etc)	£25.00	Monthly
Other	£8.00	Monthly (mobile phone insurance)
Housekeeping	£50.00	Monthly
Vets Bills / Pet Insurance	£54.00	Monthly
Hairdressing/Haircuts	£30.00	Monthly
Clothing / Footwear	£30.00	Monthly
Health (dental, optical, prescriptions etc)	£20.11	Monthly
Car Insurance	£50.00	Monthly
Road Tax	£25.00	Monthly
Fuel	£150.00	Monthly
MOT and car maintenance	£25.00	Monthly
Other Essential Expenditure	£200.00	Monthly
Other Essential Expenditure	£180.00	Monthly (This is to my parents, they kindly placed previous debt on their interest free CCs)

Budget Overview

Total Income:	£1,300.00
Total Expenditure:	£1247.11
Available Surplus:	£52.89

I have copied this from my PayPlan account. 
I changed jobs, to improve my mental health, and as such, I have taken a cut in pay so am now earning £1300.00 per month.

Gone through above to make easier to read
Rent £350
mobile £50
hobbies £25
other mobile insurance £8
housekeeping £50
Vet/ pet insurance £4
haircuts £30
clothing £30
Health £20
car insurance £50
road tax £5
fuel £50
maintenance £25
debt to parents £200
other can’t tell £180

Some comments
£58 on mobile seems high to me
£50 on housekeeping seems low
not sure hobbies is really an allowed category for Iva or other formal insolvency
debt to parents - could this take a back seat while other debts are cleared ? This wouldn’t be allowed to continue in an IVA or bankruptcy, it’d be regarded as misconduct in bankruptcy and they would seek to claw that back, you can not put one creditor (that’s all they are in insolvency terms really) front of the others

i would say your surplus is much more around £200-300 a month than £80, I think at £80 they’re being unrealistic at best, imho there no way a creditor would agree to that sorry

That's what National Debt Agency told me..it was odd. He previously said it would be £100 then when I said I might be going elsewhere, he then told me he could get it reduced to £80 per month. He has been very pushy and constantly been in contact with me.
He did say hobbies, which includes a gym contract which I am currently tied into etc. I still live at home so £50 towards housekeeping, for food, bits and pieces. This was set up a little while ago so perhaps best to contact PayPlan and go from there...

mwarby

You think creditors will be ok getting £80 a month while you pay your parents £200 a month ? I know it’s not what you want to hear, but I don’t see seem agreeing to this (the IVA needs creditors to approve), what will probably happen is you’ll be asked on day of creditors meeting to agree to a variation to increase your contributions by a large amount

do pay plan know about the money to parents, to pay off a debt owed to them ?

also what’s the 180 amount for that I couldn’t work out ?