What is best thing I can do?
Comments
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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 yet0 -
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.0
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The car is out of warranty.
My budget gives £100.00 per month towarda payments so may I uploaded the budget here incorrectly.0 -
Brookside88 wrote: ȣ200 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.0 -
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 interest0 -
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 month0 -
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.0 -
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
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It's an unfortunate fact that all advice is influenced by how it's funded.0
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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...0
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