Change of circumstances (Andy?)

[markyp]

Hi Andy,

Apologies I know you are buzy and realise there are alot of people on here worse off than me, the only reason I am in such a rush is because I spoke to a debt charity last night who I was hoping would be a better option than an IVA; after speaking to them we reluctantly decided that the IVA would be the better option as the monthly repayments with the debt charity were extreme to say the least, a good few hundred per month more than the IVA would be and giving us no quality of life at all. However, since the good news about my job we're considering this as our debt is 30k between us and we earn over 60k a year joint. Do you think we should go with the charity?

[Adam Davies]

Hi
How much is your total debt and what will be your disposible income when your new job kicks in ?

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[markyp]

Hi,
Our total debt is 30k I havent worked out our disposabal income based on our new earnings yet.

[Adam Davies]

Hi
Well it's impossible to advise without that so please post back with that info
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[markyp]

Hi,

No of course, ill work it out tonight and get back to you, but what i'm trying to get at is is there a maximum they can take each month? Obviously I realise that my monthly repayments will increase now i'll be earning more money, but will they still take every spare penny of disposable income I have leaving me no better off each month earning 45k than I was earning 30k? Is it too late to approach my creditors direct and try to negotiate with them myself?

[Adam Davies]

Mark
Looking at your previous posts your disposible is close to £400 before your payrise.Therefore with your substantial pay rise you would be able to repay your full 30k debts within five years so an IVA is not for you,in my opinion.
You could negotiate a repayment plan direct with your creditors,it's not too late or through a debt management plan.
To answer your question,yes all your disposible income is taken when in an IVA.
I would speak with Synergi and withdraw your IVA proposal and ask for a refund,they will be entitled to keep a reasonable amount to cover their costs.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[markyp]

Andy,

Thanks. So would a debt management plan NOT take all my disposable income then? And how receptive would my creditors be to me now beraing in mind ive been ignoring them for months, surely they'd take me to the cleaners wouldn't they. Im sorry to pester you mate!

[Adam Davies]

Hi
No,a debt management plan would be better for you and not so tight,you can agree an amount.
Creditors will look at you from a commercial stand point and will be more than happy that you have decided against an IVA and want to arrange a payment plan direct with them/via a DMP company.
Let us know how you get on with Synergi
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[markyp]

Hi,
Thanks thats really helpful advice. Just one more thing, where do we stand with the money we have already paid to Synergi? We have paid nearly £1000 which we were initially told was for our creditors but, following us querying this, they told us it was actually being 'held' in an account for our creditors subject to the I.V.A being approved. Are we entitled to get this back? We would be able to use it to keep our creditors at bay until my new job starts.

[Adam Davies]

Hi
I think that as you are pulling out that they will want to keep part of it to cover the time that they have spent on your case.
When you speak to them ask for a refund and see what they have to say,also look at all your paperwork and see what it says about you terminating the agreement[if you have signed one]
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp