i feel devastated at the moment. I have spoken to Tina and she has said she doesnt think we have enough DI. I think we could manage £400 per month but she says after doing I & E she cant see where. She said try to see if can change mortgage to Interest only but mortgage company wont because the loan to value need to be 80% or less, ours is 82.5%. Dont know what to do now.
You could always try doing a debt management plan, at least in the short term.
Melanie's firm don't do them, but David Mond's company do. You could try giving him a ring.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I am sure that Tina would have suggested a DMP to you as an alternative - but from what you are saying she does not feel that you have any disposable income. Am slightly concerned that you feel you can afford to pay £400 per month - that seems a big difference.
I will speak to her later on and look at the numbers myself.
Melanie. Iam not complaining, just feel devastated. I was convinced an IVA would be the way forward. Tina went through alternatives of releasing more DI, possibly stopping payments into pension and then going through expenditure again but I just feel like ive now hit a brick wall. I really do think we could afford £400 though.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I second what Jan has said. Everything will be just fine. David just ask yourself if Melanie would do all she has done if she had the slightest doubt that your proposal would not be accepted.
IVA.co.uk The best place for debt advice. Thanks to Melanie Giles, David Mond, David and J (Elv5) Kallis, Dand, Skippy, Andy Davie
Melanie, do you think if we managed to get expenditure down it would be possible to change to interest only mortgage when we get below the 80%. Would that work?
That is possible - and are you sure that your property has been correctly valued? How do the lender know that you are 82% loan to value - is this based on current figures?
As far as I remember the valuation was given when we did our fixed rate last year, so Im not sure now. Did you manage to speak to Tina earlier regarding the figures discussed? Thanks
Your first post indicated that you had spoken to Debt Free Direct and they had indicated a monthly payment of £275. You have then spoken to Melanie's firm where you state you can afford £400 per month but that Tina (from Melanie's office) says otherwise.
An IVA for you (if appropriate) should:
(a) be affordable
(b) achievable
(c) be in your best interest.
I don't know all the facts but maybe a low cost IVA provider might be able to help.
Good luck.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
David, i'm confused too. I have spoken to Tina again today and we are going to go through the figures again on Tuesday. Maybe I was a little optimistic with £400 but we might be able to get a more realistic figure than £275 which DFD had said. Tina hought this was too low.
Tina will be acting with your best interests as a priority, and I will be looking at the figures personally once this exercise has been completed. There is no need to be confused - if you feel that you can afford payments at a certain level, generally you can.
Thank you Melanie. I have received the expenditure list from Tina and there are some things on there that I can quite easily reduce. I think she said she was quoting me at the maximum allowances anyway so hopefully will get sorted out when I speak to her again on Tuesday. Things looking more hopeful.
