our 1st attempt was rejected

[pnn]

im just at the beginning of starting a iva
our 1st attempt was rejected ,
we have 46k of debt to 7 different creditors
northern rock 26k our main creditor.they rejected our iva due to equity in our house
we were offering 47p in the £
our payment would of been £286 a month which we thought was great and very manageable.
since we were rejected we have been on a dmp only for 2 months
our new proposal which is not set in stone yet is going to be £500 pm
after adding up all our payments over 5yrs we will be paying back
30,000 [500 pm]
2200 [when our hp finishes]
up to 20k from equity
added together is 52k
as our debt is 46k is works out 6k more i understand ip fees are added on to and i think with the work they do for us it is deserved

* is it cheaper to get a secured loan for 6yrs costing £400 pm
or
*carry on with the iva
all info will be greatly appreciated.

[MelanieGiles]

Nicky

How does payments of £286 suddenly increase to £500? What has changed since the first IVA was presented to your disposable income?



Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk