100p in the pound is good - there aren't many of us who can do that, and you know that in a few years you will be debt free.
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
Yes, but whats the point?!?! 7 years of that will damage our credit rating for 12yrs, hardly seems worth it if youre paying 100% back does it? Cath, what 'place' do you think one needs to be in for an IVA?
I presume she means that you are not thinking straight at the moment.
A DMP sounds good as a temporary stop gap whilst you think about what you are going to do in the future.
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
The place I am in right now is that I have done absolutely everything in my hand to solve my debt problem, I have spent all my inheritance money on trying to get on top of the debt but I'm always back at square 1.
In August I knew fine well that there was a date, 31st August 2009 when we would no longer be able to pay minimum payments to our creditors and also be able to put food on the table for our children, never mind clothes, dinner money and the like, the debt had spiralled out of control.
We were paying out somewhere in the region of £600 per month more than what we were actually earning and that was all done on credit.
We're at rock bottom right now and there's no other solution other tha BR but we don't want to loose our home. DMP would be at least 14 years and that's assuming the credit companies would stop the interest.
So that's my 'place' and it isn't pretty xxx
7 year IVA completed in December 2016 - there is light at the end of that tunnel
Hi
I think Mrs Moody has been through hell by the sound of things.
My advice is to use the full 14 days to make a decision and maybe seek advice from another company.
There is no point going into an IVA if it is unaffordable because no one wins
Ask your IP to fight some of the modifications put forward, I can't imagine someone like Melanie accepting such changes and at the end of the day NR are questioning a proposal that has been put forward by a licensed insolvency practitioner as the best offer on table.
It really should not be amended so heavily, otherwise NR are in reality questioning the IPs judgement
Regards
Mrs Moody, what a terrible time you are having.
You are right in not wanting to accept un realistic figures. Afterall, you do still have to live.
I would recommend getting all your paperwork back and giving Melanie a call.
Another proffessional opinion wouldnt hurt.
Dont give up hope xxxx
Ok - I am going to be contraversial here, and say that there is no way on earth that NR would ask for such a substantial increase as has been described in this post - unless the original expenditure amounts were way in excess of known guidelines, in which case the IVA should not have been presented in the first place.
An IVA is not the right solution for everyone, and those who are successful are probably there because they are prepared to make sacrifices to live to the budgets set by creditors.
The role of the IP these days is tricky, because we have to work within these guidelines, and some clients are simply not prepared to accept such changes. I may be proven wrong, but it seems as if the offer here was poles apart from what was likely to be accepted from day 1 - and the IP firm must take some responsibility if they presented a poor set of proposals or gave their client false hopes that higher expenditure would be allowable.
I was thinking the same thing Melanie. I know creditors do sometimes ask for more, but I've never heard of that much which makes me think there was something wrong in the first place.
I also agree that an IVA isn't for everyone - the payments have to be realistic (as I know only too well) and the person has to really want the IVA to work.
If it is the right solution it's an excellent one.
Wasn't there some mention of IO on the mortgage? That could be where the extra comes from.
I agree that an IVA isn't an ideal solution for everyone, and you have to be happy with the payments and your IP.
I'm quite happy with our payments and Payplan.
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
Melanie, Andy, everyone, do you suggest I get back to Payplan and ask then to question these uplifts again? Andy, I did send you an email and the chairmans report to have a look at. Cath, I wasnt being funny with you when I asked you about what place you thought one needed to be in, it just made me question my situation.
Hi
I emailed you my thoughts on your proposal
To be fair to NR they seem to have been reasonable, I think that your IVA provider has put together an unrealistic proposal given the facts and figures and you have every right to be upset.
The choice is accept the proposal, be under the security of an IVA for seven years, or consider a debt management plan and clear your debt that way.
Regards
Am so sorry Mrs M NR rejected our proposals twice, we now as I said pay 80p in the pound for 6 years - our montly payments are just under £1000 per month and this will go up by £249.00 p mth when my car is sorted in 2011. At least we will pay , if not 100% back - as near as makes no difference. Its all so stressful and i do understand where you are right now. I just want to put my head down and pay it all back asap...try to stay positive..x
