I've had my phone call from the IVA firm we were going to use, going throught facts and figures etc. Anyway I've looked at our income and out goings in several different ways lately and can never come up with more than £180 DI. Somehow the lady I spoke to on the phone has come up with an amount of £389.36 per month. That is a massive difference and I know there is no way we would ever be able to stump up that money every month. When I asked her how she came up with that amount she said its whats left from all the figures I told her. But there's absolutely no way, she did say she juggled them about a bit as we were paying more on somethings then we're allowed and less on others, but she said it averaged itself out. Now I'm really worried that this is the kind of amount we're expected to pay. I'm going to phone another company to compare but what if they want to same sort of amount? I know we can't afford that amount!!!
An IVA is supposed to be affordable each month otherwise it is doomed to failure from the outset. I would take advice from other companies and see what they say. If £180.00 is your DI then that is what you can pay no ifs or buts about it
Ray is right. Do not agree to something that is not affordable and sustainable. Take another opinion and if the figures still come up the same and you cannot afford them you should petition for bankruptcy or if that is not suitable enter a DMP.
Juggling the figures to that extent is a sure recipie for disaster and i would be very cautious.
I would deffinitely give another couple of companies a call and see what they come back with.
You really cant spend 5 years being scared each month incase you cant make the payment.
Don't let your IP juggle figures if you can only afford £180 per month - go to ClearDebt who will put forward IVAs at a lower disposable income than most IP firms are prepared to accept, and see what they come up with. There may be a sensible explanation, or misundertanding, but a second opinion is always a good idea in cases like this.
Yes try two or three companies. Icalled one that told me I would lose my house in three years even in an IVA, which is not true. If you can explain why certain expenses are higher than the normal it should be accepted. I Have very large petrol and food bills but mine was accepted afte explaining the reasons why.
Cleardebt have a great reputation for putting forward, and getting accepted, IVA's which have a low disposable income.
Give them a ring, it will cost you nothing and they may be able to help you.
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
Kazza - please don't enter into the IVA with figures that you know are unrealistic. 5 years is a long time to make any repayments never mind ones are that too high.
Like the others have said, go to a few other companies and get more advice.
Good luck xx
Last edited by Julie on Fri Jul 31, 2009 9:37 pm, edited 1 time in total.
I agree - seek advice from a few professionals. It won't cost you and may well help you in the long run.
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
