www.iva.co.uk

hi there...please can anyone help! i am at step 3 with payplan, and they say that they are drawing up a proposal for £200 a month payment on debts of 34000. however on checking my outgoings and incomings this is gonna be very tight indeed as they have not allowed for things such as repairs heating. after i have totalled all up we would realisticaly have about £150 left over for the iva and even at that, that would be us living on very tight margins.....help!! have payplan ever approved an iva on a lower monthly iva?[:(]

Hi and welcome to the forum. Ae payplan the only professionals you have spoken to?

If so, firstly I would suggest going through all your debt options with at least another couple of companies.

Cleardebt who post on the forum are a good company for low disposable income.

Your income and expenditure has to be right from the outset or you are setting your IvA up to fail in my opinion. Give another couple of calls a ring and see what they suggest. It may be you return to Payplan but at least you'll have investigated your options. x

Welcome to the forum....an IVA should be based on a general standard of living that allows for all eventualities however within a reasonable budget....your disposable income will be based on what can be afforded.
If the suggested payment is £200 per month and you do not feel confident with this then I would advise you to speak to your IP and ask them to review it now before anything is agreed.

Equally I would encourage you to get a couple of opinions - you may want to look at www.iva.com as a site for comparison IVA companies that will be able to advise you.

An IVA is not meant to be an easy opt out, it should be realistic and achievable.

I am sure that Payplan will present IVA proposals for £150 per month, but if they won't then there are other firms that will. Don't put yourself under more financial pressure for the sake of it - the IVA will fail if the payments are set at too high a level.

Hi missilly. Welcome to the Forum. I'm with PayPlan. I would urge you to ask them to look at your I & E again, as if you are going to start out struggling with just day-today living you are likely to hit problems during the next 5 years, as unexpected expenditure is bound to crop up in that time. If they can't do it at £150, why not shp around, as there's others on here with higher debt and lower repayments. Good luck.

Hi

It is very important that your paymnts are affordable.
Speak to several other experts/companies and see what they advise

Regards

thankyou all soo much...just want to say its soo refreshing to be able to talk to other people and ask questions. this is a really big step and an admittance that i have been in denial about my lifestyle and dependency on credit. again thank you all for your advice. i will certainly not jst sign because i feel only option, i will ask my ip to look again at my outgoings before coming to a conclusion [:)]

It would be great how you get on misssilly! I only found this Forum a few months ago - I so wish I had done at the start of my journey. The information/advice/support is second-to-none, and I regard it as my 'Forum Family'!!It helps to share/vent/joke with others on a similar pathway to becoming debt-free!!

Read the threads on thie forum to get a view on how good or bad a company is before signing up with them. A few of the biger companies are not covering themselves in glory at the moment!

Hi, you can get one for 100 pounds for an individual iva ours were around that at one point. Glad you found the forum

and another thing to consider is it may start with a low payment but things change (hopefully for the better) during an IVA and sometimes windfalls or payrises etc., mean the payment/dividend increases too x

hey thanks for all your replies. however on reading some of the other posts i now realise that as its both me and my husband they are proposing 100 pound each on iva so i think that while it will be really tight 200 a month, it really is the only way to eventual debt freedom...and so i think they are proposing what is right and i will just have to accept that no solution to our debt crisis is gonna be easy..we got ourselves into this and only we can suffer a bit for debt freedom. we just have to learn to absolutely live with what we have left each month. its not gonna be easy but how fortunate are we that this solution is available....just hope now it gets accepted ....worried!

after reading your quote i realise that the lowest individual acceptable payment is 100 pound so we will be paying 200 a month but thats for both of us ...[:)]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by lesley_

and another thing to consider is it may start with a low payment but things change (hopefully for the better) during an IVA and sometimes windfalls or payrises etc., mean the payment/dividend increases too x