Holmes Financial?

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Matty
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by Matty » Tue Jan 23, 2018 10:25 pm
Hi folks.
I'm in I itial discussions about an IVA but am wavering a tad. Holmes Financial have proved very nice and helpful. Has anyone dealt with them?

I'm 50k in deb. What are the likely monthly repayments? At the moment I'm paying interest of near on £800 a month. This more than bleeds me dry.

Final question.
I'm on a 5 year fixed term mortgage. At the end of the term, will I have to go on the standard variable? Guessing I won't get another deal?

Thank you.
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luluj
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by luluj » Wed Jan 24, 2018 2:34 am
Firstly welcome to the forum !

Not personally heard of tge company you mention so had a quick look on their companies house records and their website - been in existance since 2013 with three experienced directors by the look of it.
I would however explore other providers too and get a couple of opinions based on your circumstances.

Each iva is individual and based on affordability. It depends on your income and expenditure (not including your current debt repayments) so not so easy to say what your repayment amount would be.

Re mortgage advice - the forum has two mortgage brokers experienced in supporting people in ivas - look for Ryan or Shaun on here to get some personal advice.
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Foggy
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by Foggy » Wed Jan 24, 2018 7:53 am
Welcome. I can only echo Luluj's excellent advice. Always good to chat to a few firms as they do operate slightly differently within the broad framework of legislation.
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Ryan
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by Ryan » Wed Jan 24, 2018 8:24 am
Excellent advice above as always.

Regarding the Mortgage it depends on the Lender and also what happens in the next 5 years to be honest. Some Lenders may let you swap rates or sometimes as a Broker we can also do that with your existing Lender. Swapping to a new High Street Lender though wouldn't be possible until the IVA has completed.

Regards
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Keith White
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by Keith White » Wed Jan 24, 2018 10:08 am
I agree - it's definitely worth speaking to more than one company. The monthly payment you make in the IVA or any debt plan needs to be genuinely affordable, allowing you to live properly throughout the plan where you will have little or no access to credit.
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Lisa Thomas
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by Lisa Thomas » Wed Jan 24, 2018 12:31 pm
Hi - the monthly payments will depend on what you can afford.

I'm surprised Holmes Financial haven't mentioned this to you already - have they sent you an Income & Expenditure form to complete? Perhaps they are waiting for this to be able to give you an idea of suggested affordable contributions.

Is the interest you refer to on the mortgage or the unsecured creditor debt?
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Lisa Thomas
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by Lisa Thomas » Wed Jan 24, 2018 12:32 pm
Feel free to call me if you would like a second opinion.
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kallis3
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by kallis3 » Wed Jan 24, 2018 1:25 pm
I would rather think it's the normal creditors that Matty is talking about.
Matty
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by Matty » Wed Jan 24, 2018 1:28 pm
Thank you All! Greatly appreciated.
Matty
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by Matty » Wed Jan 24, 2018 1:29 pm
Lisa Thomas wrote:
Feel free to call me if you would like a second opinion.


Thank you Lisa. I'll definately do that.
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Lisa Thomas
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by Lisa Thomas » Thu Jan 25, 2018 10:20 am
kallis3 wrote:
I would rather think it's the normal creditors that Matty is talking about.


If correct then it seems he may be at least £800 a month better off and this would possibly be the minimum amount of contributions set (on assumption he is able to pay the £800 interest currently).
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