Hi, I owed 6700 in total but now after 2 years of paying into an iva I now owe not too far off double that 12100 i think as my payments go up every year, what should I do because I feel like earning more money is only costing me a whole lot more! The first year my payments were £85 the 2nd £185 & now due to go up to £241 & £241 x 36 = £8676 which is more than the original debt I owed
You will always owe the full amount of your total debt plus fees and possible statutory interest. It does seem a small amount for an IVA. Which company are you with?
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
I've paid £3255 already my next payment is £185 meaning I'll of paid £3440 then 36 x 241 + £3440 = £12116
The original payment was £85 x 60 = £5100
My original debt was £6700 if I can pay in full would I be looking at having to offer somewhere near £9000? If so wouldn't I just be better off failing the iva & then paying the original debts off in full?
If you fail the IVA you will probably be worse off as creditors will on charges and interest which were frozen at the start of the IVA.
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
On a debt of around £7k I would expect the IVA to end early, once you have paid in around £10k (original debt plus fees ). You have already paid the best part of £3.5k, so an offer of £6.5k should see the end, if you want to make full settlement.
Usually early exits are based on the remaining scheduled payments ( a full and final offer) but, in your case, this would take you over the figure needed.
Why are your payments increasing so much ? Are you actually getting these enormous pay rises ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I am waiting for a call off creditfix today so hopefully once I've spoken to them I will know a little more on the situation & my options moving forward although if possible I would like to make them an offer & squash this once & for all!
I'm self employed & get paid by what I do so my wages fluctuate so are always up & down, one month may be really great & then the other not so much along with more possible disposable income creditfix claim I have it keeps going up & up not only that I received a text from creditfix telling me that my iva was about to fail because I hadn't done my annual review even though they hadn't told me it was due! The annual review is obviously now done but I was on the phone at work & it's loud so could barely hear & could only give estimates as I was not told to expect this call, I can't help but feel like the numbers are slightly incorrect as I could only just get enough for the 185, I'll speak with them today & hopefully be able to sort that out too & possibly payments may go down anyway but I'll definitely be speaking to them about paying the debt off in full too
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
Ok so I never received the call from creditfix I was told to expect yesterday so I'm still no wiser on the situation! Everytime I try ring them nobody is available, Also today for the first time since been in this iva I received an email from satsuma telling me i had paid them £12.10 I had 2 loans with satsuma in which they were proposed on the initial iva, accepted on the agreement but on the chair report the satsuma loans were not listed so ive no idea what's going on with that or how that is been paid & why I've just received an email saying its been paid, very confusing
I would most certainly put in a complaint. Customer service is nil.
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
