is this right?

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spurs

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Post by spurs » Fri Aug 27, 2010 5:07 pm
Hi, having spoke to my IP she has proposed I pay £484 a month in my IVA, I owe about £27000, now a quick calculation tells me I will be paying back about £29000. Just wondered if this is about right, Many thanks.
 
 

orange

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Post by orange » Fri Aug 27, 2010 5:15 pm
perhaps with the interest and charges i would say so ?
completed july 2011
 
 

spurs

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Post by spurs » Fri Aug 27, 2010 5:17 pm
ok thanks! I just want it sorted now.
 
 

plasticdaft

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Post by plasticdaft » Fri Aug 27, 2010 7:30 pm
If you can pay back £484 a month it may be worth going for a Debt Management plan instead through one of the charity set ups that dont charge. Who are you discussing an IVA with and did they talk about a dmp at all??

Paul
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Continuing to rebuild our credit worthiness.
 
 

spurs

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Post by spurs » Fri Aug 27, 2010 7:45 pm
They did briefly Paul, its debt free direct but she thought an IVA might be better.
 
 

plasticdaft

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Post by plasticdaft » Fri Aug 27, 2010 7:50 pm
An IVA may be better as you are legally protected from creditors adding interest or adding charges which they can do in a DMP. I am glad they mentioned it.
Who are your main creditors as some dont like IVA's if debts can be repaid in full within a certain timeframe?

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

Adam Davies

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Post by Adam Davies » Fri Aug 27, 2010 7:51 pm
Hi
Well think carefully before committing. You could repay your debts in a similar time scale under a debt management plan.
Do you expect your income to increase above inflation over the next five years and are you a homeowner ?
Regards
Andam Davies
 
 

spurs

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Post by spurs » Fri Aug 27, 2010 7:53 pm
My main one is Lloyds TSB of which I owe about £20000 to.
 
 

Adam Davies

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Post by Adam Davies » Fri Aug 27, 2010 7:58 pm
Hi
Well on the info above I believe that Lloyds would reject an IVA application in favour of a DMP.
Speak with a couple more experts/companies and discuss all options
Regard
Andam Davies
 
 

spurs

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Post by spurs » Fri Aug 27, 2010 7:59 pm
Its likely to go down if anything Andy, I have a part time job as a Retained Firefighter which they have taken into account, and that could go down depending on how many calls we get. Also I work a continental shift pattern at the moment at work which could go back to three shifts which would mean a loss in money as well.
 
 

plasticdaft

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Post by plasticdaft » Fri Aug 27, 2010 8:00 pm
Andy Davie wrote:

Hi
Well think carefully before committing. You could repay your debts in a similar time scale under a debt management plan.
Do you expect your income to increase above inflation over the next five years and are you a homeowner ?
Regards
Assuming that all interest is frozen for the whole period of time. How likely is this??

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

Adam Davies

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Post by Adam Davies » Fri Aug 27, 2010 8:28 pm
Hi
If your income is questionable then I would again consider carefully the route that you take. A debt management is more flexible but will run for a longer time period.
You really need to take advice from more experts/companies
Regards
Andam Davies
 
 

Adam Davies

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Post by Adam Davies » Fri Aug 27, 2010 8:30 pm
Hi Paul,
It can happen but it can take a while for all interest on CCs and ODs to cease. The loan interest is already built into the debt balances so this should not change too much
Regards
Andam Davies
 
 

spurs

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Post by spurs » Fri Aug 27, 2010 8:38 pm
How is Debt Management more flexible Andy?
 
 

Adam Davies

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Post by Adam Davies » Fri Aug 27, 2010 9:02 pm
Hi
Payments can reduce without the need of a creditors meeting
Regards
Andam Davies
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