is this right?

[spurs]

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]

perhaps with the interest and charges i would say so ?

[spurs]

ok thanks! I just want it sorted now.

[plasticdaft]

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

[spurs]

They did briefly Paul, its debt free direct but she thought an IVA might be better.

[plasticdaft]

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

[Adam Davies]

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

[spurs]

My main one is Lloyds TSB of which I owe about £20000 to.

[Adam Davies]

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

[spurs]

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]

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

[Adam Davies]

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

[Adam Davies]

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

[spurs]

How is Debt Management more flexible Andy?

[Adam Davies]

Hi
Payments can reduce without the need of a creditors meeting
Regards