Now my disposable income has increased .....

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Post by dan199 » Fri Jun 29, 2018 8:58 pm
Hi there,

I’m in an IVA with around 13,000 worth of debts, including IVA fees.

I have recently moved home with parents (rent free) and therefore my disposable income has signicantly increased.

I have worked out that to pay off ALL creditor debts and IVA fees it would just take around 212 a month over the next 5 years (I am only 6 months into the IVA and am paying £85).

I just wanted to check that the 212 would be what credit fix will ask for. And not a silly amount a month to get it paid off earlier, seeing as though I’m in the IVA for a long haul anyway?




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Post by Foggy » Fri Jun 29, 2018 9:05 pm
You will also need to factor in statutory interest before the debt can be fully repaid. Your new payment will not be dictated by the amount outstanding, but will be your full disposable income .... if this hits the full original debt amount, fees and statutory interest early, then the IVA will conclude early.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014


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Post by luluj » Sun Jul 01, 2018 5:15 am
A full review of income and expenditire is required to ascertain the affordability and your new monthly payment.
Moving back in with parents may mean no rent but has it increased travel costs to work ? Has it reduced other outgoings i.e food costs need to ensure a full review in done for you.

Good luck
Sharing from experiences of dealing with debt

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Post by plasticdaft » Sun Jul 01, 2018 9:38 am
Given the change in circumstances a complete review makes sense.

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