Will my IVA payments go up now I have had a pay rise?

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edita

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Post by edita » Wed Aug 28, 2019 7:43 am
Hi, I am into an IVA plan for the last 18 months and I used to pay 180-200£ per month. My total debt has been counted on paperwork is £13k. My question is if my wage goes up and I am going to pay much more per month and I would reach 13k faster then IVA would stop earlier or I am going to pay each month for another 3.5 years and total amount paid could reach not 13k but 20k or more? My wage gone up now from 24k per year to 29k and I am worried that I will have to pay around 300-400£ per month from now on...

kallis3

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Post by kallis3 » Wed Aug 28, 2019 8:24 am
You need to do a new I&E to see how much extra to pay. Don't forget you have to factor fees into what you pay to your IVA.

Is the £13k your total debt or just what you are paying into your 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

edita

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Post by edita » Wed Aug 28, 2019 8:30 am
Thanks for your reply. Original estimates including nominee, supervision, bond, iva registration, software and credit search fees is 13K. Is this is not an amount I will have to pay in total?

kallis3

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Post by kallis3 » Wed Aug 28, 2019 9:07 am
What was your total debt before your IVA?

Forgive me for being thick but what is a bond and IVA registration, software and credit search fees?

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

Foggy

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Post by Foggy » Wed Aug 28, 2019 9:28 am
Wed Aug 28, 2019 9:07 amkallis3 wrote:
What was your total debt before your IVA?

Forgive me for being thick but what is a bond and IVA registration, software and credit search fees?

Which company are you with?
Kallis -- these are disbursements the IP pays for aspects of the client account, over and above the usual fees.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

kallis3

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Post by kallis3 » Wed Aug 28, 2019 9:29 am
Thank you - I hadn't a clue on that :)
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

edita

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Post by edita » Wed Aug 28, 2019 10:05 am
My debts when I applied was around 11k, I did wrote those fees from the letter which I received after 12months being with IVA. My company changed few times and now I did received a letter saying that the company is creditfix. I just don’t understand am I going to pay 5 years in total and it doesn’t matter that I am going to pay more than I owe to the banks or there is some limit ?

edita

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Post by edita » Wed Aug 28, 2019 10:06 am
Also after a year when I have got a letter it states that I have got 8.5k left to pay, so If I will reach that amount what is then?

Foggy

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Post by Foggy » Wed Aug 28, 2019 10:13 am
Assuming that you rent your home you will only pay 60 payments ( 5 years) unless you hit total debt plus fees and interest before then, in which case it will end early.

CF are about the only firm to quote these "amounts to pay" figures, which are pretty much meaningless in reality and should be ignored.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

edita

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Post by edita » Wed Aug 28, 2019 10:15 am
So if I hit that total amount plus all fees they would let me know and it would end up earlier?

Foggy

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Post by Foggy » Wed Aug 28, 2019 10:27 am
Wed Aug 28, 2019 10:15 amedita wrote:
So if I hit that total amount plus all fees they would let me know and it would end up earlier?
They should do -- however, with CF, you have to keep your eye on that particular ball.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

edita

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Post by edita » Wed Aug 28, 2019 10:31 am
Can I change a company if I want? As they have changed it from knightsbridge to pinnacles and then to CF?

kallis3

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Post by kallis3 » Wed Aug 28, 2019 10:34 am
Unfortunately It is difficult to do this and would be too expensive.
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
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