It is a difficult one to call as everything depends upon so many things: the amouint of debt, the amount of arrears, the proposed payment vs, the contractual payment as well as who the creditors actually are ( some are more sympathetic that others). On the plus side, Stepchange, being in part funde...

It is a difficult one to call as everything depends upon so many things: the amouint of debt, the amount of arrears, the proposed payment vs, the contractual payment as well as who the creditors actually are ( some are more sympathetic that others). On the plus side, Stepchange, being in part funde...

Hi everyone. This isn't strictly speaking an IVA question, as I have today set up a DMP with Stepchange. The reasons I went for the DMP is because of the concerns of what impact an IVA may have on my new job (which I am starting next week). The issue I have is, on the same day that I have had a DMP ...

Hi all. Is there anywhere that shows what allowances are available when proposing an IVA? Ideally the allowances that are acceptable for 2017. I'm trying to work out whether I can afford to live within my means in an IVA but I don't have a clue what expenditure is allowed in an IVA. For instance how...

Good Morning Marvin ..... yes, you are allowed a second (or more) IVA, so no worries on that score. Regarding paying back as much as you can, whilst laudable, do set the disposable income at a sensible level from the start. A hair shirt and daily flogging gets tiresome after the first year or so an...

Before you decide which firm to use it may be worth looking at independent reviews. Also have a look around this site and see what happens when you want to propose a variation, close the file down or speak with the IP. https://uk.trustpilot.com/review/www.payplan.com On their website the only revie...

Foggy wrote:

One note of caution with your chosen provider --- they are known for assessing disposable income based on yours and your partner's (if you have one) income combined.

I am single, I don't have a partner.

I am looking at Payplan right now to see if they can help. I'm hoping to clear a few things off before I apply as I have a couple of payday loans and an overdraft with my bank which I think, with a bit of belt tightening, I can pay off next month (although leaving myself completely skint). Can I ask...

kallis3 wrote:

Have a chat anonymously with your HR to see their stance on BR. You would pay back your creditors some money for 3 years through an IPA.

Very difficult to talk to HR anonymously..is an IVA not an option then ? If I lost my job then I really would be screwed so I don't want to take that risk.

TSB should not be a problem and usually support IVAs. Make sure your income and expenditure account reflects everything as five years can be a long time. While I appreciate that you want to repay what you can, affordability is vital and an IVA should not be a punishment. It is a way of returning fu...

Michael Peoples wrote:

It may be an issue who the loan was with more than when it was taken out. Some loan companies block IVAs regardless of when the loans were taken out so can you say who you borrowed from?

Yes the largest loan is from TSB - it was used to pay off other creditors but hasn't really cleared the problem.

As above, the newness of the loan ought not be a problem. But, does it give the new creditor a lot of voting power --- you need 75% (by loan amount) of those that vote to say yes. 50 p in the pound id a good offer -- but, as also mentioned above, the creditors will compare this and vote for what th...

Yes I understand that. I was not dictating what I would pay, I know from researching that the amount payable will be decided by an IVA company based on my income, but I have just done some rough figures and reckon around 50p in the pound would be affordable..... My only concern is as I mentioned tha...

Hi. Just found this forum and have a question for any experts. I have been spiralling into debt for a number of years and took out a large consolidation loan earlier this year with a fairly high interest rate. However. I am really struggling to make ends meet. I have several creditors and have even ...