IVA General Advice

[Parki]

Hi, I am currently 3.5 years into an IVA with Payplan. I have been pretty lax with things and I have decided I need to be more proactve so I know where I should be.

I recently have secured a 8k payrise - I have not yet informed Payplan of this but I would need to provide the payslips at my next review. With the payrise in mind I am just wondering if there is something I can do to be able to retain any of this by moving my expenditure. Is there any sort of guideline as to what is to be considered reasonable.

I am currently paying £370 a month with a salary of 21000 which makes things pretty tight. I have an old car and at the point where it needs replacing, maintenance costs are mounting and it makes things tight to juggle. My intention was to make do till the end of the 5 years.

As I understand things, I will be making payments for 5 years, does this mean my last payment would be the month before my first payment, just so I am not making extra payments.

Any feedback would be appreciated, as I would need to question payplan as I am not sure if they are working for my best interests. I have not missed any payments and everything is going to plan.

[Still Waving]

(comments deleted by user)

[Roger]

Hi, I am currently 3.5 years into an IVA with Payplan. I have been pretty lax with things and I have decided I need to be more proactve so I know where I should be.
I recently have secured a 8k payrise - I have not yet informed Payplan of this but I would need to provide the payslips at my next review. With the payrise in mind I am just wondering if there is something I can do to be able to retain any of this by moving my expenditure. Is there any sort of guideline as to what is to be considered reasonable.
I am currently paying £370 a month with a salary of 21000 which makes things pretty tight. I have an old car and at the point where it needs replacing, maintenance costs are mounting and it makes things tight to juggle. My intention was to make do till the end of the 5 years.
As I understand things, I will be making payments for 5 years, does this mean my last payment would be the month before my first payment, just so I am not making extra payments.
Any feedback would be appreciated, as I would need to question payplan as I am not sure if they are working for my best interests. I have not missed any payments and everything is going to plan.

Please understand that the personal Debt industry is all about maximising Profit. These are not Charities.
Many on AAD started with IVA's only later to find this wasn't in their best interest!

Without knowing more details about your Debts? Can't really comment on an IVA with PayPlan.
Your best interests are actually to look individually at your debts and to determine if in Law these are actually Enforcible.
I should explain that in Law you are penalised for 6 years having your Credit trashed and this can and does cause hardship.
There is the Consumer Credit Act 1974 whose purpose is to protect the Consumer (thats US) in Law with Debts and Debtors.

Consumer Debts are generally written off for tax purposes by the Original Creditors.
Please understand that debts are a very profitable Global business especially in buying written off Debts for pennies in the Pound and then squeezing the penny less debtor for every last pound!

My suggestion is to start a AAD Diary entry for each of your Debts giving the following information .

• Type of account
• Date commenced (ideally before Apr 2007)
• Approx balance £
• Date last paid (approximate date you last made a FULL payment)
• Are you on arrangement or not
• Status (default/in arrears/up-to-date)
• Account owner (who is writing to you, a DCA or the lender)

This information will help in advising or otherwise