Your views and questions.

Moderators: TalbotWoods, JaneClack

By henry14
#77703 we have around £40k worth of debt, i have tried to arrange an IVA but was told i didnt have enough disposable income, by my figures i think we can afford about £150 per month, roughly how long would this take to pay of that amount of debt?
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By Shameless
#77705 only meeeeeeeee. :lol: :lol:

IF and its a big IF all your creditors froze interest and charges (which is very rare!) your looking at a minimum term of 22 years. I suspect your in reality looking at 30+ years.

Also Northern Rock are very quick on the heals when the unsecured loan part of their mortgages do not get paid. In fact they very quickly will go for a charging order in respect of this amount so I would hazzard a guess that this might be something you continue to pay as a priority debt which will reduce your level of debt but also your surplus income.
By Mel_Odious
#77706 23 years, give or take a month or two.

Mel
By henry14
#77707 what about an iva that didnt include my northern rock unsecured loan, so about £24k would i be able to do that, if so how much would that cost a month
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By Shameless
#77710
henry14 wrote:what about an iva that didnt include my northern rock unsecured loan, so about £24k would i be able to do that, if so how much would that cost a month


You cant do it like that you have to include ALL debts in an IVA sorry!!

The only other option really is to obtain more income from a second job.

I have been doing IVAs for 10 years and you really do need to be looking at a minimum of £325 a month as a minimum to make a viable IVA.
BySonic
#77712 As far as I am aware, with all IVAs or DMPs you have to include ALL unsecured credit debts. You can't make reduced payments to some creditors and contractual payments to another.

S xxx