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Posted by exile : January 27th, 2008

IVA monthly payments

We started enquiring about an IVA around a year or so ago. The initial company(DebtFreeMe) I think,led us to believe that our monthly payments would be around the £350 mark. we are at the stage now of about to sign our proposal.However our last 3 and a half years payments will be around the £680 mark! Were we misled?I realise that after your outgoings are calculated,you pay your creditors the rest.But why the massive difference in sums? Would we be better off goin for bankruptcy?
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Hello

I understand your concerns and the reason for this maybe an adjustment in your outgoings, for instance, if you have a car on finance the payments may finish in 18 months meaning that you could afford to pay more back to your creditors. If you do have some concerns feel free to speak to one of our advisors about your situation.
Posted by: Debt Advice Tru...

I was just checking to see

I was just checking to see that this wasn't perhaps somethin on top added by our IVA company. They told me themselves that the info sent by the introduction company was slightly out on the income/expenditure and that was the reason for the large difference. We asked about bankruptcy and they said it should be a last resort measure only-that if we could afford the IVA(which the figures show)then we should go down that route...
Posted by: exile