OK, here are my figures. I owed: HSBC £1880.00 Intelligent Finance £10955.00 Capital One Bank £295.00 Creation Finacial Service £290.00 GE Capital Bank £1560.00 HSBC Card services £2100.00 Student Loans Company £5725.00 Total £22805.00 I was earning £1168.11 per month and had living costs of £923.00 per month. This left £245.11 per month which was offered and was voted NO by Intelligent Finance because they objeted to my living costs. So I reduced my living costs and offered £425.00 which was accepted. I was so terrified of going bankrupt that I would have gone further if pushed. So, I have so far paid nearly £13,000 in my monthly payments and estimate that I have over £12,00 more to pay plus any extra earnings payments as I mentioned earlier. So in 2 years time, I will have repaid my debt and more. I have estimated that the 8 financial organisations including Lloyds TSB (who werent in the IVA) owe me approximately £10,000 in charges but I will have to wait for the replies to my letters for an exact figure. So am I paying too much? Have Payplan screwed me? Should I complain and get my payments reduced even though I can afford them? Will Payplan just say "Oh, you've repaid your debt" once I hit the original figure I owed? What can I do about this? I open the floor to comments, help and experience...

Gizmo, It's all stored at home in a file. I'll sit down tonight and dig out the actual figures for it all and then yourself and others can make informed comments. I am beginning to think that by the end of this year I will be in a position to "buy out" of the IVA, especially with claiming a load of bank charges back. I do know what you mean though, I pay £425 for 60 months, that's about what the original debts mounted up to. I do remember Shaws bullying me after the first NO vote saying I had to contribute more each month or I would just end up going bankrupt.

Gizmo, I was originally with Shaws 3 years ago, everything was hunky dorie, then one day it was Payplan handling it all, but it's the same people, they just said they changed their name.

Sequenci, The figure of £1200 living expenses is what I submitted last May (or about then) during my review. But as far as I am aware, all they use this for is to make sure they cant squeeze any more money out of me by upping my regular monthly payment. The additional payment as agreed to in the agreement do not refer to my monthly cost of living at all, only to what I was earning in 2004. From my point of view, if they want to take this extra money, then I have less money available each month and so they shoudl reduce my regular monthly payment. The other thought that has entered my head today is along these lines: 36 months paying £425 a month = £15300 24 month paying £725 (£425 + £300) a month = £17400 Total paid = £32700 My original debt was for about £25000, so what happens to the other £7000?

Sequenci, the IVA is for 60 monthly payments and I'm allowed 3 payment holidays in the case of an emergency, so it could effectively last 63 months (5 years, 3 months)

Not sure what a DMP is, but an IVA is what I was always told I way entering.

I'm currently just under three years into an IVA with Payplan. I pay them a sum of money each month as agreed and as part of the arangement, they review my pay slips every 6 months. The purpose of this is so that I can pay them additional funds based on my additional earnings, the idea being is that as I begin to earn more, I can pay back more, sounds fair. But my problem is that now I am earning so much more that they are asking for an additional £300 a month. The sums are like this: On entering my IVA, I earnt £1100 ish a month I now earn £1700 ish a month Therefore, 50% of my additional earning goes to them, i.e. £300. But, as my earnings have increased, my cost of living has also increased, that's inflation for you. On entering my IVA, I was spending £700 ish a month I now spend £1200 ish a month But with my regular monthly payment to Paypal of £400 ish a month plus my £1100 living costs, that only leaves £200 spare, so there is certainly no way I can pay £300 extra. If I pay Payplan the regular £400 + £300, that will only leave me £1000 a month to live on and something will have to go unpaid, phonebill? car tax? car insurance? My thinking is that the additional payment based on my additional earning should take into account my additional cost of living, but it doesnt seem to. Has anyone come across this before and have I been screwed?

Well I am taking it easy, I'm just checking out what I've been charged over the last 6 years by "The Big 8" as I'm now calling them for the 12 accounts I had. I'm not rushing in, I'm checking out the "lay of the land" first to see what the possible outcome might be and if it's worth rocking the boat.

micky, I'm in a very similar boat to you, I added up my LTSB account last night and there's over £2000 of charges on it so I'll be sending my letter off tomorrow morning. Good luck

OK Folks, gonna gingerly take my first step. I've got a list of the 8 organisations who I have had dealings with in the last 6 years. I have copy and pasted the letter from the templates section (thank you Bankfodder) and I am going to print off a letter to each of the eight. I will then send these to each of the eight with a cheque for £10 (an initial outlay of £80 but a small price to pay if this works out) and I'll send them recorded delivery tomorrow morning. How am I doing so far? Question: Is the 40 days they have to respond 40 real days, i.e. send them on 17/02, they have until 29/03 or is it 40 working days, i.e. 8 weeks so send on 17/02, they have until 14/04? Gonna send these off and add them all up and see what the total is. If it's as big as I think it might be, this could end my IVA (pleaseeeeee) at which stage I will approach Payplan and let them in on what I'm planning. But for now all I'm doing is reviewing my financial details for the last 6 years which is within my rights. Thanks for the replies and help folks, I really am beginning to appreciate this website and those involved.

Thanks Rooster, That certainly is my plan. The way I see it, by the time all this got sorted and I have a wedge of cheques in my hand, I'd have 24 payments left to make which would total approximately £10,000. if I can get that amount out of the banks, store cards, credit cards etc, I can use it to buy my way out of the IVA. I have no intention of spending it on a new car and still getting an ear full from the missus about getting a mortgage etc, I want out of the IVA and I see this as a way of doing it. Has anyone any experience of buying out of an IVA? My one comcern is that I've heard that organisations like Payplan do not want to help you finish the IVA early because it will make them look bad and they won't get all their fees, so I'm concerned I won't get helpful advice from them, they've never been the most helpful bunch. People, I'm a nice chap and appreciate Roosters reply, please do say hello even if just to say Good Luck.

Hi everyone, just came across this site through a link from another site. I'm currently nearly 3 years into an IVA with Payplan after having seriously mesed up with credit cards, store cards, loans, overdrafts etc. Having just been through ONE bank account for the last five years (and not even an account that I was in trouble with) I added up over £2000 of charges since 2002. I'm hoping that if I go through all the various cards and accounts I had I may have several thousand pound coming to me which may even be sufficient to end the IVA so I can get my life back on track etc, the missus keeps pestering about when we can get our own place etc. So anyone got any experience with regard to IVAs, ending them, claiming on closed accounts, cards etc, feel free to through me a line. I dont mind of 20 people tell me the same thing cos I seriously think you people could save my life here. I really will appreciate any advice so if you wanna help, please do.