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#486739 - 16th Mar 2011 8:26pm IVA's
TommyThumb Offline
Newbeee

Registered: 21st Mar 2010
Posts: 33
Loc: Bromborough
Hi, Does anybody have any good/bad experiences regardign a IVA or currently have an IVA running. May have to go down that route, just trying to gather as much info as possible.

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#486750 - 16th Mar 2011 8:48pm Re: IVA's [Re: TommyThumb]
bazzoh Offline

Addict

Registered: 25th Oct 2007
Posts: 252
Loc: wirral
before you go into an IVA (ive had a very bad experience!) go to the Citizens Advice Bureau - they are phenomenal and can advise you with no bias whatsover!
hope this helps!

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#486792 - 16th Mar 2011 9:43pm Re: IVA's [Re: TommyThumb]
MattLFC Offline
Wiki Master

Registered: 14th Aug 2004
Posts: 22315
Loc: Moreton/Beirut/Mobile
Yep, you really need to consult the CAB and they should put you in contact with a debt advisor etc... You can also telephone the National Debtline at any time - http://www.nationaldebtline.co.uk/ - they should be able to offer you advice whilst awaiting to speak to the CAB.

The website www.mymoneysteps.org is a service run by the National Debtline, and it should assist you to work out what options you have in your current position and the pro's and con's of each option available to you.

Then there is the CAB advice website at http://www.adviceguide.org.uk/ and the Direct.gov.uk website offers a lot o advice at http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingDebt/index.htm

But overall, the CAB ar your best option for giving you plain and simple to understand advice.

As far as im aware, an IVA, can, in a lot of circumstances, be a very bad option, so its best to get advice from the professionals before doing anything further at all, if you feel you are at the point of going don the IVA route.

smile

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#486847 - 16th Mar 2011 10:36pm Re: IVA's [Re: MattLFC]
TommyThumb Offline
Newbeee

Registered: 21st Mar 2010
Posts: 33
Loc: Bromborough
Thanks. The CAB it will be then. Some good links there aswell thanks.

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#486857 - 16th Mar 2011 10:45pm Re: IVA's [Re: TommyThumb]
MattLFC Offline
Wiki Master

Registered: 14th Aug 2004
Posts: 22315
Loc: Moreton/Beirut/Mobile
No problem, best of luck mate, hope you get it sorted, and whatever happens, if your feeling a bit low, under pressure and stressed atm and morale is sinking with it, always remember look to the future, a brighter future. Theres always a way out of every hole, and with the support of organisations like the CAB, im confident you will find it.

smile

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#486858 - 16th Mar 2011 10:46pm Re: IVA's [Re: TommyThumb]
Sanchez Offline

Wiki Veteran

Registered: 17th Dec 2003
Posts: 8019
Loc: my house
Whats an IVA :S
_________________________
Uncertainty or not knowing causes depression, Im happy because I know I'm going to die one day!

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#486864 - 16th Mar 2011 10:48pm Re: IVA's [Re: TommyThumb]
MattLFC Offline
Wiki Master

Registered: 14th Aug 2004
Posts: 22315
Loc: Moreton/Beirut/Mobile
Independent Voluntary Arrangement Andrew - http://en.wikipedia.org/wiki/Individual_Voluntary_Arrangement

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#487126 - 17th Mar 2011 8:31am Re: IVA's [Re: TommyThumb]
MrBrightside Offline
Wise One

Registered: 12th Mar 2010
Posts: 805
Loc: Prenton
IVA very bad
_________________________
It's 106 miles to Chicago, we got a full tank of gas, half a pack of cigarettes, it's dark, and we're wearing sunglasses

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#487182 - 17th Mar 2011 10:39am Re: IVA's [Re: MrBrightside]
TommyThumb Offline
Newbeee

Registered: 21st Mar 2010
Posts: 33
Loc: Bromborough
I have exhausted all avenues with lenders on re-mortgaging, have been blocked all the way due to falling house prices and my credit score. Although I have not missed any payments to my creditors, my credit score is affected due to fact I have 2 kids. An IVA or DMP is the only route I can take now to control my sprialing debts. IVA' may be bad but my options are limited.

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#488000 - 18th Mar 2011 11:58am Re: IVA's [Re: TommyThumb]
MattLFC Offline
Wiki Master

Registered: 14th Aug 2004
Posts: 22315
Loc: Moreton/Beirut/Mobile
Have you managed to speak to the CAB/arrange an appointment with them yet bud? If they can't see you quick enough, remember to phone the National Debtline, they may be able to help you see things more clearly and possibly relieve a few of the stresses and worries off your mind.

0808 808 4000 - open till 21:00 tonight.

smile

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#488205 - 18th Mar 2011 8:51pm Re: IVA's [Re: MattLFC]
TommyThumb Offline
Newbeee

Registered: 21st Mar 2010
Posts: 33
Loc: Bromborough
Yes thanks for the advice Mat, I have spoken to debtline and hopefully a DMP will be best option for us.
Its free to set up and all debts will be paided back in full, will be longer a term than IVA though.
An IVA generally lasts for 5 years and you pay a similar payment as you would with a DMP but any outstanding debt will then be written off at the end of the 5 years.There a fees attatched to an IVA as it managed by IP (insolvency practitioner)which means your monthly payment is distributed between your creditors and your IP, Fees which over a 5 year can amount to 1000's. There is a clause to be aware of, if you have equity in your home after 4-5 years you will be forced to remortgage and pay back whats owed to your creditors.
So if you owed 26,000 a paid off 16,000 3,000 in fees and 13,000 to creditors leaving 13,000 to be wiped out, Or in my case remortgage and a still pay 13,000 at the end of the IVA.

Here's looking forward to a step change in our finances going forward.

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#488209 - 18th Mar 2011 8:57pm Re: IVA's [Re: TommyThumb]
Softy_Southerner Offline

Forum Guardian

Registered: 2nd May 2008
Posts: 4090
Loc: Back in Devon
Good Luck TT

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