IVA's - equity release in 4th year
Comments
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http://myvesta.org.uk/forum/technical-iva-questions-f16/missold-iva-t2310.html
Okay it is a LONG read but read it all, as the last paragraph may say an awful lot to people wondering should they go into and IVA, this has been written remember by someone professional in the IVA industry.
I found this very good reading, and again think I was missold mine.
I also think that may be one of the sites being talked about here, although it does not seem to be PRO IVA to me and what I have read so far over there.
I agree with others here and have to say I would NEVER have entered into one had I had this site and taken better advice than the pamphlet simply handed to me at the CAB as they were too busy to see me!
If you stand to lose your job due to not being able to work there if you got BR okay, your credit rating with IVA and BR is shot to hell and one thing I do know is no one has a crystal ball, 5 years is a long time, anything can happen, and with BR the day the judge stamps that BO you are free of debts. It cannot fail 3 months down the line if you are paying into and IPA and lose your job, which would happen with most IVAs.
I have said it before, every case is different, but read that link as I think he puts it very well as to who should and should not consider an IVA. Which from reading it, is the majority of people.Some Days are Diamonds Some Days are Stones,Sometimes the hard times won't leave meBSC 162:beer:Banktupt 22 Oct 2008 at 10am!0 -
ok thankyou0
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Perhaps one of the many reasons why I chose not to go the IVA route. I have just under 5 years left until I pay off my mortgage which has always been affordable. I didn't want to release equity in my property to put me into debt again and take me into retirement (yes, I am that old - although I was only 20 when I got my mortgage so that makes me feel better, sort of!)
So to me, it just seems having an IVA is not necessarily the "quick fix" that they make it seem. You may be unsecured debt free but are saddled with probably a high interest mortgage for 25 years.Debt 30k in 2008.:eek::o Cleared all my debt in 2013 and loving being debt free
Mortgage free since 20140 -
mother_hen wrote: »Murray mint can you tell me which is the other forum you referred to I'm trying to get an overall balance of this iva situation as we are due to get our call this week to begin the process?
thanks
Hi Mother Hen,
The forum I was thinking about is http://www.iva.co.uk/
Hope you make the best decision for you - it's not an easy choice is it!
MMPROUD TO BE DEALING WITH MY DEBTS
Light Bulb Moment Jul 2008 / CCCS DMP started Sep 2008 / DMP Support Thread Member # 224
Debt Free Day [strike]Aug 2032, Feb 2018,[/strike][strike] Jul 2032[/strike] Feb 2023
July-08 Unsecured Debts £40,499 / Nov-09 Unsecured Debts £38,9450 -
I also believe that your credit file is almost as bad with an IVA as it would be for bankruptcy and you will be on the Individual Insolvency Register too.
:j :j
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thankyou..0
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