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    IVA support and discussion thread
    • #1
    • 28th Sep 13, 4:07 AM
    IVA support and discussion thread 28th Sep 13 at 4:07 AM
    IVA's. There is a lot to talk about so I have started this thread for anything IVA related.

    Whether you want to debate any aspect of an IVA, ask a question, share your IVA journey including high and low points or offer support, are thinking of starting an IVA and have a million questions or having completed an IVA you want to share your experience and knowledge, hopefully this thread can offer a chance to do just that.

    It's not exclusively for those in the IVA club, anyone is welcome to join in but please kindly remember this thread is not for judgement.

    Wisdom comes from experience. Experience is often a result of lack of wisdom.
Page 14
    • Happy Kitties
    • By Happy Kitties 4th May 17, 9:43 AM
    • 282 Posts
    • 2,419 Thanks
    Happy Kitties
    Have been reading this thread with interest and just wanted to say about my experiences on my IVA. I originally was on a DMP with PayPlan and a IVA was mentioned as the DMP would have taken an eternity to pay off.
    Originally I was reluctant as I had a friend's marriage breakdown with the stress of living on a IVA.
    However after alot of thought and research I went for it. I had to do 6 years because of personal reasons.
    At one point payments were reduced because of health problems and I also had to take a payment break at one point.
    It ended in Feb this year, the extra payments I am making know are from taking the payment break so I will be officially finished in 4 weeks.
    It turned out to be the best thing I did, Payplan were helpful when I did have some serious health problems crop up and it has also changed the way I think and budget my money.i also had some money back from them with a successful PPI claim
    I know it isn't for everyone, from my own personal experience I would say never go with anyone that charges a fee, get as much information as you can and think carefully if this is really want you want, but get as much advice as you can, never be afraid to ask questions, even along the way.
    There's good and bad with all of them, but from my experience it has been good
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    • MMI
    • By MMI 27th Jun 17, 3:47 PM
    • 1 Posts
    • 0 Thanks
    MMI
    Richmond Oaks Glasgow
    hi,

    I´ve just been contacted by Richmond Oaks with the offer of an IVA to assist in debt management.

    I´m concerned as they took a lot of personal details by phone then requested bank statements via a link to my mobile which would require me to input my online banking information, including passwords and pin etc. This doesn´t sound at all right to me.

    Can anybody else vouch for them as being a reputable company?

    Thank you
    • sourcrates
    • By sourcrates 27th Jun 17, 5:05 PM
    • 11,910 Posts
    • 11,404 Thanks
    sourcrates
    hi,

    I´ve just been contacted by Richmond Oaks with the offer of an IVA to assist in debt management.

    I´m concerned as they took a lot of personal details by phone then requested bank statements via a link to my mobile which would require me to input my online banking information, including passwords and pin etc. This doesn´t sound at all right to me.

    Can anybody else vouch for them as being a reputable company?

    Thank you
    Originally posted by MMI
    I don't care who they are, I wound not give them that information.

    Print the statements off yourself if you need to.

    Is an IVA the right choice for you, how much debt do you have ?

    Are you a homeowner ?
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • John Griffiths
    • By John Griffiths 4th Jul 17, 4:03 PM
    • 1 Posts
    • 0 Thanks
    John Griffiths
    done 5 years ...
    We've been on IVA since January 2012, we've paid our 5 years, however the company now say that the equity on the house is too much and that we need to find two re-mortgage rejections. This is after we've paid 5 months worth of the sixth year.

    Anyway, my questions are as follows:
    I'm within 4 years of my state retirement age, so any remortgage has to be completed by March 2021. This then puts any theoretical payments close to £800 per month. As we're only paying £320 monthly at the moment, I understand that the most we can repay for this would be £160. Clearly the scenario is impossible and is obvious to anyone who looks at my circumstances. However they still want rejections

    Are my assumptions above correct please, or is there something I'm overlooking?

    Furthermore, I'm not getting any rejections as such because my conditions are too limited and we're not getting far enough into the application to be rejected.

    Finally, does anyone know where (2 places preferably) we can apply for a remortgage with the full knowledge that it will be rejected

    Thank you in anticipation.
    • DorisTrousers
    • By DorisTrousers 10th Jul 17, 7:07 PM
    • 478 Posts
    • 280 Thanks
    DorisTrousers
    You may want to contact a whole of market broker, but your assumptions are indeed correct. I cannot envisage any scenario in which it would be worthwhile for a lender to advance funds.

    I understand that you may feel that your IP or staff may be being somewhat overly efficious in this matter, but far better that than the alternative.
    • Pauliepie37
    • By Pauliepie37 29th Jul 17, 10:51 PM
    • 1 Posts
    • 0 Thanks
    Pauliepie37
    IVA and student finance
    Hi, I'm just at the start on an IVA, so new that I've not had confirmation yet but am about to sign the next 5 years of my financial freedom away. I owe almost £14,000 and they've calculated that I'll pay £85 a month on my current part time wage.
    I'm just awaiting confirmation from college for an art degree which includes a student maintainence loan which is means tested, but not credit checked (I've already been approved but do not know how much I will get). On average the student finance is around £3,000 quarterly to go towards materials and living costs whilst I am a student.
    How will having an IVA affect this? Will I need to give them 50% of this each quater?
    ( I will still be working part time).
    I will be paying this student loan back once I am earning £21,000 which the government take out of your wages at a set rate.
    I understand that a yearly review will be made by the IVA advisor and that they will look at my account over 6 months, is it wrong of me to not declare any money I get in the next few months?
    If anyone knows a way around this I would be grateful.
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