In an IVA and Unsure

fergus.dunne

Hi Everyone,

I am enquiring about an IVA I am in and am unsure about it now and unsure what options I have.

I am in an IVA with Money Debt and Credit and am paying 230 a month and have been paying it since November so have paid around £1840 off so far and am in this IVA for 60 Months.

I got into this IVA quite quick in november, as was really messed about by my Student Loans and was struggling to pay everything, so signed up for an IVA. I know it was stupid of me but I didnt really take notice of what fees they were charging me as saw it as a way out and simple answer.

Having looked over it, hard to understand but from what I can see, I am paying the IVA people 5K in fees and then 8K towards my debts, which totals an amount of 13K, and my overall debts were 18K, so is alot cheaper but half of my payments are just for fees.

I have since setting up this IVA secured a much better job and am in a very comfortable financial situation, however the IVA people are not aware of this.

My queries are, where do I stand on this with getting out of my IVA as in can i or what would I owe them if I did, do I still pay there Fees, how coperative would my creditors be with me in arranging monthly payments etc

I am thinking of a DMP, but going through a no fee place, and also looking to pay alot more a month as can afford it and pay off debts within 3 Years rather than 5.

Sorry for rambling on, but just looking at my options, as my basic situation is, i can afford to comfortably go into a DMP and want to get everything paid off as quick as possible and am a bit unhappy at the fees they are charging

Cheers in advance foor any help, just ask if need more info

tigerfeet2006

You need to chat to one of the debt agencies, links and numbers in my signature. They will go through your options with you.

The CCCS site has a function called 'Debt Remedy'. Have a go and see what it says might be a good option before you ring someone.

Also pop up your SOA here and see if the good folks can tweak it at all to help you chuck more at your debts. See the link for a template.

http://www.makesenseofcards.com/soacalc.html

Deep_In_Debt

As tigerfeet says, do speak to one of the debt agencies.

I nearly entered into an IVA (one of those "too good to be true" ads on the telly) until one of my creditors suggested I spoke to CCCS, who advised me otherwise. You won't often hear someone praise a creditor, but thank god they did otherwise I'd be going bankrupt now as I'm being made redundant and wouldn't be able to keep up the repayments. I'm on a DMP and it's been a life saver for me. But everyone's circumstances are different.

Do check out info on IVA's before you sign up and use either CCCS or Payplan and not a company where you will pay massive fees. Good luck.

fergus.dunne

Cheers guys

I will be looking into it with CCCS or someone, have already emailed them.

Just worried mostly about whether I can if i want to get out of the existing IVA

Deep_In_Debt

I guess you will need to check their terms and conditions or something like that - (sorry have had a glass of wine or two, not really in the land of the living at the moment!). I'm sure there are people who have posted on here who have changed their IVA providers. Obviously, the people you are with won't be happy cos they will lose dosh, but do speak to CCCS or Payplan as they are not in it for the money. Just to advise you as to what is right for you.

I',m sure my keyboard doesn't work...thish tipping lark is hard work...need some more wine...

Good luck though and keep posting.

fergus.dunne

Cheers

I will be looking into it, but just feel this IVA is holding me back now and need to escape and start managing and getting rid of my debts

But for now, will have a few more carlings and sleep on it lol

delboypass

If your circumstances have changed once you have entered into the IVA, im pretty sure you will have to notify them as you affordability has changed..

fergus.dunne

Yeah, it has changed in terms of my wage now, but if I let them know, will they just want me to pay more money each month towards IVA or will the amount i pay back go up, or would I have an option to say I can afford na DMP or something and want to end my IVA

Deep_In_Debt

From what I know about IVA's (which is pretty limited) you will have to inform your IP and you will probably be expected to pay more each month. Also, I;ve learnt that budgets on IVA's are very tight.

I really do think you should speak to CCCS or Payplan. There are a lot of sharks out there selling IVA's cos there's a lot of dosh in it for them. Like I say, I nearly went for one, glad I didn't now. DMP's are more flexible. They are not legally binding so creditors can still contact you but you learn to deal with them after a while and a DMP is not the end of the world...when you get used to it, you learn to live within your budget and therefore can start to clear you debts more quickly.

Keyboard still not working properly...I've run out of wine to give it.

fergus.dunne

Cheers mate,

Yeah, gonna await and see if any of the free advice lines email me back, and also probably ring them this week.

I mean I am earming more money now and live with my GF so we share everything,. so can easily pay more, but just feel as though i would rather get out of the IVA and into a DMP and the extra money paid every month would all go towards paying my debts of quicker and not into the hands of the IVA people for their fees

fergus.dunne

hi all

just had a few emails back from the free debt advice places and really comes down to whether my contract will let me out of my IVA.

I have a question of my own, which i am not looking to do at the moment. If my IVA was cancelled due to late or non payment or non disclosure of extra funds, then it says the IVA people could cancel agrement and file for bankruptcy, however if i have no assets which i dont, then unlikely Creditors will want that, so where would i stand there, i know I might have to still pay IVA fees, but now that the IVA was cancelled, would I be free to contact Creditors direct myself and arrange a payment plan. i mean apart from a couple og my debts, mainly my Student Loan and a personel Loan, i could probably pay the others off within 2 months