Has Anyone Had Any Success With Iva

roman_3

Hi
My partner and I entered an IVA in Oct 2007 it was settled as a F&F in Oct 2008 at 27.5p in the £.
Must say it was a great weight lifted off our minds.
We went into an IVA instead of going Bankrupt because we owned property. The IVA left our property untouched.
Look into things very carefully before you decide whhich way is correct for yourself mistakes don't come cheap!!

k2nga

I nearly went for an IVA with Blair Endersby and to be honest after learning how rude and useless there were im glad i was advised by the national debtline that BR may be for me which is now where i am. I think i was about to be mis-sold an IVA and like others i had little to loose through BR as i had nothing and rented but i realise that companies like cccs may be better placed to give advice but the way i see it you still give having anything if you go down the IVA route.

Deep_In_Debt

I just want to second (or third!) what others have said - do look into it very carefully. The IVA providers make a lot of money out of them so will try and push them. Like I say, I nearly went for one but as I will be mortgage free and hopefully debt free in 5 years, I didn't want to re-mortgage for the next 20 years taking me into retirement. I want to be totally debt free then! Anything can happen in 5 years, change of job, change of circumstances etc so everything needs to be considered.

Also, as I am on my own earning a reasonable (ish) salary, it still would have been a struggle for me and with the rising cost of living, think it would have been difficult. I think that DMP's are more flexible, if you need to reduce it for a few months, it seems easier to do. Also, I was told that my DMP would last for 10 years but as I've managed to already clear a couple of smaller debts off and am managing my money a lot better, I've now been told it'll take about 5 years to clear them but hopefully less if I have my way.

Good luck.

kagsy39

Hi just read your post and im in a very similar position. live at home with parents, two children aged 13 and 4. just entering into iva with blair endesby, quoted at £188 per month. The paperwork is detailed i feel blinded my it all. Still undersure but feel like im too far into it now and have no other option. Only asset my car worth £3,500. Both my two creditors aware of my situation. Main debt with bank £21,000, other £2,000 overdraft £2,000 missed payment this month due to paying blair endesby £268 admin costs both this month and next whilst the iva is getting set up. Legal paperwork sent today, meeting to be held approx 6 weeks? please reply to me asap. thanks kaz.

k2nga

Kagsy,

I would give either CCCS or the national debtline a call to make sure you are doing the right thing as i did the same as you. Once i found out a few things from national debtline i found out that Blair Endersby has not really told me the truth but were happy to take the money. Once i found out i told them what i was doing and who i had spoken too and they never got the second payment. So many fall into this trap and they just wrap you in a nice little comfort blanket that may just unfold.

Hope this helps.

trudij

Im 3 years (well, come September I will be!) into an IVA with Blair Endersby and far as I know they have been fantastic(and I was a stable lad, now Im a vet nurse before anyone accuses me of working for them!!!! :rotfl: ). My basic monthly payment is 247, this year I am paying 300.11 as last year I earnt more than we had down as my basic,any extra they get half of. Come September that will go back down to 247.00 a month,as I havent earnt enough to count. I am currently in a review,they are keeping my wages at 818 a month,despite my actual wages being less than 800pm - that way I can earn a bit of overtime without it affecting my payment. I had car bills last year totalling over 1400 - they are also taking those into account when my next batch of payments are considered.
I requested my minimum stays the same, to save the hassle of getting all the various paperworks up and going.

Before it started, my advisor rang me and went through IVAs and bankruptcy again, adn made certain I was happpy to go with an IVA rather than BY. If I preferred to go bankrupt, he was happy to advise me accordingly....

Apart from the first bits,( I applied for it in the May, and didnt start till September - and the people I owed to kept hassling me for three months after it had started - I just rang BE and they sorted it out) it has been fine. I am intreagued by the future of it though - apparently I have one of the oldest ones on their books - will be interesting to know how they finish!

What is a F&F ??? Id love to be able to finish sooner if I can, but theres no way at all I can affford to pay the lot off....

Trollfever

Several posters have mentioned IVA's being mis-sold. I have just found out that a friend of mine has an IVA that I feel was mis-sold as it was totally inappropriate for their personal circumstances.

Do any posters know if their is a complaints and redress procedure?

k2nga

Ha i bet there is but i bet it takes an age. Although making a complaint is still a good idea i would first get your friend to call CCCS and have a chat with them as they will not only give advice the IVA they are on and also offer a way forward.

Deep_In_Debt

Trollfever - your friend will probably need to get into with the company and find out what the complaints procedure is but I'm not sure that he/she will get very far with it.

As K2nga suggests, ask your friend to call CCCS, National Debtline and CAB. I should imagine one of them will also be able to advise on how to go about complaining.

Good luck.