IVA HELP young debter

bigtroubles

hello guys,

ok been reading the site etc. wish i had found it sooner

I AM VERY YOUNG 22 infact

currently serving in the RAF

when i was 18 i rung up alot of dept loans and Credit cards

I then seen the great iva adverts about 2 years ago and got signed sraight up ACUMA!

after reading this forum i wish i had never done it and if i had not i could of probably got my self dept free other ways.

i am currently in a long term relationship. not only is it hard to get property but now with my IVS it will never happen.

phoned acuma today aparently they say my pot is £29,000 dont even think i had this much of dept ????

and i owe £16000+ of that still

i pay £480 a month but im very comfortable and could increase this.

i cant see how they found this figure and if i do a 5 year iva am i right in thinking there set to make £7500 on me ???

i need advice fast. wat can i do to get out of this or pay it off faster ???

Thanks
BIG trouble

Deep_In_Debt

Hi
this may not be a useful post but I am not a big fan of IVA's. It sounds like you may have been mis-sold by an "IVA factory". IVA's are only suitable for a very small percentage of people especially if you have assets to protect such as property. I nearly went down the route of one of those "TV ads".

CCCS are a debt charity and do not charge for their services, unlike companies such as ACUMA who are just out to line their pockets out of your debts. CCCS do IVA's and will only recommend it if it is suitable for you. They do charge a fee for their IVA's but it is much less than an IVA company.

Can you ask ACUMA for a breakdown of charges?

Can you also look at the terms of your agreement and see if you can change company without a penalty charge - am thinking try CCCS? A dmp might be more suitable for you and it's free with CCCS, so all your money goes to paying your debts.

Sorry I can't help further but I'm just having a rant about IVA's.

bigtroubles

yeah if i had been here before i would certainly of went through a company like them

but now i am and have been for 2 years + in an IVA and dont know what to do to get out of it.

it all seems very weird as i am actually well off and have a good £300 i could put extra towards it. dont know if its more befincicial to save it under some one elses name then use it to pay a lump off ( donation)

or say i can afford this extra but im still paying there stupid prices.

i was so young when i took it 19-20,

didint know really what i was doing.

MrOrchard

This confuses the hell out of me.

I went into an IVA 3.5 years ago and it was the best thing I've ever done. You're not especially clear in your post. An IVA is an agreement with your creditors bound by the court. You agree to pay a certain amount for 5 years, they take that then write the rest of the debt off.

You cannot get out of the agreement, that's very clear from the outset. I'm not sure why you want to rock the boat if you're "well off". Why do you want to get out of this?

In three more years you'll have paid your £480 monthly payments and the rest of the debt is gone. You seem to be under the impression that you have to pay off the full amount of your debt - if this is the case then you are not in an IVA, you are in a DMP.

Deep_In_Debt

Is it possible for you to save some money? I think there are some IVA's that allow a lump sum payment to clear debts off, but I believe you will need to speak to ACUMA to see if that is possible.

I'm not judging you at all and hope that you don't think I am, apologies if that is the case. Like I say, most IVA's are mis-sold and companies make a lot of money out of your debt problems.

Would a dmp be better for you? I still think you should seek free advice from CCCS, CAB or National Debtline.

Good luck.