My experience and tips before taking and IVA

cheapround

Thank you for posting this, its very helpful:T

lornalew

Hi,

Thank you for this useful information. I am just in the initial stage of looking at IVA.
Can anyone help me with these questions though?
1. Are IVA's only for people working in full-time employment?
2. I have a HP finance on my car, can this be included or do I just let the finance company have my car

Thank you
Lorna

cheapround

lornalew wrote: »

Hi,

Thank you for this useful information. I am just in the initial stage of looking at IVA.
Can anyone help me with these questions though?
1. Are IVA's only for people working in full-time employment?
2. I have a HP finance on my car, can this be included or do I just let the finance company have my car

Thank you
Lorna

Hi Lornalew

I cannot answer the first question, but National debtline are really good, its a free service and they send all sorts of really helpful info.
The HP query, we are endeavouring to go down the IVA route and the Hp car was exempt from it as it is needed to get to work and back, all we had to do was obtain confirmation from the HP company that they would not seize the car if we had an IVA and as long as we made the monthly payments on time they did not care!!
Hope this helps

mojito

I have found myself trying to help my sister and her husband out of debt with 20 k I could spare, but I might really need this money to put down a deposit for a mortgage.

She made an application for an IVA which I think would have been good for them. But they said that they would not take all of her debts under consideration. This is strange and I didnt understand that. When she said she had a possible 20 k, the company then said that If I gave them iit they would cut a lot of her debt but her husbands credit card of 7k will still be outstanding and her car on HP wont count also. With the mortgage she will not be able to even keep that up and so my 20 k will also be lost.

Is it possible that the company in question are not offering an immediate IVA, they seemed to call it something like a short IVA ? But to my mind seems a bit dodgy. And why wont they cover the whole debt, I think in this way it may be better for them to do BR. But a shame they cant get a normal IVA over 5 years. I would like them to get a second opinion on this. I think they are about 40k in debt. It sounds to me like the company just does a quick deal on some of the credit cards and a loan my sister has. If it is this they ought to be struck off from masquerading it as an IVA.
Trust is a difficult thing to do when dealing with so much money.

Thanks for any tips.

1_step_closer

Hi

That sounds very bizarre to me - ask your sister to contact CCCS and Payplan for impartial advice.

By the way - great to see some postitive IVA posts!

1 step

onetomany

hi thanks for some positive posts i got my iva approved 2day but most posts seems negative

pctony

Well,

I completed my IVA in July of this year, after 5 years of what felt like an eternity at the time. I decided upon an IVA after being young, naive and basically, well, stupid. In hind sight it is quite possibly one of the best things I have ever done.

Firstly it has re-taught me the value of money. I still have the odd whimsical moment where I'd love to splash the cash on something, but for the most part I am good boy :-)

I started off paying back £485 a month 5 years ago, with an estimated payback of 72p in the pound. When I actually finished I was paying about £885 a month. But this is the best bit, I actually paid back 104% of my debt. I actually got a rebate cheque. That was an absolutely awesome day.

An IVA is certainly not for everyone, as most people have already mentioned it is a legally binding contract between yourself and your creditors, it is monitored by the courts. if you fail to complete your IVA you could still be declared bankrupt.

It can be a long old hard slog to get to the finish line, but I promise you, if you are genuine fool who did not set out to use an IVA as a quick means of clearing intentional debt it will make you feel so much better about yourself, and maybe even restore a little personal pride.

So, good or bad? I guess for me it was exactly what I needed. Others, well, you will need to decide if you can stick to the agreement for 5 years or not. If you can see it through you should be onto a winner.

Tony

alex_woods

Yes, Welcome's name does seem to come up in lawyer's circles, of which I am one. I would advise that you check your agreement to see whether or not you have been sold payment protection insurance.

johncarlton

Can a person enter into an iva if they own a small property portfolio?

johncarlton

Sorry , I meant to add, there's no equity in them.