IVA?? Which company??

timanfiya

Hi all. I have looking at an IVA for some time no and have tried to avoid it by alternate means of sorting out my finances. This hasn't worked and 12months later I'm in more debt and really struggling to pay and now missing payments for the first time as there is no money left.

I owe.

GE money £11000 (part of money paid for holiday ownership)
Lloyds TSB £9500 (consolidation of credit cards)
AMEX CC £4600 (living expenses)
MINT CC £1700 (paying off other debts)
Argos SC £770 (living expense)
Mastercard £480 (old debt)
A and L current account £1200 unortherised overdraft (accidently taken out and consumed by other debt)

So I'm raking up appox £29K unsecured debt.

I have a house mortagaged at £134k but due to recent economics is probably now worth less than the mortage and in negative equity

I own a car worth maybe £5k but I need this to work

I have Holiday ownership points which orignally cost alot - but apparently when I came to try and sell them they are worth peanuts (roughly about 40-50p per point and with 1800 points is only worth a max of £900 to sell)

So basically.. do I go for the IVA? I dont want to lose my house or the other assets . If I go for the IVA will I lose my car or Holiday points?? Neither are on HP

I was told by debt solutions that I would get to keep them but would be asked to see if I can release equity in property in 4 yrs.

So the two compaines I am looking at going with are:

DebtSolutions.co.uk

OR

The UK Insolvency HelpLine


Any advice would be greatly appreciated.

Thanks
Pete

james32_uk

I strongly recommend Payplan who are a proper charity and have only ever dealt with me with compassion, honesty and with a fair balance of interest between protecting my and my creditors interests. They will go through your situation with you and recommend your best options - not the ones that make them the most money like other IPs!

Good luck!

onetomany

hi ive pm you hope you get it

timanfiya

james23_uk wrote: »

I strongly recommend Payplan who are a proper charity and have only ever dealt with me with compassion, honesty and with a fair balance of interest between protecting my and my creditors interests. They will go through your situation with you and recommend your best options - not the ones that make them the most money like other IPs!

Good luck!

I haven't heard of them but will certainly look into it. I guess all companies are going to charge and take a proportion of the monthly settlement figure. But I am also guessing that the more expensive ones means my monthly figure will be higher. So basically looking for the ones that get the best deals for people and have a good customer service.

Debtsolutions have advised that they should get payments down to £300 a month and when aske if they could get it lower they said the lowest they could try for is £250. I mean if they could get it to £250 I think that would be quite good. They want to send a guy round tomorrow to get the rest of the info from me.

Anyone had any dealings with debtsolutions??

james32_uk

It shouldnt work like that. They should work out exactly how much money you need to live on and take the rest into the IVA. How much they take in fees affects only the creditors % return (and therefore can have an effect on whether you are accepted or not). I urge you to talk to Payplan http://www.payplan.com/ as they do not charge fees for DMPs and wont rip you off with an IVA. They will charge a fee for an IVA but wont take anything upfront.

onetomany

mine went from 700 to 277

trudij

Imk with blair endersby, and having spent hours getting my living expenses sorted out, Im now paying a basic of £247 a month (though it varies from year to year so I can not pay my extra earnings in one lump). They have been fabulous throughout, and I cant recommend them highly enough.

Very veyr best of luck with yours!!

RAS

Hi

We recommend that people stick with one of the debt charities or with Payplan for IVAs.

If you stick the name of your company in the DFW or bankruptcy search boxes you will find quite a few of their ex clients.