Iva

Samantha_Jones

Please can anyone tell me if they have heard of IVA. I have recently called a number and they have told me that my debts of 22k mainly on 2 credit cards and one store card can be wiped off by Individual Voluntary Arrangement. They take on my debts and I pay what I can afford per month for 5 years and at the end of the 5 years if my debts are not paid I may have to re-mortgage my property to pay the final balance left. They charge a fee from the money I pay monthly.

Would it be in my favour to re-mortgage and pay off my debts myself ?

Please can someone help I am at the end of the line and am not able to pay back debts owed.

Sam

pixie1

Im sorry I cant really offer any advice but I just wanted to welcome you to MSE and the DFW board.

There are some wonderful people on this board that are full of advice, hints and tips and Im sure someone will be around to help you very soon.

Regards to an IVA, my sister has one and its working for her but as you have secured debt ie a mortgage (she doesnt) im not sure how it would work.

Good luck

Pixie

pixie1

I forgot to add, there are links at the top of this board for payplan and the cccs, they are both experts in this field. Im with the cccs on a dmp, they were extremely helpful and friendly, worth a call if your unsure regards to the company youre thinking of going with.

Pixie

jobbingmusician

When you say you have recently called a number, is this one of the companies that advertise heavily on the TV who take over your debt management for you? If so AVOID AVOID AVOID - there are 2 organisations set up to do this for free, called Consumer Credit Counselling Service and PayPlan. I thought there were links to both of these at the top of this board, but can only see Consumer Credit Counselling Service. Anyway, these people will help you manage your debts - contact them! (If you trawl through the posts on these boards - maybe do a search on CCCS and then PayPlan - you will see that they are both very highly thought of here, and you'll get an overall idea of how they can help.

Some of the posts here also give stories of people who have dealt with companies that sound a bit like the one you are considering, and they don't make for happy reading.

Lots of people on here have lots of experience in managing their debts, and may be able to advise you more fully - in the mean time, WELCOME TO THE BOARD!

crystal_clear

Hi there and welcome to MSE.
Firstly you do understand an IVA is a legal agreement and should you fail to keep to all requiremnets within the 5 year span you know you can be deemed as failed and could be made Bankrupt.
Secondly you say they will let you pay what you can afford monthly.... Not really true. You will need to supply all income and expenditure then it will be examined and a figure will be set from what they deem to be your expendable income and then this will be reviewed either 6 monthly or yearly and you have to comply fully.
third have you contacted Payplan, CCCS, or National Debtline the later two have direct links at top of this page you can click on. They are all charitable orginisations and will give you free advice. Although they are free I do believe Payplan can set up IVA's but through another company they recommend and you would have to pay for the Insolvency Practitioner but again this option is better than those TV ads as they are only doing this to make money from you, Hence you could pay more in fees at end of the day.

Hope this is some help to you
Crystal

southernscouser

IVA means Individual Volunatry Agreement!

Have a look here!

SS

southernscouser

Also have a look at this thread! If you post a full SOA (state of affairs) we will be able to help you better!

frugglewump

Samantha_Jones wrote:

I have recently called a number and they have told me that my debts of 22k mainly on 2 credit cards and one store card can be wiped off by Individual Voluntary Arrangement.

Unless this number was for the National Debtline, CCCS or Payplan (and it doesn't sound like it from what you report they said) then you would be paying far more than necessary.

angelstar25

hi,
welcome to mse, I am in the process of setting up an iva with payplan, they're very good, they will assist you in every way possible, the way it works for me £27k debt approx, I will pay around the 200pounds a month mark if its accepted and at the end of the five years the outstanding debt will be wiped off, its an alternative to bankruptcy, still very scary though, but if it helps me being able to have a good nights sleep its worth it.
good luck
angel

System

Angelstar, you mention only 200 per month and the remainder of your debt being wiped off. Who are you with?

fatbelly

I think Payplan use Shaws - I'd be interested to know what fees they quote if you're happy to tell us, Angelstar