IVA Disaster or Saviour any experiences

missymugwump

Hi
Firstly sorry if I have not posted this in the right place.

My husband and I find ourselves owing £158000 this is split between business debts and personal debts .
We have been told our only viable option is bancrupcy or interlocking IVA's.
We would love to hear from anyone who has entered into an IVA.
We are looking at £770 per month for 5 years.
It is going to be tough but we will do it just wondered is there were any experiences good or bad and any pitfalls to watch out for.

Thanks

Me_Myself_2

I am not an expert, but someone who knows aboput this sort of thing will come along soon.

Just one thing, do you have a home or any other assets as this will have a bearing on the best way forward.

loubie_lou

If an IVA is right for you then please use CCCS or PayPlan who are free and don't charge you.

Please don't go with any companies that advertise on the TV (debt free direct etc) or on internet banners (I saw a company called Spectrum do this on hot mail yesterday!) who all charge a fee for using them.

HTH

missymugwump

Hi
we do have a house but its ex authority weve only had it 18 months so if we sell we have to pay back the discount and a hefty payment to the mortgage company.
Our creditors will get more money with an IVA as bancrupcy will get them zilch but us and our 2 tennagers homeless.

missymugwump

The company we are thinking of using don't charge us up front but take it from the payments we make.
I was with CCCS to repay my credit cards but sadly it was too little too late.
IVA is now only option I think.

loubie_lou

Thats what I was referring to missy! Can Payplan help you at all?

Thinking of you so you don't unescessarily waste money by giving it to the leaches who charge you.....

debtdestroyer*

Hi, I thought I'd put my 5 pence in. I'm in an IVA and my advice to you is definately go through cccs or payplan. Do not go with any one else. I'm with deft free direct and wish I'd gone with someone who doesn't charge for there services. Do you owe 15000 or is that what you would pay back through an iva? If you owe 15000 and are able to pay of £700 approx a month at this debt then you would be debt free a lot quicker?? ( not sure if I read this write tho, so soz if I didn't). My experiences with my IVA are that they are very restricting and if I earn any more money or my benefits change I must tell them straight away, if I earn overtime I must declare it and they take 60% of it. Also you cant pay off extra each month to make the debt free date sooner, they just take the money and the end date stays the same.

Please only use one of the 2 companies mentioned above or do it on your own. Maybe if you posted all your incomings and outgoings then we could see where you were over spending and whether you would need outside help or could do it on your own. Soz if this sounds a bit like a lecture but I just wish I'd have done it this way and would of used another company.

If you want to ask me any questions about my IVA then do so, I don't mind at all.


edit. Soz I didn't read the amount right excuse my ignorance!

missymugwump

I didnt realise that the CCCS were licensed insolvency practitioners?
I believe that it has to be done thorough one and the company we are using was recommended by a business debt charity.

sparkle84

I have said this before but it is worth saying again IVA's are NOT FREE they are a legally binding agreements and need to be overseen by an Insolvency Practioner whose fees (usually several £0000) have to be paid - the CCCS cannot help with IVA's Payplan will refer you to Shaw's. There are lots of company's who can arrange IVA's including Debt Free Direct and they all need to be paid only a DMP is free

missymugwump

Thank you for that I thought I had to pay,I was worried for a minute there that I could of got this done free.
The company seem very personable and the lady I am dealing with is lovely.Just a bit scared we should be signing on the dotted line in the next week and was worried I know it i8s now the only viable option but it seems almost too easy.We cannot satisfy our debts in total over the 5 years so we believe after that any balance is written off.And we are both then debt free! It seems too good to be true

missymugwump

After years of worry and stress that is