CCCs & IVA

twoflower169

Well after doing an soa a couple of times now and not really being able to make our payments, DH and I have decided to get help from CCCs, they have given us the choice of an IVA or a low start debt management plan (which will take 17 years, OUCH). So we have gone the IVA way for now, we are still not completely sure its the right decision, or we just cant get our heads round the fact we've much such a mess of out money!

Anyway the point of the post is to ask if anyone else who is thinking about it or is going through the IVA process these questions:

How long did it take for somone to get back to you after you intitally filled in the details?

Also can anyone tell us if being on an IVA effects your house and mortgage, in the info gave us is says your property is valued and may have to be sold, do you know in what circumstances that would be? Its just I have a colleague who is on an IVA and they still have their home.

Sorry for waffling, my head is still spinning, still dont know how to handle all of this.

Nargleblast

I am in an IVA with CCCSVA, and this is how it goes. About four and a half years down the line you will be asked to release some equity in your home to finish off the IVA. You apply to remortgage, if accepted then the IVA company will take some of the money realised, leaving you with the rest. there is a proviso that your revised mortgage payments would be limited to a certain amount - they would not accept you taking out a mortgage extension if the new payments were unreasonably high. Then your IVA would be wound up. If your application is refused (because of insufficient equity, or because they don't want to lend you any more) then you apply elsewhere - you would most likely be refused again, but then you will have two refusal letters to show the IVA company as proof that you have made serious attempts to release some funds. You will then be given two further options - either a friend or relative puts up a lump sum to finish off your IVA, or you extend it for another year. So your home should not be at risk.

CCCSVA were quite prompt and on the ball with me and I am more than satisfied with the service I am getting from them.