iva mess

doyle

my hubby and i made the biggest mistake in entering into this agreement 2 1/2 yrs ago. don't believe the companies are there to help us just themselves.does any1 no a way out of an iva without resorting to bankruptcy as i don't want to lose my home and we haven't got the means to pay it off early

thecableguy12

the fact that they hve almost halved what you owe to your creditors and given you a lower payment and frozen your interest....they havent helped you? yes they make money outn of it but they still need to pay there staff etc, you must speak to your ip and look what other little options you have

Charco_2

Doyle, you're upset/annoyed/angry but what seems to be the problem?

peachyprice

Do you have equity in your home?

doyle

they haven't halved what i owe by the time the 5 yrs are up i will more than have covered my debts and my payments are more not less the only thing they have done is froze the interest though have been informed i probably could have got this done myself. if i do have any equity in my home would i be able to re-mortgage now and pay them off?

thecableguy12

this sounds like you may have been mis sold the iva if you can remo i would say this is your best bet, sorry if i seemed abroupt in my original post:beer:

Charco_2

They may not have halved your debt or whatever... but that's not what it says in the tin! An iVA is supposed to help people who are struggling with the debt, the first thing is: were you insolvent? Could you not pay your debts as the fell due? Were you required to pay out more each month than you could reasonably afford after your essential expenses?

I would doubt that you were mis-sold an IVA although it can happen.

If you were to add up the total of your debt as and when your IVA started and worked out how much interest you would have been paying on each debt for five years, i'm sure you would see how much it woud have cost and how far away you would have been from paying it naturally in the normal way.

I can understand you're annoyed now but i dont know what has happened to cause that. Unfortunately, there doesn't seem to be an easy way out. A re-mortgage WON'T help you because if there is any equity in your property it would already be expected that that will form part of your IVA. If you were able to raise money elsewhere (friends/family) you could offer that as a full and final but it would need to make financial sense for both you and your creditors.

The only way out would be to stop paying and let your IP fail your IVA but that would leave you in a position of facing your debts all over again... really not advisable!

What went wrong anyway?

(even if your proposal was to pay "100p in the £" that could still work out cheaper and quicker than paying the debts as they stood plus interest.)