40k In Dept IVA Help Needed

cinders13

tommy go the citizens advice they will get someone for you. any fees come out of the money you pay into the iva, you don't pay directly for these. the £500 seems to be their fee for setting it up. they still get their £7k fees out of the iva. so pay them nothing.

Tommydeeuk

cinders13 wrote: »

tommy go the citizens advice they will get someone for you. any fees come out of the money you pay into the iva, you don't pay directly for these. the £500 seems to be their fee for setting it up. they still get their £7k fees out of the iva. so pay them nothing.

Thanks Cinders, and they rest that have given me some advice. I have aday off this week so i may just go down to the Citizens Advice just so i can get things rolling as with cccs my phone call is not till next Tuesday and i realy do want to get things started before i put my head back in the sand.

RAS

Tommydeeuk wrote: »

have aday off this week so i may just go down to the Citizens Advice just so i can get things rolling as with cccs my phone call is not till next Tuesday and i realy do want to get things started before i put my head back in the sand.

Tommy

Going to be harsh here.

The decsion you make about this will affect your life massively - as much as getting married or divorces - for the next 5- 10 years and possibly your lifetime.

You have to give yourself time to get all the advice not rush into things half-cocked, which may well be why you are in this situation.

If something does not work, it is all to tempting to try to do the same thing again. if you typically make decsions quickly, then now is the time to do things differently.

10past6

IVA's are only applicable to a very small % of people, 2 issues to consider, a) make sure you're within that small % who qualify, b) the fees associated with setting up an IVA can be enormous many thousands of £s, make sure under the current employment climate you're going to be in a a fairly strong position for the lifetime of your IVA, should your IVA fail for any reason, you may well have to revert back to a DMP, which having paid many thousands of £s to set up will be unrecoverable.


In any situation, it's best policy to view the negatives rather than the positives, work out which comes out in front, that should make your decision easier.

snoppydog

Tommydeeuk,

Please do not go with Churchwood Financial, I had such bad experiences with them that I decided to tackle my debts on my own in January 2008, after two years with Churchwood. Admittedly I only had 20k worth of debt.