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Trust Deeds (IVAs) - Are they worth it?
I'm new to this site, but am hoping to get your opinions on Trust Deeds (or IVAs).
I have a loan with my bank, as well as a credit card and a store account. All told, I'm paying £350 per month, with the bulk of that sum (£243) for my loan. I phoned my bank tonight to see if it was possible to extend the length of the loan term, thereby reducing the monthly payments.
After going through my income and expenditure etc with the loan department, I was transferred to their Money Management Team, who went through everything again. Then I was transferred to a debt management company, who explained all about IVAs.
He basically said that if I was to take an IVA, my loan, credit card and store card balances would be consolidated together, I would be pay approx £250 per month for 36 months towards this sum and then whatever balance was left over would be written off. During those 36 months, I would not be able to obtain any more credit, but at the end of the period, I would be clear of debt.
I know this all sounds too good to be true, so I have asked him to send the information out to me by post before I make any decisions.
Has anyone else had one of these and what are your opinions on them? I really don't want to do anything I would regret financially.
Mel
I have a loan with my bank, as well as a credit card and a store account. All told, I'm paying £350 per month, with the bulk of that sum (£243) for my loan. I phoned my bank tonight to see if it was possible to extend the length of the loan term, thereby reducing the monthly payments.
After going through my income and expenditure etc with the loan department, I was transferred to their Money Management Team, who went through everything again. Then I was transferred to a debt management company, who explained all about IVAs.
He basically said that if I was to take an IVA, my loan, credit card and store card balances would be consolidated together, I would be pay approx £250 per month for 36 months towards this sum and then whatever balance was left over would be written off. During those 36 months, I would not be able to obtain any more credit, but at the end of the period, I would be clear of debt.
I know this all sounds too good to be true, so I have asked him to send the information out to me by post before I make any decisions.
Has anyone else had one of these and what are your opinions on them? I really don't want to do anything I would regret financially.
Mel
0
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