My Lightbulb Moment...

MikeDaveRoss_2

I was 19 when my then boss was shocked that I didnt have a credit card & suggested I got one to pay for travelling expenses...

6 years later, 25 years old & £53k debt...

Does anyone have any experience of IVA's as nothing came up on a search?

keith_lard

You need to contact CCCS its completly Free and if thats the path you choose an IVA they will sort it for you again FREE!!

IVA is against your house, you pay a certain 'affordable ' amount each month for 5 years after that your will be debt free.

But please contact CCCS you can get debt free but you need the right help!

k.

Broken_hearted

What happens to your house after 5 years

Annie_Fanny

Try this...

http://www.debtquestions.co.uk/solutions_iva.php

Annie

keith_lard

Broken_hearted wrote:

What happens to your house after 5 years

Its just placed against your house to make sure you keep up payments!
Fail to keep up payments they 'may' take your house.

I may not be 100% sure but CCCS told me this 2 years ago, I went for a DMP instead.

But if you owe £53,000 and have an income of say £20,000 per year I would take the IVA.

After the 5 years the house is still yours, just keep up repayments to the IVA for the 5 year term.
k.

MikeDaveRoss_2

I have spoken to a company (Thomas Charles & Co) & gone through my circumstances...an IVA sounds like my best option but im told the IP (insolvency practitioner) charges are £10k over the 5 years!


With me paying 25% of my debt back (£13250) + the £10k it still more than halves my debt (with no interest either!) but £10k seems alot...

southernscouser

keith_lard wrote:

You need to contact CCCS its completly Free and if thats the path you choose an IVA they will sort it for you again FREE!!

Just so you know, the setting up of an IVA isn't free. You have to pay and insolvency practitioner (sp) a fee. I'm not sure however whether this is required up front or paid monthly or whatever!

I know Payplan have a set company which tye always use!

keith_lard

southernscouser wrote:

Just so you know, the setting up of an IVA isn't free. You have to pay and insolvency practitioner (sp) a fee. I'm not sure however whether this is required up front or paid monthly or whatever!

I know Payplan have a set company which tye always use!

Sorry about that when I spoke to CCCS they never said about a fee, then again i did not opt for an IVA, just best to pick up the phone and get clear advice!

Regards

K.

keith_lard

Taken from CCCS website................

How do I get an IVA?

The normal way to obtain an IVA is to approach an Insolvency Practitioner. The Insolvency Practitioner will act as "Nominee" until the IVA is formally approved and as "Supervisor" during the remaining term of the IVA. CCCS can recommend one who we know will be happy to discuss with you free of charge and whose standards of service have been approved by CCCS. Although the Insolvency Practitioner charges fees for setting up and managing the arrangement these will come from the amount(s) you agree is to be made available to the creditors. The only costs you will have to pay before an arrangement is set up are fees of £120 in obtaining the Interim Order.

You could also find an Insolvency Practitioner yourself by looking in your local Yellow Pages but in this case make sure you understand their charging structure before making any payments as some may charge fees whether the arrangement is successful or not.