iva help

michellet11

hi, i have £9000 debts which i am struggling to pay...i have heard about an iva and wondered if the citizens advice burau will sort that out for me,,...
i have just got in touch with a company on the internet who says they will sort it out but will charge me £1500 extra
should i go ahead with them or will the cab sort it out for me .
i stay at home with the children and my husband works part time..thanks

RAS

Michelle

Please do not get involved with this company. Amongst other things, you do not even qualify for an IVA with your level of debt, so they are probably actually offering a DMP.

You can get one of those free of charge from a debt charity.

Speak to one of the debt charities listed here http://www.moneysavingexpert.com/loans/debt-help-plan#help

Tixy

Hi

First of all there may be other options for you rather than an IVA. The best way to get impartial advice is from one of the charities - https://forums.moneysavingexpert.com/discussion/2077631 (CAB is on that list). They will let you know all your options and help you assess if an IVA is suitable (they are usually only for quite a small number of people but the company you have been in touch with stand to make a lot of money so may not be thinkgin about what is in your best interests).

If an IVA is the right option then there will be fees involved (even if you approach a charity first), but there may be more appropriate free options you should consider as well.

Also have a read of this guide - http://www.moneysavingexpert.com/loans/pdf-iva-guide.pdf

dancingfairy

Without the full facts it is impossible to say whether an IVA would be suitable for you. They are usually used if you own your own I believe. Generally I would not go to a company that advertises on the tv - they may be fine but they may be overcharging (well they've got to pay for their adverts somehow) or they may just be selling you that because an IVA is the 'in' thing and it sounds so simple and that all your problems will be solved.
There are many different debt solutions including dmp's , dro's , iva's and bankruptcy.
Iva's are a form of insolvency and should not be undertaken lightly so be aware of what you are signing up for.
I would advise you to get in contact with your local CAB and possibly also the CCCS or National Debtline - it never hurts to get second or third opinions from impartial sources and IF an IVA is recommended then shop around as you will need to have confidence in who your appoint to manage your IVA.
Good Luck
df

dancingfairy

There is also an IVA board where you can chat to other people who are going through it/about to go through it etc.
See here: http://forums.moneysavingexpert.com/forumdisplay.php?f=159
df

RAS

You need debts totalling £15,000 to do an IVA and your surplus personal income (after a strict I&E) has to be over £300 per month to make it worthwhile to the creditors.

fees are likely to be £5-6,000.