IVA's

Contracts_Engineer

Could someone whos actually had an IVA ( not someone who knows someone ) please tell me how much they owed, how much they were paying a month before they got an IVA, how much they pay a month now they have an IVA and any other useful info please.

Tixy

Hi

If you post on the IVA subboard then you'll find people who can share their experiences - http://forums.moneysavingexpert.com/forumdisplay.php?f=159

I know Nargleblast has posted her experiences on there before.

BigCraigJohn

I don't know anyone who's done one but the general idea is that they are rarely right. They are probably an alternative to bankruptcy so only worth it if you are protecting assets worth more than the debts. I think you should look at other options and take professional advice before diving in.
You'll get loads more comments on the subject hopefully with a bit more info than mine.

ciderwithrosie_2

Contracts_Engineer wrote: »

Could someone whos actually had an IVA ( not someone who knows someone ) please tell me how much they owed, how much they were paying a month before they got an IVA, how much they pay a month now they have an IVA and any other useful info please.

We had debts of £55,000 - bank loan, 3 credit cards, 2 catalogues and working family tax credit overpayment. Before the IVA, I was paying out most of my monthly salary around £1,200 per month and we were trying to live off OH's money and I earn more than him.

In our IVA, so far we have paid £470 per month (2 years and 3 months in). We started off paying our IPs £400 a month and this is what they proposed to the creditors - they wanted £520 or around that, but our IP got them down to the £470 which seems to be manageable - we don't run a car or have holidays but are able to live fairly comfortably - apart from not having the means to replace there and then any large items that may break down such as cooker, washing machine and not being able to help my son out a bit more whilst he's at Uni.

I did get another 'quote' so to speak from Nationaldebtline about a year before I decided to give another IVA firm a go, (managed my own DMP in between) they were proposing I pay over £600 a month which I felt was leaving very little leeway in our budget considering it's over 5 years and a lot can change in that time.

Best of luck with whatever you decide

CWR

tped240

We owed around £72000 due to a failing business, becoming ill and living off credit cards. After going to CCCS and being advised to go to Grant Thornton for an IVA we ended up with an arrangement that aims to repay 65% of the total debt over 5years. However, a clause in the contract says the agreement can be finalised in year 4 subject to re-mortgaging and finding a lump sum of £19000. The difficulty is finding a mortgage lender who will deal with people in our situation and the advice from GT's customer service team is often somewhat vague. All in all the IVA suited us and i'm still glad we did it.
Hope that helps.