IVA Info

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.

To_be_Free

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.

Iva's are tailored to the individual and can differ greatly from person to person.

trudij

To_be_Free wrote: »

Iva's are tailored to the individual and can differ greatly from person to person.

correct.

though if it helps, I owed somewhere in the region of 35k in total, paying back at 900 a month. IVA dropped it down to 253 a month (plus half of whatever my overearnings were)

Contracts_Engineer

i understand that they are tailored for each indivdual person / persons but all i see is companies giving standard examples or making claims on how much they can write off. I mearley wanted to see the outcome of a real life IVA and thanks to Trudij for telling me what they achieved.

Contracts_Engineer

And another question if i may trudij. Is this over a 5 year term? with bad credit for 6 years? or any other useful info youve got would be most welcome

To_be_Free

Contracts_Engineer wrote: »

i understand that they are tailored for each indivdual person / persons but all i see is companies giving standard examples or making claims on how much they can write off. I mearley wanted to see the outcome of a real life IVA and thanks to Trudij for telling me what they achieved.

Ok my IVA is still running I owed approx 40k in total and it was costing me 1k a month, back at the start of my IVA I was paying £527 a month but with costs going up and wages not increasing I am now paying £476 a month so I should pay back approx 50%

Contracts_Engineer wrote: »

And another question if i may trudij. Is this over a 5 year term? with bad credit for 6 years? or any other useful info youve got would be most welcome

Have you read Martins guide to IVA's http://www.moneysavingexpert.com/loans/pdf-iva-guide.pdf

trudij

Contracts_Engineer wrote: »

And another question if i may trudij. Is this over a 5 year term? with bad credit for 6 years? or any other useful info youve got would be most welcome

Yes, it was. 5 years of repayments and another year before it drops off my credit file. But I can now apply for the credit building cards and thigns to start to help myself and my rating.

I dont know what the deal is with the 6th year of repayments - i think if there is equity in your house and you cant release it,then you have to do the 6th year - but that wasnt an issue for me as i dont have a house. Someone else will know more about that,Im sure.

hope that helps a bit

Contracts_Engineer

thank you both kindly for replying with your own personal accounts.

ToffeeBlue

Hi

We had a total debt of £29k which we pay approx £400 on per month as homeowners with no equity. There are minimum legal guideline of how much you are allowed to keep for essential items. Your provider will be able to help with this. They will just work out what monies you have available once you have all the essentials covered.

Hope all goes smoothly for you.

mtgg

Hi

Our IVA started in oct 2005 & we had £86k In debts. We paid Over £1500 out each mth & the Iva reduced that to £498.

We did not have equity & still don't & our IVA Ends Oct 4th 2010:j:j:j

It has been a long 5yrs, but we have done it & only a couple of weeks before we can start a fresh:j

Take Care
Clare:)