IVAs (for those with over 14K)

banzai

hello,

I'm sure someone must have posted about these before, but in case they haven't I am wondering if anybody is aware about IVAs and the implications etc.

Firstly the criteria is that:

• You must be in 14K or more unsecured debt to qualify
• Must be employed or have at least £200 disposible income (i think) per month
• Must live in England (find out about PTD if in Scotland)
• Must be willing to pay for the entire period

Normally what these IVA's do is whatever debt you have over the value of 14K is spread over whatever you can afford over a 5 year period, then upon the agreement ending (as in 5yrs is up), the rest of the debt is completely written off and APPARENTLY this will then leave you with a clean credit file.

So whats so good about IVAs then???

Well...

Firstly you can still apply for mortgages when on an IVA whereas u can't with bankruptcy, which is good news for those who are looking to buy a house within the 5 year period.

Secondly, a large percentage of your debt can be wiped out completely , leaving you guarenteed debt free after 5 yrs.

If you are looking for more information on IVA's, stick it into google, as there are a lot of companies popping up at the moment, and i can't say which are good and which are to avoid as of yet!!!

Does anyone have any corrections to this information or any further information to add?? Or better still has anyone dealt with an IVA and has any advice to offer??

rog2

I would advise ANYONE who is considering an IVA, or any other kind of debt repayment or reduction plan, to talk FIRST OF ALL to either CCCS, PayPlan or CAB to ensure that this is right for them - as there are other options to IVA's.
I would strongly advise against contacting any of the companies that come up on 'Google' without having first talked to one of the aforementioned charitable organisations.

moozie_2

rog2 wrote:

I would strongly advise against contacting any of the companies that come up on 'Google' without having first talked to one of the aforementioned charitable organisations.

Sound advice! :T :T

banzai

rog2 wrote:

I would advise ANYONE who is considering an IVA, or any other kind of debt repayment or reduction plan, to talk FIRST OF ALL to either CCCS, PayPlan or CAB to ensure that this is right for them - as there are other options to IVA's.
I would strongly advise against contacting any of the companies that come up on 'Google' without having first talked to one of the aforementioned charitable organisations.

Hmm.. maybe i shouldn't have mentioned that Google bit.. lol, i just couldn't think of any companies of the top of my head.

And I agree.. it is best to seek advice first, I was just advising people that an IVA is an option and a route that they may want to go down if their struggling with debt and meet the above criteria.