Been offered an IVA, but not sure, help

jclives

Hi
Ive been offerd an IVA while unemployed (surprised) I'm not self employed but at present I will be on the same sort of money.

The iva is for 15k ( I may owe a little more now so it would go up)
Repayments if it all goes through would be £161 per month for 6 years.
One debt is with a high court inforcer so I'm paying that back at present (was £150 hopefully £55 now )
There is a business rates debt of £500
plus a ccj which they are not chasing me for at moment - long story.

All the other debts are just sending letters, saying I will go to court ect.

A couple of questions about the iva
Do the companys I pay back get money per month from the stat of the IVA ?
Can I increase payments if I earn more WITHOUT being charged anymore.

Is a IVA right for me with my lowish income? £161 based of low income..

The IVA cbompany (money,debt & credit) are coming to pick up some documnets Friday - I havent got them all yet, so I have semi made my mind up, but not sure again!

Thanks.
JClives.

Thanks.

Tixy

Hi

Its always worth seeking advice from several IPs before you decide on whether an IVA is right for you and if so choose which company to use. I'd also recommend that at least one of those you get advice from is one of the debt charities, details in this link IMPORTANT - Where to seek professional impartial advice about your debts.

Do the companys I pay back get money per month from the stat of the IVA ?
No usually the initial nominee fee is paid to the IP first - it can take a whole year of repayments before you creditors start to receive any money (different companys structure this differently, its worth finding out exactly how it would work with any IP you consider).

Not sure about your second question - sorry.

yorkshire_terrier_owner

I am not a financial advisor by any means, but have just completed my own IVA. My understanding is that IVA's are really only suitable if:

You own a property that you don't want to lose
You are in the armed forces
You are a director of a company or any other job where your employment would be affected by being made bankrupt

Once you are in the IVA, you HAVE to stick to the payments. If not you will go bankrupt anyway.

So, if you think there is any possibility you may not be able to keep up the payments, or if you do not fit into one of the above scenarios, you may be better considering bankruptcy or a debt management plan.

As for which company to go with, ALWAYS choose one that do not charge fees for giving advice. They will charge fees if you go into an IVA as they are professional insolvency practitioners, but they will not charge YOU upfront.

Hope this helps.