Any advice gratefully recieved on IVA/DMP

formidablelady

Foxy have you finished your IVA now and how did you find it?

Foxy-Stoat_3

I see, then you will have to go with a joint IVA. If you have equity in your property or will have equity in 5 years time then they can make you remortgage at the end to release some of the equity to make up the difference.

You need to make sure that an IVA is the ONLY way forward as this will effect you for a long time after it all finishes.

Foxy-Stoat_3

I finished paying feb 2010, you learn so much in the 5 years, ie only spend what you have and learn to live without credit.

judojub

Get in touch with one of the free debt charities. I contacted CCCS who put me in touch with GT

formidablelady

When you say it will affect you for a long time after it finishes do you mean it will be really hard for many years to get a different mortgage/loan/credit card? Is a DMP not as damaging?

formidablelady

Judojub GT seem to have generally very good feedback. Hope you don't mind me asking how you are finding it?

judojub

formidablelady wrote: »

Judojub GT seem to have generally very good feedback. Hope you don't mind me asking how you are finding it?

So far they have been really good. Like I said its still early days and I am just waiting them to send my proposal through to me. They have been very helpful and understanding. They discussed all the options with me before I finally decided on IVA. Of course, my fate lies in the hands of my creditors:eek:

Read the info on this link along with the IVA guide. It should be able to fill you in some more (if the link works that is)!!
https://forums.moneysavingexpert.com/discussion/1271285

Foxy-Stoat_3

Banks look at people that have finished a IVA or BR or DMP with the same eyes.

If you already have a mortgage with a 100% perfect track record then you shouldnt have any problems. After 5 years with no credit and learning to only spend what you have then you shouldnt need or want a credit card, maybe only to buy fuel on and pay it off straight away to build up your credit history again.

I had a credit card all through my IVA (naughty naughty) but it had a zero balance and I bought £20 of fuel every month and paid it back, just so I had some credit history when I came off the IVA, but it didnt help me at all. All I use it for now is paying for holidays to get the protection, then paying it straight off with the money we SAVE up, yes SAVE I had to look it up to see what it ment!

We have finally got a mortgage agreed but it was a struggle:
Gross yearly income £48,000
House value £150,000, but we are buying it for £75,000
Cash deposit £30,000
Mortgage amount £45,000
9% variable interest only is the ONLY offer we had.

There is zero risk to the lender as there is £110,000 equity on day 1 of the mortgage but thats all because my IVA.

We will be able to remortgage in a year if we dont miss a single payment and get back down to a good rate, hopefully.

judojub

You could also use this to help you draw up an SOA
http://www.makesenseofcards.com/soacalc.html

formidablelady

Wow thats sounds really posative Foxy. At least there is light at the end of the tunnel.

Judojub I have read the link and the IVA guide. The main thing that worries me is that they can make you bankrupt if you miss a payment. But i guess if you miss a payment with the DMP its probably the same.