Iva help and advice, should we do it ?

cosmic_dave

we have about £26.000 in unsecured debts inc a £20.000 loan from northern rock a so called IFA set up for us. (we have looked into bankruptcy but don't think we want to do that) the rest of the debt is cards and stuff but a couple are from a business i tried to set up a while back. I am back in full time employment and my partner works part time. we are paying all the debts slowly some have been through the courts, can these be included in a iva ? the sound of getting straight in 60 months sounds great but I realise nothing is what it seems !!!

any advice welcome although i will not be able to read it til tomorrow 25/6/11 as i am doing a midnight shift.

thanks :T

Penelope_Penguin

cosmic_dave wrote: »

any advice welcome although i will not be able to read it til tomorrow 25/6/11 as i am doing a midnight shift.

thanks :T

Impossible to tell if an IVA is good for you without lots more info

Do you own your own home - how much equity?

Why do you think BR is not appropriate?

Post up your SOA and we'll take a look.

FoggyBrain_2

Hi. Northern Rock will ask for at least a 6 year term ( possibly seven, depending on your equity situation). And, being the major creditor, they can call the shots. I suggest you have a look at https://www.iva.com and speak to a couple of the companies there, as well as Payplan and / or CCCS for case specific advice. It is important to speak to a few to guage the info they give you and to get a "feel" for people you might be in a relationship with for 5, 6 or 7 years!

cosmic_dave

Penelope_Penguin wrote: »

Impossible to tell if an IVA is good for you without lots more info

Do you own your own home - how much equity?

Why do you think BR is not appropriate?

Post up your SOA and we'll take a look.

we have a mortgage but are in negative equity. as for br we have had the papers sent but we cant seem to pluck up the courage to do it. !

Penelope_Penguin

cosmic_dave wrote: »

as for br we have had the papers sent but we cant seem to pluck up the courage to do it. !

It's your choice, but a payment arrangement in BR is usually done in 36 months, rather than 60 for an IVA.

Have you prepared a SOA?

FoggyBrain_2

TBH bankruptcy isn't as daunting as it once was. As long as you can be sure the neg equity will last at least the three years there shouldn't be a problem with that. There are pros and cons for both: IVA payment lasts 5 or 6 years, BR will be for 3 (but might be a little more each month). Both will ruin your credit rating for 6 years or so, but BR does carry a bit more stigma still. BR will cost £700 per person upfront, IVA won't ( as long as you go to one of the "charity" companies or a reputable private firm ---- neither will affect the amount you end up paying). Your IP might feel a little more intrusive over the term of the IVA -- but the OR in bankruptcy has bigger teeth!

On a personal note, I could have gone for BR but chose an IVA as, at the end of the day, my creditors will get more back. My aim is to pay back as much as I can comfortably afford. Some prefer to opt to pay as little as they can get away with. It's a personal choice.

Have a look at https://www.iva.com and speak to a few companies, as well as the likes of Payplan and CCCS, for specific advice and to get a "feel" for the people you will be dealing with.

Best of Luck.