iva-where to start?..

cila

hi all we are considering an iva,well quite sure only way out and having read all the posts was thinking if its a good idea to get everything in place before i even apply,such as get all info needed prepared-payslips,bank statments,financial statement...-also set up new basic account with the co-op and get all the relevant direct debits transferred over such as mortgage and household bills/insurances and save enough to put in there ready for the first lot of bills to go out as no overdraft facility of course.Any thoughts much appreciated, many thanks x

FoggyBrain_2

Hi Cila -- my advice would be to gen up as much as possible ( which it seems you have already done a lot of :-) ) . Read around this and other fora and then speak to a few companies for specific advice and to find a comnpany you feel you can work with for 5 or so years.

A reputable company will advise you on all the options and allow you to decide, don't allow yourself to be pushed into anything and I would advise against going with any company who cold calls you.

There is another excellent forum and comparison site where there is a wealth of information and you can see a list of companies with reviews --- but I have been requested by the admin here not to mention them. So Google IVA forum.

BillyWilly_2

Cila,

To offer advise you would need to provide details of debt, income/expenditure etc. Without this, and I certainly don't want to pry I would advise trying to avoid an IVA.

I was fortunate enough to have had a relatively smooth experience with my IVA although after seeing some of the posts on various threads I’m not sure it is as painless as it used to be.

When I was accepted there was no indication that once my debt had been paid it would affect me in any way. Unfortunately since the credit crunch everything has tightened up, particularly mortgages.

I would try arranging something with your current creditors directly, although I have heard that is easier said than done. If you are able to really cut back on outgoings (moneysavingexpert offers some great advise), consolidate your debts into a manageable sum then save & pay, save & pay, save & pay.

I would only say that an IVA is the way forward if you have already started missing payments and your home is at risk of repossession. It is a massive relief when it gets approved and you know where you are.

Hope this helps, I'm sure whatever decision you make will be the right one. It is going to be hard work which I’m sure you are well aware of.

cila

thanks for the replies but 89k in debt due to failed business a couple of years ago,income cut in half,living on credit really which will run out eventually,so before this happens we finally sat down and decided we need to do something about it,i cant really see another way,about 13k in equity if that,1 car worth about 3k,we dont want to lose the house so br not an option at this stage x

BillyWilly_2

It's IVA or no way then.

Like I said, once it is set up and you know what you are paying it is a massive relief. You seem to sleep easier at night that is a fact.

Good luck.

Depth_Charge

cila wrote: »

thanks for the replies but 89k in debt due to failed business a couple of years ago,income cut in half,living on credit really which will run out eventually,so before this happens we finally sat down and decided we need to do something about it,i cant really see another way,about 13k in equity if that,1 car worth about 3k,we dont want to lose the house so br not an option at this stage x

Hi

Some good information below

http://www.insolvencydirect.bis.gov....arymeeting.htm

http://www.bis.gov.uk/insolvency/personal-insolvency

It is always best to get full in depth advice and make sure you fully understand all your options especially where your house is concerned.

BillyWilly_2

Sorry Cila, I was a bit blase with my response.

Depth Charge is exactly right.