Oh God, CCCS Says I need an IVA PANIC!!!

getdebtfree

Depth_Charge wrote: »

Hi

My understanding is that with Self Employed people and IVAs CCCS's policy is to pass them onto an outside provider which I believe is likely to be GT.

Maybe the CCCS poeple on here could confirm

Hi yes they just contacted me

Its Grant Thornton

Scared now seems more official than a debt management plan

Marcus

milliemonster

It is more official obviously, but an IVA offers you protection from creditors which a DMP does not.

I disagree that doing a DMP for 7 years is better than have an IVA on your file, an IVA will only stay on your file for 6 years from the date of acceptance, a DMP that lasts 7 years will then stay on your file for a further 6 years from the date of the last payment, both trash your credit rating the same.

Our car was worth £7k at the start of our IVA and was exempt, they only want your car if it's very expensive (like a porsche or similar).

Don't necessarily go with Grant Thornton though, speak to a couple of other companies who specialise in the self employed to get advice first before you make a decision on who you go with if you want to go down the IVA route.

We were petrified when we took the plunge two years ago but it's the best move we made, only another 3 years to go and it's over and life in an IVA is so much better than it was before and much better than what I expected it to be

UpToMyNeckInIt

Being self-employed, I can assure you that it is no barrier to getting an IVA.

Actually, it's usually an advantage. Most of us employ accountants, to do personal and business tax returns. They usually do their best to legitimately exploit every possible tax loophole expense allowance etc. to minimise income/dividends (on paper), and the resulting tax due. Your IP uses these returns to base your net income on, and thus calculate what you can afford to pay. In reality (in my case at least), my actual net income is a little more than the tax returns suggest, so my IVA payment is very affordable.

Definitely agree that your credit rating is trashed whatever route you take. In my opinion, IVA is a better way to go than DMPs, and you are likely to get a large chunk of debt written off at the end of it all (usually after 5-6 Years max). After year 6, you can start to re-build your credit file.

Anondebtadvisor

I agree that being self employed is no reason not to do an IVA and can indeed have its advantagesas suggested.

Do some research on GT, there are plenty of reviews around and speak to a few companies before you decide who to proceed with.

All the best :-)

UpToMyNeckInIt

Good point GT are a massive IVA provider, and I have come across a few disgruntled reviews, but I'm sure the same could happen with any such company. Personally, I chose a slightly smaller company having made the assumption that they might provide better customer service if I need it.

FiatFan_2

Hi,

A lot of good comments above, thought ad just add my 2pence worth as av just been through the process. Is the car financed? We thought we'd lose our financed car, but as its hire purchase it can be protected within the budget.

One benefit of you renting is an iva can only run for 5yrs, so no worrying it could be extended for a 6th year due to no equity release. The year or so after you'll have a clear credit history, well that's what we’re hoping.

FavDaughter1

hi, well done for admitting you have a problem. we all feel such panic:eek: at this stage. read,read,read all you can. take your time.

don't put your head down in the sand again now. you can sort this out. we did a full & final IVA (parents helped& we're repaying them),it's been hard & good at the same time,to have £ for food each wk is HUGE:j!!!!!

Hopelessly_Hopeful

Good luck on your journey.

If I were in your position I'd rather have an IVA

HHx