Just had Call With Grant Thornton!!! Not As Bad As I thought

getdebtfree

Hi All

Just had my phone call with Grant Thornton,

After weeks of stressing, and now finally taking action.

I had my call with grant thornton after I was recommended to go with an IVA.

Sounds like things will go smoothly, not as horrific as I thought and they are going to go for me paying £115 a month to my creditors.

I owe 24k and to pay £115 a month will be life changing for us...

Will be a massive relief if it all pans out ok...

cheers

marcus

debtfree2016

Great news...

Question Do you have a mortgage? and is it Int Only? if so you need to find out if the Int Only is on a Temp Basis?

getdebtfree

debtfree2016 wrote: »

Great news...

Question Do you have a mortgage? and is it Int Only? if so you need to find out if the Int Only is on a Temp Basis?

nope no mortgage just renting...

FavDaughter1

hi, glad you feel more hopeful.

the general advice is to speak to 1-2 IP's before making a firm choice of who to go with.

fatbelly

Did they run through the advantages/disadvantages (to you) between IVAs and bankruptcy?

Compensationitis

Grant Thornton are OK

win123

I have heard they are very good grant thornton as they do low IVAs for people on low income - my concern would be as I own a house have a mortgage on it for 106 and would say its worth 125K - if my mum and I were to go on an IVA for a total debt of 28k how would it work out in the end as we own our house and have a little equity in it but mum is disabled and we have had the house adapted via a grant from the council due to her disability - I know they expect you to try and re-mortgage at the end of the term but we wuldnt get a mortgage due to mums age and the amount outstanding so what would happen then to us?

UpToMyNeckInIt

Hi win123,

The equity release clause usually requires you to make an additional 12 Monthly payments if your circumstances mean that you cannot get a remortgage (most likely scenario). Speak to a few companies if you are considering entering an IVA, and they will be best placed to advise you, as they will have all the relevant information from you.