Iva

daisy_124

iva r they safe? based in northern ireland,, 29,000 debt,, finding it hard to make payments,, is there a guarntee to take iva and pay set amount for 5 yrs,, will rest of debt be wrote off , at end,, does anyone have experience of iva??please help


thank you


daisy124

patchy987

Not sure if same rules apply in Ireland but we have just completed our iva and although it was very hard going at times it was definitely worth it

National_Debtline

Hello there,

As far as I'm aware it is possible to have an IVA in Northern Ireland. You may wish to seek free, independent advcie from Debt Action:

http://www.advice4debtni.com/

Best wishes,

David @ NDL.

UpToMyNeckInIt

daisy_124 wrote: »

iva r they safe? based in northern ireland,, 29,000 debt,, finding it hard to make payments,, is there a guarntee to take iva and pay set amount for 5 yrs,, will rest of debt be wrote off , at end,, does anyone have experience of iva??please help


thank you


daisy124

Hi Daisy,

I am an IVA customer, and it is a great relief to pay back only as much of my debt as I can afford. However, I urge you to thoroughly research the subject before committing to one. It is after all a form of insolvency, which will hamper your ability not only to get credit of any sort, but even opening a bank account will be difficult. Some IVA customers even report difficulties in getting mobile phone contracts and car/home insurance as well (I've not had a problem though).

IVA's are 'Safe' in that they are a legally binding contract. What you say is correct to a point. Payments are 'set' but 50% of any net future pay-rise you get over the 5 year period will also have to be paid over as well (you are sometimes allowed a 10% rise before that rule kicks in though).

Also, if you own property, you may have to attempt equity release at Month 54. If you have equity, but cannot release it (ie: you cannot get a remortgage - which is currently the most likely scenario), your IVA may be extended for a 6th Year.

Good luck with whatever you decide.