iva ramsey lomax and leonard curtis

crazylady5

hiya everyone, i'm hoping someone could help me? were considering a iva were currently on a dmp with step change but looks like were gonna be stuck forever paying it! we also have a mortage and 5 children. my husband is self employed and is at work more than he is home this company ramsey lomax have offered a repayments of about £150 a month which the insolvaency company they use or part of them i not 100% is called leonard curtis, all these sounds so amazing there gonna send out the paper work etc so we can read through everything. but my question is, well i have many,
1 has anyone ever dealt with them?
2 what happens after the 5 yrs, they say if our house is worth lots then it would end up a 6 yr iva, which again is fine. i;m just really worried and just wanna do what's best and easiest for my family
i understand that step change are funded by the creditors meaning they want you to pay back every single penny forever if need be, i didn't realise we could end up with losing it all anyway? court charges or whatever, sorry i don't really understand a lot of it! i just wanna know i'm doing the right thing?

please help x

Find_The_Real

Welcome.

I would certainly consider speaking to a couple more IVA companies as it can be a bit specialist if you are self-employed.

An IVA is generally for 5 years with an equity release clause at the end which requires you to re-mortgage if there is equity in your home at the end of this term. If this is not possible then generally another year will then be added.

If your husband is self-employed are you able to commit to the monthly figures required for the IVA for at least the 5 year term as this is legally binding as a form of insolvency? If you don't mind saying how much debt is owed in total and what is your debt free date with SC?

Within the term of the IVA any windfalls need to be paid into the IVA, many people find that perhaps claiming for PPI before they enter an IVA is far better even if the debt itself is offset and whilst the IVA is current you are still liable for the whole debt + IP fees + interest until the completion certificate is received.

I would certainly say do a lot more research about what is the best for you especially as your husband is self-employed and speak to more people to get an idea. If you google IVA generally there is another good site for info on the 4th or 5th entry that specialises solely in advice on IVA's.

We also have a IVA & DRO board where other posters may be able to give some more advice.

I admit I haven't heard of the IVA firm you are using as I went with another firm that has an excellent reputation, so I would recommend not signing anything until you are really happy with the advice you have been given.

crazylady5

thanks so much for your reply who did you go with, yes thank iv'e jsut stumbled across another site full of iva stuff! lol thank you !

who are you with? i just wanna pay the less amount possible and the easiest way for my family, you know? x

Anondebtadvisor

I think you need to be cautious, especially if this company have not explained how they are proposing the property or equity will be dealt with in your IVA.

Have a look at that other site and have a chat with others who have been in an IVA and the experts

crazylady5

they said that after the 5 yrs if for some reason which they said is unlikely our house is worth more , we couldn't get a re mortage because if the dmp and being in a iva, no one would touch us, sorry they did pretty much explain its just me who doesn't understand it lol x

crazylady5

they also said there sending out all paper work to read through ? i'm just worried about all of it x

Anondebtadvisor

Do you know an approximate value of your property and the current outstanding mortgage?

Is it jointly or solely owned?

Also are you on repayment or interest only mortgage?

Depth_Charge

Crazylady5

It might help if you can also put up your SOA

DC

crazylady5

what is a soa? haha sorry i'm so thick!!! iv'e been talking today to melanie giles? or her company? or does she work for a company? sorry again i really don't get it! but i really felt at ease with the lady i spoke to her name was kelly anyone know of it? x please x

crazylady5

zoopla or how ever the work out what your house is worth they say 260k? i don't know? we have a mortage of 202 outstanding and were currently on repayment! i really appreciate your help x

Find_The_Real

I will admit I am very biased as I am with Melanie Giles for my IVA and in my own personal opinion they are a very good company to chat with, due to my experience with them.

It may be an idea to write down what questions you may have so you fully understand all the options you have to open to you if you are speaking to a couple of more IVA firms. Don't worry if you are not sure about something, do ask as that is what they are there for and don't feel that any question is stupid.

It can be daunting and overwhelming in the beginning but if you find a IVA company you feel comfortable with, in my opinion that is a very good start as if you are going to enter into an IVA, the relationship with your IP is going to last for at least 5 years and I think that is very important. To me it is not necessarily being able to write off the most debt or the lowest monthly payment, but more a company you can trust to give the right advice for what is best for your circumstances.

I just wanted to wish you good luck and as you are in a DMP, do try and take the time to consider all your options carefully and to research something first if you are not sure (you have already made a good start by posting here before choosing an IVA!).