IVA's

kelly81283

Hi guys i'm new to this and just need some advice.

Me and my partner bought our house in 2004 and then decided to get married in 2005 with no savings (daft i know now).

We had an amazing Wedding but in January 2006 we were in a horrible mess. We thought about Bankruptcy but didn't want to lose our home.

We gave DFD a call to try and sort out our finances through an IVA. They worked out we had around £40,000 debt and based on what we earned our payment would be £800 per month.

After we sorted all this my Husband lost our job so we contacted them about lowering the payments. They reckoned we could afford £300 per month and after sorting all that our Creditors refused it as instead of paying 100% of debt we would only be paying 22% back.

DFD contacted us and said we needed to come up with a higher offer which at the time seemed impossible but my Hubby spoke to his Employer who gave him a slight rise so we could up this to £460 per month.

We have since sent off all our things to DFD but we are yet to hear from them. I think sometimes no news is good news but i am worried about what happens if our Creditors refuse this offer.

What can we do i do not want to declare Bankruptcy or lose our lovely home!!!

:eek: :mad:

sharon_currie

Have a look at this site


Click here: IVA | Individual Voluntary Arrangements (IVAs) | The UK Insolvency Helpline

angelavdavis

Hi Kelly,

Keep on their back because so many of these clowns don't pass the money on. You are paying them for the privilege after all.

Bit late now, but why didn't you go to Payplan, CCCS, CAB, Christians Against Poverty, etc? (they are all charities)

Any idea what DFD are charging you?

You might want to look at SouthernScousers sticky thread for newbies (top of the forum listing) to complete an SOA and post on here for the good folk to offer their opinions and provide you with more advice.

kelly81283

I believe they are charging us around £4000.
But when we had a change in circumstances they also charged us £500 for preparin the letter to our creditors and £900 plus VAT for extending our IVA over an extra year.

LozBingley

kelly81283 wrote: »

I believe they are charging us around £4000.
But when we had a change in circumstances they also charged us £500 for preparin the letter to our creditors and £900 plus VAT for extending our IVA over an extra year.

:eek: £500 to write a letter that they have probable written/sold a dozen times before to other customers and just copy and pasted your name and address in to!

I'm in the wrong job!

james32_uk

Not that I'm in support of DFD, but £500 is a standard charge for the extraordinary convening of creditors during the course of an IVA.