Starting an IVA what to expect?

Anondebtadvisor

Or use the endowment as full and final and then overpay the mortgage as much as possible after the IVA is complete.

I agree that creditors may ask for this to be cashed in and paid into the IVA

Custard_Pie

Lesson learnt for me was to always fight your corner and trust no one. Your IP claim to be on your side, but ultimately, they get paid out of the pot. So, the more money that goes in the pot, the better for them. I've managed to hold onto my properties and car as part of my IVA.

SIRENS

My endowment is listed as tied to my mortgage (inspected) I don't think they would let me cash it in as the bank have an interest in the policy still?
Plus it has my life cover tied into it.

UpToMyNeckInIt

More great advice there.

Worth speaking to another 1 or 2 iva firms to see what your options are.

Google 'insolvency practitioner reviews'. 3rd or 4th result down takes you to a nice review site.

You really should speak to 2-3 firms, and go with who can get you the best deal.

If you believe your endowment is protected, get that in writing from your chosen IP.

SIRENS

Thanks for all the advice Uptomyneckinit
I have a field agent coming to my house tomorrow, I am a little worried as to what this involves, also my kids will be home (forgot it was half term when I arranged the meeting) trying not to talk about it when dd10 is about as don't want to worry her.
Will clarify with him about my endowment, it is in joint names with dh who is not part of the iva.

Anondebtadvisor

These agents know little if anything about IVAs - they are used as a tool to make sure you sign the IVA proposal and that it gets returned to them.

The agent is likely to tell you anything just to get that proposal back.

Please read reviews before you sign and enter anything.... if in doubt seek alternative advice - you could regret it later

re5

so...I ended up owing nigh on £50k...all my fault yes, I admit it - borrowed on cards as if there were no tomorrow. It got to the point where I was borrowing on one card to pay the minimum payments on another. The inevitable happened and now I'm 8 months into an IVA .

I reckon I'll be paying off about 50% of the debt as my monthly payments are £330, (I'm in receipt of a small pension of about £180 a month which they know about).

So, now I'm about to cash in another pension they don't know about (they did ask me at the time of taking out the IVA and I said it referred to an employment going back to the late 80's and I did'nt have any details about it, they said don't worry about it then and never asked again).

I have subsequently found out now that it might give me a pot of about £10k. I will not be telling anyone about this - if I did I'd just have to hand it over and I reckon it would make little or no difference to my monthly payments. I'm keeping it as a reserve fund because since entering into the IVA I've not had two bob to rub together most months. It seems every month something comes along that I hadn't foreseen.

The credit card companies can go spin because if they hadn't charged me outrageous rates of interest (check the bank of england rate against what they charge) I could have afforded to make my payments to them still, yes no doubt their rates reflect the default rate on these undescured loans but if they can offer 0% deals to new customers I see no justification in hammering existing ones.

DevCoder

So you're happy to go against your IVA rules and guidelines and shaft everyone else, not just your creditors but normal people who will end up paying extra in elevated charges because of people like you.

If you are not a troll then I hope they find out and your IVA fails.

Harsh but then you have shown no sense of morals even after being offered a lifeline after your reckless spending and seeing half of your debt wiped out.

Good that the rest of us will pay for that.

re5

don't get on your high horse mate.....if you stick to the rules in this country it's you that gets shafted. When I see the likes of rich people like Kerry katona go bankrupt three times and still live in a very nice house and drives very nice cars I come to the conclusion that sticking to the rules and being honest gets you nowhere..

tell me I'm wrong

DevCoder

You're wrong.

I don't need to be on my high horse to sleep soundly at night knowing that Im not a person who spent wildly beyond my means, enjoyed the money whilst it was there and then get half of it written off and still look to shaft the rest of normal of people who have morals.

Anyway, nice troll, but 4/10, must try harder.