Am I doing the rite thing IVA

National_Debtline

Hi all and in particular Jason5534


There are some very broad statements being made here about IVAs without anyone other than Jason himself knowing the full picture.


IVA fees can vary significantly from one arrangement to another, depending on the complexity of that arrangement and the scale of the debts/assets involved. As such, there is no hard and fast minimum debt level for entering an IVA, though it's unlikely to make much sense for most who owe below £10K. There will be people out there who right now are on IVAs for debts of £13K and less, I guarantee you.


None of this is to say that an IVA is in this case Jason's best option, just that it isn't necessarily out of the question based on what he has told us.


Jason - you really need to either post a Statement of Affairs here (see link helpfully posted above by AngryBear) or consult one of the free debt advice charities. Until then, all you'll be getting are general observations like mine without any indication of whether an IVA is actually right for you.


Dennis
@natdebtline

sourcrates

National_Debtline wrote: »

Hi all and in particular Jason5534


There are some very broad statements being made here about IVAs without anyone other than Jason himself knowing the full picture.


IVA fees can vary significantly from one arrangement to another, depending on the complexity of that arrangement and the scale of the debts/assets involved. As such, there is no hard and fast minimum debt level for entering an IVA, though it's unlikely to make much sense for most who owe below £10K. There will be people out there who right now are on IVAs for debts of £13K and less, I guarantee you.


None of this is to say that an IVA is in this case Jason's best option, just that it isn't necessarily out of the question based on what he has told us.


Jason - you really need to either post a Statement of Affairs here (see link helpfully posted above by AngryBear) or consult one of the free debt advice charities. Until then, all you'll be getting are general observations like mine without any indication of whether an IVA is actually right for you.


Dennis
@natdebtline

Just going on my own experience here Dennis.

Total debt was £57,000

Due to unforeseen circumstances repaid £16,500

IP's fees and VAT amounted to nearly £9000, so creditors only got around 7k between them.

fatbelly

Hi guys

IVA fees that insolvency practitioners charge have become more controlled in recent years.

But unfortunately there are still lots of IVA lead generators out there aggressively marketing these things while giving poor advice. Seems many are not UK based.

The op needs to run his situation past an independent charity, and National Debtline would probably be the best of the bunch.

Jason5354

Thank you, I contacted a charity and they said it's the best choice I have in my situation

fatbelly

Jason5354 wrote: »

Thank you, I contacted a charity and they said it's the best choice I have in my situation

Thanks for letting us know, Jason.

Did they say why?

Jason5354

They took all my expensis over the month and by the end of it, it worked out I only had £100 a month after bills were paid.

I have contacted 2 charity's and both said its the best thing to do.

The company that are dealing with it is vanguard has any one had any experiance with these?

fatbelly

Jason5354 wrote: »

They took all my expensis over the month and by the end of it, it worked out I only had £100 a month after bills were paid.

I have contacted 2 charity's and both said its the best thing to do.

The company that are dealing with it is vanguard has any one had any experiance with these?

I hadn't heard of them.

A bit of research shows it is a new IP, run by the same guy who was a director of Churchwood.

I'm a bit surprised that 2 charities (Stepchange? National Debtline?) directed you to them but there seems little feedback anywhere on them.

Make sure you ask loads of questions until you understand what they are proposing - if I give advice, even on this site, I try to explain my reasoning.

sourcrates

I would be more inclined to go with a more recognised IP if I were you.

I used DFD (debtfreedirect) who did what they said they would, didn't contact me every 5mins trying to sell me stuff, and I only heard from them once a year at annual review time.

I suppose one IP is good as another, but they have reasonable feedback, and I would use them again.