Super Hero Dad site

TheAble

Odd that he didn't want to know the answer to that _before_ doing the deal..!

sourcrates

Fatsdom said:

We spoke again and he's done an IVA deal with Super Hero Dads. He's a homeowner and asked me if this means he'll be evicted. Does anyone know? 

Evicted by who ????  He’s the homeowner, as long as he pays his mortgage all will be fine.
IVA’s are primarily designed for homeowners who cannot go bankrupt, they are not always the best choice, but with over 30k of debt, in his case it probably is.

Now he’s signed up, is he aware of what his responsibilities are ?

He will make 60 payments into a pot, out of that pot his IP will pay any fee’s, VAT, and other charges associated with the arrangement, at certain times, they will also make payments to his creditors, these payments are called “disbursements”.

In year 5, he will be asked to remortgage his property, if that is not possible, another 12 months of payments are the norm.
I dislike these debt management companies that use social media to sell these arrangements, they very rarely fully explain the process to people, and make it sound so simple, when in reality it can be a lot more complicated.