Is “national debt expert” legit

sourcrates

That company specialises in selling IVA`s (individual voluntary arrangement) its a legitimate debt solution, but only really suitable for a small number of people, basically IVA`s were designed so homeowners who had massive debts, could avoid bankruptcy.

Your assets are protected in an IVA, so ideal for a homeowner, and although there are no minimum or maximum amounts of debt to qualify for this arrangement, its only really going to benefit you if your debt is quite large, north of 30k as an example.

Lots of these arrangements are mis-sold on an industrial scale, they are wide open to mis-use, people sign up thinking, as you did, that you`ll only repay 9k, in reality that seldom happens, if your income goes up, so do your payments, any bonus or windfall you can kiss that goodbye also.

Your income must be stable for 5 or 6 years, and not everyone can do that, the IP takes there cut from the cash pot, made up out of your payments, so very little actually goes back to the creditors.

So to sum up, if you don`t own property, and your debts total less than 30k, there is a better solution for you.

Cheesephetamine

Unrelated but I don’t see the difference between a bankruptcy and an iva, in what negative consequences it has on the person? On both you are in a public record, both wreck your credit score and both can affect certain jobs. What is the difference then? I thought the only difference was whether you could pay a bit back (iva) or nearly none or none back (bankruptcy)

kaMelo

Cheesephetamine said:

Unrelated but I don’t see the difference between a bankruptcy and an iva, in what negative consequences it has on the person? On both you are in a public record, both wreck your credit score and both can affect certain jobs. What is the difference then? I thought the only difference was whether you could pay a bit back (iva) or nearly none or none back (bankruptcy)

In an IVA property is not at risk, going bankrupt could lose you your home.

sourcrates

Cheesephetamine said:

Unrelated but I don’t see the difference between a bankruptcy and an iva, in what negative consequences it has on the person? On both you are in a public record, both wreck your credit score and both can affect certain jobs. What is the difference then? I thought the only difference was whether you could pay a bit back (iva) or nearly none or none back (bankruptcy)

As I said in my other post, and that has been confirmed by KaMelo, above, an IVA allows you to keep assets, such as a house, wear as in bankruptcy, any asset would be at risk, an IVA and bankruptcy are worlds apart in that respect.

Both solutions allow payments to creditors according to disposable income, an IVA is based on normally, 60 monthly payments, in bankruptcy if you have a disposable income above £20 per month, then an IPA (Income payment arrangement) is likely, for usually 3 years.

Any kind of insolvency is bad if it will affect your job, but for most that isn`t an issue, going on the public register is no big deal, I`ve been on there twice and haven`t had any friend requests, yet.

A single default can wreck your credit file as much as any insolvency can, so again, you can live with such things.

IVA`s are mis-sold on an industrial scale, we see lots of post on this forum from those who have signed up to one, with absolutely no clue as to how they work, debts of less than 10k in a lot of instances, and who have no assets whatsoever to protect, so a wholly inappropriate choice in cases such as that.

Basically if your 50k in the hole, and a homeowner, an IVA is ideal, if you don`t own squat, and owe over 30k go bankrupt, under 30k, look at a DRO, debt management fills the gaps otherwise left.

flipflopflo

Also in bankruptcy every debt is included (apart for a few exceptions)whether you name it or not. The other thing with BR is if you have no or very little equity in the house then the OR will generally no interest in the property. 

The thing is once you’ve had that lightbulb moment is NOT to rush into anything and take your time and research everything. Take control back. Unless of course you have court papers then it’s a little more urgent but there are ways of buying some time if you do your research. Get your ducks in a row and all that jazz. 

Rob5342

Companies can make the most money from IVAs so they are the ones they pay to advertise. Note that they choose their name to sound like national Debtline, and most links on their website end up asking you for your details so they can phone you.

https://youtu.be/-R9-v3oLhrI

BadDebtor

Cheesephetamine said:

Unrelated but I don’t see the difference between a bankruptcy and an iva, in what negative consequences it has on the person? On both you are in a public record, both wreck your credit score and both can affect certain jobs. What is the difference then? I thought the only difference was whether you could pay a bit back (iva) or nearly none or none back (bankruptcy)

Do you care about something wrecking your credit score?

Is your credit score not already wrecked?

If you do not have a mortgage or own a property, do you expect to ever?

You said "as per change of circumstances" and you talk about being debt free in 5 years

If you have no assets. no mortgage and no job or a job with hardly any disposable income then with a TOTAL DEBT APRIL in 2022: £20929.08 why not consider DRO?  Cost £90, if you have nothing you have nothing.

Or if you do not qualify then go off radar, do not service or acknowledge the debt for 6 years and it will go off statute.

I think my total debt was over £80k most of it on credit cards, they had a load of interest until I got advice on here to just stop paying.

It is not for everyone but in my circumstances it was right solution for me.  There was a certain sense of satisfaction as each one went off statute. One got a back door CCJ but they  never got a penny either.  Never had a visit, I have a ring door bell which caused some to do a U-Turn, I do not know who they are, it seems they are camera shy or do not want to go on YouTube!!  I would not have engaged them anyway. 

Cheesephetamine

Thank you everyone, I was not saying I wanted to go on an IVA, I was just looking for more info. I do not own anything. Not even a car in my name, however I do have a good income and disposable money and I do want to pay my debts off so DMP is the best solution for me. I was just susprised when that company offered me the IVA as it sounded too good to be true (and it obviously was), so of course I came here as I always do to get educated. 
My credit score is wrecked since I started my DMP anyways and i think thats good as that keeps me from getting more credit (I got it debt due to mental health, basically overspending) and I am still working on sorting out my mental issues so the fact that I can't get credit is actually a good thing, I am not worried about properties or the future as, (without going into much detail) I will  be well covered and supported by family if I ever need to.

Thanks everyone

Cheesephetamine

I think my total debt was over £80k most of it on credit cards, they had a load of interest until I got advice on here to just stop paying.

It is not for everyone but in my circumstances it was right solution for me.  There was a certain sense of satisfaction as each one went off statute. One got a back door CCJ but they  never got a penny either.  Never had a visit, I have a ring door bell which caused some to do a U-Turn, I do not know who they are, it seems they are camera shy or do not want to go on YouTube!!  I would not have engaged them anyway. 

Uhm.... why do you not WANT to pay off your debts? I understand if you can't pay for whatever reason (ie no income), but (i might be wrong and if I am, I am sorry) for the tone of your post it seems like you don't pay because you don't want to (and kind pf feel proud of being a bad debtor??) and that it's not fair. At the end of the day no one forced you to get credit (one would hope) and you signed a contract so not paying just because it's... icky.

I feel awful when I think of the debts I still have even though I am slowly paying them off. I cannot imagine being able to sleep if I completely stopped paying them. I would go insane

fatbelly

Rob5342 said:

Companies can make the most money from IVAs so they are the ones they pay to advertise. Note that they choose their name to sound like national Debtline, and most links on their website end up asking you for your details so they can phone you.

https://youtu.be/-R9-v3oLhrI

Slightly ironic that that 4-year old video from debt camel was done on behalf of several IPs under the banner of TIP.

Sara has recently distanced herself from Tip, and recommends approaching stepchange in the first instance