Considering an IVA

Glamourpuss23

ManyWays said:

How much did MW say you have as spare income?

They said £165 but it didn't make sense to me because I did my budget with Stepchange before talking to them and it was way under the £75 that makes you eligible for a DRO.

But they were insistent that I could only get an IVA and were saying it has to be £165 that I pay towards my debts.

I've been getting advice from national debtline who have been much kinder and helpful, and are helping me get the DRO. I think Money Wellness have been bullying me into the option they want me to take. This has taken over a month because I didn't like how the first guy at MW talked to me in a rude and condescending way and I'm glad I listened to my gut and waited. 

RAS

Looking at the sums, MW may be "increasing" your income by cancelling your Tech scheme debt which gives you surplus? Check how national debt level be view that?

fatbelly

When you get your employer loan paid off and you have a car with fuel costs, road tax, insurance, and maintenance - do your sums then

sourcrates

Well, so far you haven`t told us how much debt you have, or if you are a homeowner or not.

For clarification, IVA`s were developed specifically for homeowners, who had massive debts, and so could not go bankrupt, the IVA protects the asset, the house, so it is not at risk, so if you don`t own a house, and have massive debts over 50k, you have no business considering an IVA.

They are the only debt solution commercially sold to virtually anyone whose budget falls within the criteria, as the company can make several thousand pounds in fee`s from each one, as such they are mis-sold on an industrial scale.

We see posters will debts under 10k come on here for advice after been mis-sold an IVA, and the vast majority have little or no idea how an IVA actually works, they get blinded by the headline "write off up to 81% your debts" on social media sites, and fail to enquire any further than that, they then wonder why their payments have doubled in 2 years etc etc.