IVA without fees?

Grumpelstiltskin

sourcrates said:

mrjoshua88 said:

My thoughts exactly. He was saying he could setup an IVA for £90/month for the debt and that

“ They do charge fees but they are paid by your creditors so you don't pay them. You 1 million per cent do not need to pay any fees at all with an IVA. All covered by your creditors. You just pay your monthly payment for the 5 years“.

Thought it sounded like a bit of a farce.

Scammers are always looking for new ways to scam you, the regulated debt solutions available in this country are laid down in law, the bill is passed by both the houses of parliament through enactment, it then becomes a statutory law, these are only changed by acts of parliament.

Regulated debt solutions are:

Bankruptcy
IVA
DRO

Each have there own qualifying criteria, and each is enacted in a certain way, fatbelly has already listed the fee`s payable in an IVA, the legislation cannot be chopped and changed on a whim, only by act of parliament.

There`s far too much of this tripe on social media these days.

There are far too many people spending time on their phones reading this this rubbish and believing it's 100% real instead of living in the real world.

ManyWays

The problem with IVA fees isnt that you have to pay them in addition to your 90 a month, you dont. The problem is that these fees are so massive that a whole industry has grown up trying to sell IVAs to people who often have much better debt options. You cannot rely on what an IVA firm says or for them to explain the many problems with IVAs. 

Is a lot of your current debt problem the guarantor loan? They can be included in an IVA but if you are the borrower, the lender (who is it?) would just go after the guarantor instead. Many of these loans were originally missold so you should look into that instead. 

Posting a Statement of Affairs, including the lender names, would be a good start https://www.stoozing.com/soa.php

mrjoshua88

The guarantor loan was through a company called Future Finance, who I believe was potentially dissolved and the debt was taken over by Asset Link. I took it out in 2013 as a student to help with living costs, it will be cleared in 2027, so this particular debt isn’t currently a problem, it’s more the £10k of credit card debt between Cabot and Asset Link that is seemingly moving towards CCJ territory that I am concerned about. 

The debt was incurred through gambling problems that I had after graduating and struggling with finding work and other issues. If I have to pay it back, then so be it, the debt is clearly a result of my own actions, it was more just looking at options if it does prove enforceable. The “write off 80% of debt” advert I saw seemed too good to be true, so I thought I’d enquire to see what it actually involved, but clearly seems to be some sort of IVA scam.