Considering IVA

debt_doctor

Im glad that this is of help in a difficult time. It is my job to offer a client options to consider when I am aware of the full facts,and to assist them in acheiving that option once they choose it.

Providing you adhere to the terms of the IVA then your home will be safe. Make ABSOLUTELY SURE you have not forgotten any of your creditors. I do not have any experience of the CCCS IVA's as we at the CAB cannot refer to them. Perhaps thats worth a " quote " too.

Good luck

DD

10past6

debt_doctor wrote: »

Im glad that this is of help in a difficult time. It is my job to offer a client options to consider when I am aware of the full facts,and to assist them in acheiving that option once they choose it.

Providing you adhere to the terms of the IVA then your home will be safe. Make ABSOLUTELY SURE you have not forgotten any of your creditors. I do not have any experience of the CCCS IVA's as we at the CAB cannot refer to them. Perhaps thats worth a " quote " too.

Good luck

DD

DD

To be honest, I have few options available to me:

BR is not an option due to my home being at risk.

DMP with pay plan, could take forever to clear due to the balance involved i.e. £91.500

The only option I have would be an IVA in an attempt to see some light at the end of the tunnel.

The one concern I have is most members within “this” thread, have some concerns regarding IVA's.

debt_doctor

Yes and I am one of them ! - that is because IVA's are horrendously mis-sold by companies wanting to make large profits from people where BR would be far better option.

You are one of the minority for whom an IVA IS a good option. You only have 2 options ( as you want to keep your house ) 1) DMP pay 100% back with no legal protection or 2) IVA pay 50% back with legal protection from your creditors.

No contest.

DD

Toon_Dave

DD,

It does appear as IVA's are'nt appropriate for many people at all...what was the main thinking behind having them? Is there any specific cases that wouldbe ideally suited to one...i can see that 10Past6 not wanting to lose house is one but i havnt heard many 'success' stories either.

Looking on the insolvency website at previous bankrupts at my local CC..(yes, i was sad enough to check my name!) it seems that alot of people who set an iva up then pertitioned for Bankruptcy about a year later..so i asked my self why set one up if the likelyhood is that it will fail and BR will happen.

To 10past6...thats not to put you off going for an IVA just an opinion of what ive noticed..if its the best option for you and as DD has recommended it, it does appear to be only option to prevent loss of the house.

Good luck 10past6.

Dave.

10past6

debt_doctor wrote: »

You are one of the minority for whom an IVA IS a good option. You only have 2 options ( as you want to keep your house ) 1) DMP pay 100% back with no legal protection or 2) IVA pay 50% back with legal protection from your creditors.

No contest.

DD

DD
For weeks, even months we have not been able to get our head round the best option, I mentioned the stress level we are experiencing, however, within a few hours, you've managed to ease all that stress.

Now I need to know which company I should / should not use.

Oh, btw, I was not being derogatory when I mentioned about the members against IVA's it was just an observation.

Toon_Dave

The CAB recommended Grant thornton insolvency practioners to me from the newcastle office. They work closely with CAB clients and so are sympathetic to their needs and look out for your needs first and not their own.

Dave

debt_doctor

Im glad its helped, I would see whether CCCS were willing to leave you with more monthly income to your self ( ie lower monthly payments ) than payplan.

The IVA itself is controlled by legislation regarding you and your house being protected, so all IVA's are the same in that respect.

Some may be more lenient than others in allowable expenditure.

I would say Payplan or CCCS and no one else.

DD

10past6

debt_doctor wrote: »

I would say Payplan or CCCS and no one else.

DD

Can I do my IVA through Pay plan or CCCS, or do I have to contact a company myself?

10past6

Toon_Dave wrote: »

The CAB recommended Grant thornton insolvency practioners to me from the newcastle office. They work closely with CAB clients and so are sympathetic to their needs and look out for your needs first and not their own.

Dave

Thank you Dave for the recommendation.

tigerfeet2006

Give CCCS a ring and talk to them and then make your decision from there. Personally if CCCS offer to help with an IVA then I would go with them. But I know lots of people go with Payplan.