Considering IVA

sparrabeth

svrider28 wrote: »

Hi 10past6,

If I were you I would do some serious research first to see if an IVA is the right option for you. My OH and me took out an IVA in October last year without looking into it properly (we panicked really) and we are still finding it almost impossible to keep up the monthly payments. Our joint debts were £62K ( I know........I'm not proud of it!) and our monthly repayments are still £540. We are even now considering BR as a more viable option, the company we went through take £50 a month out of the repayment as a fee and we only found out when it was set up that IVAs are available as a free service elsewhere.

Look into it and consider all the options!!!

Best of luck

Hi. I'm sorry that you have been pressured into an IVA when it looks like it wasn't the best advice, but to clarify - IVAs are NEVER free. Only DMPs (when run by CCCS, NDL or CAB) are free. The legal side of IVAs means that there are always fees involved, although companies such as CCCSVA have much lower fees than most.

NekoZombie

10past6 wrote: »

Thank you DD

Would you have any idea if under an IVA if our payments were to increase greatly.

As mentioned earlier in this thread, we owe £91.500 in unsecured debts, and pay £535.00 per month.

I would expect your payments to be higher - probably more like 700 pcm. I owed 36k and my IVA payments were set at over 400 pcm. You certainly won't be paying the same as your DMP.

sparrabeth

10past6 wrote: »

Thank you DD

Would you have any idea if under an IVA if our payments were to increase greatly.

As mentioned earlier in this thread, we owe £91.500 in unsecured debts, and pay £535.00 per month.

Your payments should be similar to the DMP payment - its still based on your surplus (income minus outgoings) and the budget guidelines should be the same as the DMP ones.

10past6

10past6 wrote: »

Hi

Just an update, I called CCCS re obtaining a 2nd opinion on an IVA, they have booked a telephone interview for Friday.

Will post the outcome following the interview.

Hi folks

Just an update re my situation.

I’ve done an income and expenditure today with CCCS, they believe I qualify to apply for an IVA, this information combined with the advice from Pay plan & forum member DD confirms I am eligible and that an IVA is the best option for me.

Now I have to decide who to choose to do the IVA through, there have been some hit and misses on here re Pay plan, when I was speaking with a representative today from CCCS, “if I’ve got this correct” I believe if I do my IVA through CCCS and god forbid should anything go wrong during the term of the plan, CCCS have a proven history is assisting, compared to other charity organisations, does anyone have experience of this?

Pay plan have been very supportive with me since commencing my DMP with them, and the last thing I want to do is offend them by doing an IVA through someone else (i.e.CCCS) any idea how I can handle this please?

Today, I received all the correspondence from Pay plan re commencing an IVA, although I haven’t completed it as yet.

Thanks for any advice

sparrabeth

10past6 wrote: »

Now I have to decide who to choose to do the IVA through, there have been some hit and misses on here re Pay plan, when I was speaking with a representative today from CCCS, “if I’ve got this correct” I believe if I do my IVA through CCCS and god forbid should anything go wrong during the term of the plan, CCCS have a proven history is assisting, compared to other charity organisations, does anyone have experience of this?

Pay plan have been very supportive with me since commencing my DMP with them, and the last thing I want to do is offend them by doing an IVA through someone else (i.e.CCCS) any idea how I can handle this please?

I have a friend who is on an IVA with CCCSVA and she's reported really positively. They've made it clear that if anything does go wrong, they will do their utmost to keep things going. If they can't, they'll support her to make another decision.

Payplan will expect a certain amount of drop outs from the process - I would have thought that it would be built into the yearly retention plan. I wouldn't feel too guilty if I were you.
xxx

10past6

sparrabeth wrote: »

They've made it clear that if anything does go wrong, they will do their utmost to keep things going. If they can't, they'll support her to make another decision.xxx

Hi Sparrabeth

Thanks for the positive confirmation, CCCS have also told me this, I think I'll do it through CCCS.

Many thanks