IVA our thoughts

cfnc

Have lurked here awhile and posted a few times.

After a lot of discussion and thought myself and my OH have entered into an IVA for a few reasons

wanted the security of no more hassle from creditors

we were having threatening communications from RMA who were possibily going to make my OH bankrupt

to be able to see an end to our debt

We were on a self managed DMP but Rma would not agree and freeze interest or accept reduced payments

After reading on here about iva's i get the impression that everyone does not like them.

Our iva's are run by a local firm and we were a recommendation from a friend.
We have been advised to increase our housekeeping money and petrol and also to go to interest only with our mortgage for 5 years.

We have a clause in our iva to raise equity in our home in the 4th year, but only if the extra cost is feasible to our iva practioneer and leaves us with a certain % of equity to our selves.

Has anyone been through any of this to be able to advise and prepare us.

CFNC

Mouth_of_Sauron

"We have a clause in our iva to raise equity in our home in the 4th year, but only if the extra cost is feasible to our iva practioneer and leaves us with a certain % of equity to our selves."

this is the bit I really don't like. Who says what is feasible and how much equity is the certain percentage?

TakeittotheLimit.

cfnc wrote: »

Have lurked here awhile and posted a few times.

After a lot of discussion and thought myself and my OH have entered into an IVA for a few reasons

wanted the security of no more hassle from creditors

we were having threatening communications from RMA who were possibily going to make my OH bankrupt

to be able to see an end to our debt

We were on a self managed DMP but Rma would not agree and freeze interest or accept reduced payments

After reading on here about iva's i get the impression that everyone does not like them.

Our iva's are run by a local firm and we were a recommendation from a friend.
We have been advised to increase our housekeeping money and petrol and also to go to interest only with our mortgage for 5 years.

We have a clause in our iva to raise equity in our home in the 4th year, but only if the extra cost is feasible to our iva practioneer and leaves us with a certain % of equity to our selves.

Has anyone been through any of this to be able to advise and prepare us.

CFNC

My brother was in an IVA and was expected to release equity in the 4th year,but he found it hard getting a remortgage ,the `firm` who was doing his IVA suddenly advised him to go with a mortgage broker they happend to know....result they got 75%of the spare equity to pay to the creditors,when it would have been better if they let him carry on for another year instead.

cfnc

That is what we would prefer to do, carry on the iva for another year. We have a really good rate on our mortgage which is at 4.99% fixed for 15 years so dont want to lose that.

cfnc