Iva

niclaw

hi all
just wondered if anyone had done an IVA or knew anyone who had and if its worth it as my hubby is considering doing one. Thanx

craigprich

Hi,
My wife and I have just had our IVA agreed. I am not one to offer advice as everyone's case is different, all I can say is it was right for us. I would recommend the forum on IVA.co.uk as I received some excellent advice on there.

GeorgeUK

An IVA is not for everyone. If you have serious debt and own you own home, then this may be a way of protecting your home. If you do not have a mortgage or own your own home then i doubt an IVA is for you.

Many companies promote it because for every IVA they set up, they get £5k. I suggest contacting one of the free debt charities for advice - possibly fill in the debt remedy form on the CCCS website to see what they recommend for your circumstances.

(Taken from Fermi's signature)

Professional, free and impartial advice on debt problems can be obtained from several charitable and 'not for profit' organisations. They never make a penny from the advice they give, which means it will be given with only your best interests at heart. You can contact:

Your local CAB Office and ask to speak to a 'money advisor'
The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111
National Debtline - Tel: 0808 808 4000
Payplan - Tel: 0800 917 7823

10past6

craigprich wrote: »

Hi,
My wife and I have just had our IVA agreed.

One thing you need to consider, are you on a fixed mortgage deal?

If so, when that deal ends, you need to be aware that your mortgage payments may well increase substanially, you need to be able to take this increase into a/c, yes, there may well be provisions within your IVA for an increase in your mortgage, but that provision depends on the amount.

FYI, we've just pulled out of signing up to an IVA, our fixed rate deal finishes in 2009, going on what I've witnessed, there is every possibility our mortgage could increase by several hundred £'s, I'm not prepared to take that risk, and therefore, we'll remain on our DMP.