IVA - Help
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Hi
I have an IVA with my partner and we have another 3 years left to pay on it, we pay £400 a month on this, and also have a car finance which we kept seperate from the IVA, which is £250 a month, we are starting to struggle paying the IVA any ideas on how we can get out of the IVA.
We started the IVA 2 years ago in January, we had about £25,000 debt, which was credit cards, loans and store cards (between the both of us). The problem is the company who we have the IVA with are taking £10,000 + of the debt so we hardly pay the creditors any money a month, im very confused on what to do.
Help!!!!
Many thanks
I have an IVA with my partner and we have another 3 years left to pay on it, we pay £400 a month on this, and also have a car finance which we kept seperate from the IVA, which is £250 a month, we are starting to struggle paying the IVA any ideas on how we can get out of the IVA.
We started the IVA 2 years ago in January, we had about £25,000 debt, which was credit cards, loans and store cards (between the both of us). The problem is the company who we have the IVA with are taking £10,000 + of the debt so we hardly pay the creditors any money a month, im very confused on what to do.
Help!!!!
Many thanks
0
Comments
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£10,000 out of the IVA? That's horrendous. The worst I've heard.
Have you checked the terms and conditions of your IVA?
Do you have property to protect such as house? If not, you may be able to get out of it on the basis that it was mis-sold.
I would suggest you call CCCS who are a charity. They do not charge for their advice and if an IVA is suitable for you, then they will recommend it but not for the FEES you are paying. They only recommend them to about 3% of their clients so act in YOUR interests only so their set up fees are a lot less than you are paying.
I hate IVA's.Debt 30k in 2008.:eek::o Cleared all my debt in 2013 and loving being debt free
Mortgage free since 20140 -
Too true, do your best to get out of this IVA somehow.
We almost went IVA because of all the hard sell, but then (luckily) went to CCCS. Hope it works out for you.
:D stay wonky :D
....one-way ticket to Portugal booked !0 -
I have no mortage I rent and we went through an accounts and i think thats why they take so much money from it.
Because its gone through court, do you know if there is any way that we can write to the creditors and ask them if we can pay them back directly and then do something with the people who we pay the IVA to?
They are all very confusing i wish we never got one, but at the time we were in a mess and didnt know what to do, few years later we are no better off.0 -
It sounds like it was mis-sold then as IVA's are only really suitable if you have property to protect and you don't wish to go bankrupt. Sadly, so many end in BR - just check out the BR board and you'll see what I mean.
I seriously think you should ring CCCS on Monday and National Debtline (also free!) who I think are open until about midday tomorrow (keep trying with them as they are busy). I nearly went for an IVA but CCCS recommended a dmp so I am paying my creditors directly. They may prefer this, as they will receive all the money back instead of sharks taking their share, although it may take longer to pay.
From what I have read about them, there are ways of getting out of them but you may need to speak to your IVA provider.
Sorry, not sure what else to suggest.Debt 30k in 2008.:eek::o Cleared all my debt in 2013 and loving being debt free
Mortgage free since 20140 -
hmmmm, 5 years at £400 pm is £24000 against £25000 debt. £10000 charges, We can see who the winners are here.
Are IVA Co's regulated yet? National Debtline tomorrow is good idea,:D stay wonky :D
....one-way ticket to Portugal booked !0 -
Eh :eek:are taking £10,000
£10.000 :eek: :eek: in the time I've been both a lurker / member of this board, I've never heard of such a figure, who is your IVA with?Click here for Martins (MSE) advice on who to contact with Debt Issues - YOU HAVE NO REASON TO USE A FEE PAYING DEBT MANAGEMENT COMPANY- THEY CANNOT DO ANYMORE FOR YOU THAN THOSE LISTED IN MY LINK ABOVE.
All information given by myself is offered informally and without prejudice - if in doubt seek help from a qualified and insured professional0 -
This is why so many IVAs are miss sold :mad: :mad:hmmmm, 5 years at £400 pm is £24000 against £25000 debt. £10000 charges, We can see who the winners are here.Click here for Martins (MSE) advice on who to contact with Debt Issues - YOU HAVE NO REASON TO USE A FEE PAYING DEBT MANAGEMENT COMPANY- THEY CANNOT DO ANYMORE FOR YOU THAN THOSE LISTED IN MY LINK ABOVE.
All information given by myself is offered informally and without prejudice - if in doubt seek help from a qualified and insured professional0 -
It with an accountants who are based in Manchester
Oh i just checked with my boyfriend and the debt was £30,000 sorry not £25,000 but its still crap.0 -
My friend and his ex wife have also been charged over £10,100 for his IVA, and 86p in the pound off his debt meaning that he will be paying back more than he originally owed. His payments are set at £973 PM (rising to £1,200 PM in the last year) which was based on all earnings including ALL overtime. This was 100% of residual joint income, but using an unrealistic wage. He did query it at the time and said overtime was not guarenteed but he was told it HAD to be included as regular wage. After 27 months of paying, and cutting back on mortgage payments, his marriage broke down and he has moved in with me. Neither he nor his ex wife can make the payments as there is no residual income for either party. He also is up to 7 months of arrears with the mortgage company - about £6,000. He nor his ex wife have ever met the IP nor had a face to face conversation with anyone from the company. He was told to do his annual update via a "financial helpline" which he was charged £1650 for (small print in the agreement). He has paid just under £30,000 into the IVA so far for a £54,000 debt. We checked his credit file yesterday and it appears that only about £1,500 in total has been paid to the creditors. He desperately needs to get out of the IVA but is worried that his ex wife will lose the house - something none of us want. There is approx' £10,000 equity in the house and the only other asset is her car worth approx' £6,000 which she needs for work. She has considered a cheaper car but because of a disability it is unlikely to be cost effective. I feel he was very badly advised or even mis-sold, and also for the level of his individual debt would be much better on a DMP. I'd be interested to hear what anyone else thinks or any advice on getting out of this mess without losing the house. Thanks0
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Hi samoya welcome to the forum :hello:I'd be interested to hear what anyone else thinks or any advice on getting out of this mess without losing the house. Thanks
2 issues
a) Create your own thread, the answers in that thread will be directed at you, and not become confused with this thread
b) Click on the link within my signature and speak to the experts for professional advice.Click here for Martins (MSE) advice on who to contact with Debt Issues - YOU HAVE NO REASON TO USE A FEE PAYING DEBT MANAGEMENT COMPANY- THEY CANNOT DO ANYMORE FOR YOU THAN THOSE LISTED IN MY LINK ABOVE.
All information given by myself is offered informally and without prejudice - if in doubt seek help from a qualified and insured professional0
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