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  • FIRST POST
    • philster
    • By philster 14th Sep 18, 1:25 PM
    • 2Posts
    • 0Thanks
    philster
    IVA and options
    • #1
    • 14th Sep 18, 1:25 PM
    IVA and options 14th Sep 18 at 1:25 PM
    Good Afternoon

    i am spinning. i got divorced 4 years ago - terrible deal but i get to see my children three time a week which was to be fair, all i ever wanted. I took the settlement i got which was 15K and used it as a deposit for my little house. Over the course of the last 4 years i have had to buy pretty much everything as i left the my old house with nothing and my property did need a fair bit of work. Now i have everything in my house, but like a complete idiot and i do blame myself, ive ran up :-
    5000 loan
    and approx 16000 over three credit cards!!
    The monthly payments are making it very difficult to make ends meet now.
    I have contacted Step change who have told me i 'MAY' qualify for an IVA for which i am now gathering all my paperwork for in order to proceed. My creditors are in for a shock as i have never registered a missed or late payment in my life!
    im just wondering what people think - im petrified but i dont currently see a way out of this and im not sleeping - any advise gratefully received
Page 1
    • sourcrates
    • By sourcrates 14th Sep 18, 2:08 PM
    • 15,252 Posts
    • 14,353 Thanks
    sourcrates
    • #2
    • 14th Sep 18, 2:08 PM
    • #2
    • 14th Sep 18, 2:08 PM
    I`m just wondering what people think - I`m petrified but i don't currently see a way out of this and I`m not sleeping - any advise gratefully received
    Originally posted by philster

    Hi,


    Your choices as a homeowner, are either a Debt Management Plan, or an IVA.


    It will depend how much equity there is in your home, and how much disposable income you have, whether you qualify for an IVA or not.


    It can be a good choice, if a DMP will take more than 6 years to complete, then you should go for the IVA, you get legal protection from creditors, plus an end date, most will run for 6 years, as there is a remortgage clause in year 5, where you have to try to remortgage to benefit your creditors, however, most are unable to do so, and they get up to an extra year of payments added to the arrangement instead.


    Do your research carefully before committing to anything.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
  • National Debtline
    • #3
    • 14th Sep 18, 4:14 PM
    • #3
    • 14th Sep 18, 4:14 PM
    Hi philster


    There's some good advice from sourcrates above. If you can complete a statement of affairs and post it back on here we can give more advice on which option is best for you. You can complete one here http://www.stoozing.com/calculator/soa.php.


    Best wishes


    Susie
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
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