Advice please

[Sueboo]

I commenced my IVA in Dec 09 so am relatively new to this but have been recently contacted by the so called IVA Watchdog & am a little alarmed by what they have told me. I have googled these peeps & seen what others have said but my concerns were about the following issues;
Firstly they said that because I have a large amouunt of equity in my property (approx 75k) & I owe approx 25k that I was missold my IVA because in yr 4 of my IVA when I am unable to re-mortgage my house because of my poor credit rating or be charged exorbitant interest rates that I may still need to continue paying my IVA for up to 7yrs???
They also said that I would be better letting my IVA fail & rejoin a debt management company & that they can halve my payments immediately because if I get into difficulties I may still be declared bankrupt & lose my house anyway???
All of this has increased my worries as I am already struggling with my payments & after nxt month when my eldest daughter finishes college I lose her maintenance from her father, working tax credits & child benefit for her, all of which add up to the amount that I am currently paying out on my IVA & as she has yet failed to find a job I don't know what I'm going to do. Advice pleeeaase!!!

[kallis3]

Hi Sueboo and welcome to the forum.

Ignore this company. They are only out to charge you a fortune to 'assist' you to go bankrupt. If you need to, you can do this yourself for £600.

If your IVA is running ok, then carry on with it. If you let it fail you will be back to square one and a DMP will take you years to pay off, and that's if the creditors agree to freeze interest and charges.

If you are having problems, speak to your IP in the first instance. Do not have anything to do with this company.