If you have no assets they do tend to be over five years but if you have a house with equity it is more than likely that you will be expected to carry on if you can't remortgage. I will be having to do that in a couple of years time.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
It all depends on individual circumstances but the norm for an IVA is 5 years, 6 if you have the equity clause but there are some posters who have a 7 year IVA due to certain creditors demands but these are few and far between.
so if you cant remortgage and have to carry on then the maximum time is 5 years? Thats 4 years on the standard iva and then the extra 12 months if no home equity is available? Is that right?
No, you will do the five years and then continue on for a further 12 months.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Luckily I don't own a property, I rent from a housing association and although I have a partner, he doesn't live with me so everything was based on my lone wage.
From my initial call, I had my initial pack through in 4 days, I then gathered up all the required information which took me just over a week ( was waiting on my tenancy agreement) and i sent off. I then had my draft proposal though within another 4 days, I checked it all out and signed and sent it back.
After around another 3/4 days, I had my letter with my creditors meeting date of 31st March. Around 45 mins after the meeting, I had a call saying it was accepted but with a modification of Additional £25 - they took this off the life insurance allowance. I agreed so I am now paying £350 a month - my debt is approx £23k.
Susie
x
IVA Accepted 31st March 2011.
IVA Ends 31st March 2016.
Jan - if there's no equity in the property, the IP can ask for the IVA to be concluded after month 60 can't they?
Beckie - you'll see from the many different responses on some aspects of IVA's that each one is indivdual. It's always written into the proposal what will happen regarding your property at the end of the 5 years. Some also get extended past 5 years if you have taken any payment breaks during the term
I'm not sure, it will depend upon the individual proposal and some creditors can ask for a further 12 months I believe.
Hopefully one of the experts can come on and clarify the situation.
Beckie, have a chat with Cleardebt and ask them what is likely to happen in your situation.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I should have said - in total it was approx 6 weeks from my initial call, and I didn't have to visit or meet anyone face to face.
But I think my circumstances are pretty straightforward compared to some.
Susie
x
IVA Accepted 31st March 2011.
IVA Ends 31st March 2016.
Mine was about eight weeks in total and we never met anyone. The only time you are obliged to do so is if you are self employed.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi Beckie - this link states the basics on equity release. As said before though, every IVA is individual and it's something that will be explained by your IP.
That's what it says. I don't own a property so I am just going by the guidance. I think it's something that will have to be explained by your IP. A lot can happen in 5 years and you will still have to go through all the valuation exercise to confirm it's still in negative equity
Thanks. Does anybody also have any advice on carrying on making minimum payments on my debts. Obviously we are in the very early stages of applying for an IVA and it's going to be probably 7-8 weeks before we know if it has been accepted but at the moment I am up to date on all payments for loans, credit cards, store cards etc,although I am only making minimum payments and the majority of that is being eaten up by interest.Most of the payments I am making are paying credit with credit i.e using a payment on one card to pay another and I wondered if I should kkeep up with this? My IP has advised that I do but it seems so pointless.
