Hi all,
This morning i have taken my head out of the sand !
I think that an IVA may be the soloution to my ever increasing debt.
I have come across this website, and i salute you all for the support and sympathy you give each other. I have read through the forum and I see that do not judge each other and this should be cherished in times of dispare.
Our monthly out goings are very near our Income, so much so that our 12 month old daughter has more in her money box than we have spare at the end of a year.
I Have a few questions, and i don't doubt that i'll have more sooner or later.
1. I have read that near the end of the IVA term, I have to remortgage. What/When/How/Why is this ??
2. In part 5 of "The IVA Process" it suggests that there will be a disposal of my assets. Again What/When/How/Why is this ?? - We have a property abroad too (not as glam as it sounds, trust me), that is owned outright (i.e. there is no secured loan or mortgage on it) This is the main cause of our debt situation. I have tried and tried to sell it, to get ourselves out of debt but i can't. Would this be reposessed ??
you have taken a big step in facing up to your situation and you are right this is a great forum for advice and support - no one is here to judge you, everyone is here to just help and support each other.
me and my hubby are in a iva and it is the best thing we could have done - it has taqken the stress away!
as for your questions - you may be required to release equity from your property in the 4th or 5th year!
your employers would not be informed!
i cannot advise you further as i am not a expert but hang on in there someone will be along shortly!
Hi there - and well done for finally recognising that you may need to do something about your debts. I will try and answer your questions:-
1 Under current IVA protocol, you will be required to have your property revalued during the final year of the IVA and raise new lending subject to a maximum 85% loan to value. Any surplus money that raises, after you have paid off your existing mortgage, will be payable into the IVA.
2 You will almost certainly be required to dispose of this property and put the proceeds into the IVA pot available to your creditors.
3 Your employers will definately not be informed, unless you have any debt with them.
Whilst the forum is a great place for advice and support, you would be very wise approaching an insolvency practitioner directly to seek specific advice about your own personal circumstances and the options available to you.
Hi !! You are in exactly the same boat as me. I am going to go the IVA route and feel quite sick about it to be honest
I know its the right thing to do- but there are also some worries there. I cant apply for another 2 weeks until I begin my new job and am concerned about the creditors getting nasty.
do u have any idea how long the process lasts?? I just want to get it underway as I just dont feel like there is any light at the end of the tunnel at the moment
Please try and not feel bad about the IVA - it is going to take away all of the pressure from creditors away from you, and in the meantime you can pass a lot of that over to the IP you have chosen to represent you.
An IVA should take no longer than 8 weeks from start to finish, providing you give your IP full details at an early stage and that the information provided is relevant and up to date.
Thanks Melanie- I havent as yet missed any payments with my creditors and have been with them for years-but a change in my work means I just cant keep up with it. I wrote to them yesterday explaining the situation and offering a token monthly payment.
Also if they review me annually under the IVA-do I provide the information and if so what?Bank statements etc? Or would they contact my bank etc?
Welcome to Rockchickkelly and Stressed
There is a solution out there to your debt problems and also light at the end of the tunnel,in an IVA that light is five years away.
You can gain alot from this site,not only from the expert IP,s that post on here but also from people that have been through,or are going through,exactly the feelings and situations that you both are.
That advice and support is priceless
Regards
To answer the last part of your question, it depends who you go with as to what you will need for an annual review.
For myself, it will be a new income and expeniture form, three wages slips and possibly my P60. I won't have to send bank statements, but I do know that other companies do.
Some have to do quarterly or half yearly reviews as well.
Other than to inform your creditors of your IVA, they will not be contacted.
If you've not already done so, you need to change your bank to one who is not one of your creditors. Co-op and Nationwide are two good ones to use.
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 Melanie,
I have tried to sell my foreign property to sort out this mess, but to no joy. If it is handed to my creditors, how will they value it ?.
It is valued at more than I owe. But value is one thing, and a sale is another.
The apartment is in Bulgaria, it is worth approx the valuation is for £63,000 I have tried to sell it, and eventually lowerd the price to £55,000. but the market is dead, I owe creditors in the region of £30,000...
