Considering IVA, currently on a DMP. Don't really understand a lot of it.

[Kelly.gc]

i'm hoping someone could help me? were considering a iva were currently on a dmp with step change but looks like were gonna be stuck forever paying it! we also have a mortage and 5 children. my husband is self employed and is at work more than he is home this company ramsey lomax have offered a repayments of about £150 a month which the insolvaency company they use or part of them i not 100% is called leonard curtis, all these sounds so amazing there gonna send out the paper work etc so we can read through everything. but my question is, well i have many,
1 has anyone ever dealt with them?
2 what happens after the 5 yrs, they say if our house is worth lots then it would end up a 6 yr iva, which again is fine. i;m just really worried and just wanna do what's best and easiest for my family
i understand that step change are funded by the creditors meaning they want you to pay back every single penny forever if need be, i didn't realise we could end up with losing it all anyway? court charges or whatever, sorry i don't really understand a lot of it! i just wanna know i'm doing the right thing?

please help x

[Michael Peoples]

An IVA may be an option and could have been all along. However, I do not believe that Stepchange do IVAs for the self employed which could explain the DMP.

I would be careful about the idea of an IVA if there is subsatntial equity and HMRC are a creditor as they could demand the sale of the property up front. If they are not a large creditor this should not be a problem but you need to be aware of the potential downfalls as well as the upsides.

If in doubt get a second opinion and whatever you do, do not pay up front fees as this is unnecessary.

[Kelly O]

Hi Kelly.gc and welcome to the forum

Before you commit to one company you should consider seeking advice from a few companies - you will know when you have found the right one.

I agree with Michael, there is no need to pay upfront fees and be careful of companies cold calling you.

[Adam Davies]

Hi

Good advice from Michael who is an expert with self employed cases.

Does make you wonder if you did receive best advice when you first contacted Stepchange ? How much debt do you have, how much equity and what are your current payments into your DMP ?

Regards

[Foggy]

Kelly -- my first bit of advice would be, in light of your closing sentiments, STOP !! Look around the forum and do some research.

It is always advisable to speak to a few companies to compare advice and to see who you gel with. An IVA is a pretty financially intimate arrangement and you need to be comfortable with who you work with --- more importantly --- someone who will work WITH you.

[seagulls]

My husband is self employed and has an IVA with Payplan which may be another option for you . Best to speak to at least two IVA companies beofre you make a decision. Good luck with it all

[kellygc]

hi i'm the op lol i wrote a whole massive msg back and now its gone! x

[kellygc]

after talking with kelly who has also posted here who works or is melanie giles? i'm confused haha but i felt really at ease with them but i'm obviously so scared or just feel like i need someone to tell me i'm doing the right thing? or its going to be ok!!! i'm so stressed over it all and the more stuff i read, the more confused i become! who's to say the creditors will say yes? also hmrc? who is that the government? sorry i seem pretty silly, i don't really understand it all, hence asking for some help! we have 38k of debt lloyds tsb being 10k barclays 7500, aa 7500, so on!!
were on a repayment mortage with the halifax, but husband is a self employed carpenter, we are married with 5 children. we have a mortage of 202k outstanding. they say who ever iv'e spoken to that out house is worth 260k ( even though my neighbours is up for 300k) i'm so scared and stupid but i know we cant go on paying step change and nothing changing! having this around our necks for the forseable future just makes me want to cry :'( i'm really sorry if iv'e confused you any more,i really do appreciate you all taking the time to help me after all i don't feel as though iv'e any where left to turn. i think mealanie giles sounds great, what are your thoughts?

please help xxx

[kellygc]

i just wanted to also say thank you i really am greatful x

[Foggy]

Hi again --- you won't go far wrong with Kelly O and Melanie Giles ( they work together). They are top flight and the client (you) are really at the centre of all they do.

Take your time and Kelly / Melanie will happily answer any questions you may have and they will make sure you understand everything (don't worry, they are very patient )

[Kelly O]

Thank you for your support Foggy

Foggy is right, we will discuss everything in detail so that you fully understand what you are entering into and you get no nasty surprises along the way.

HMRC is the tax man and will only apply to you if your husband owes any tax but we can discuss that on Monday x

Melanie will probably be on later unless she is getting an early night in preparation for the rugby tomorrow

[kellygc]

thanks so much must be the name kelly lol but no we don't owe any tax x

[Kelly O]

I didn't think you did after our chat today

Enjoy your weekend and try not to worry and we can have a chat Monday x

[Michael Peoples]

Does seem like an IVA is an option but again why did not Stepchange advise this at the start. They are the creditors' favoured advice company yet appear to have no idea about the self employed.
I hope it works out for you Kelly.

[Foggy]

With one IP for thousands of cases they cannot manage anything other than a straightforward, pro-forma, IVA.