don't know who else to talk to

[scott_h]

Hi, I have already contacted Debt Matters regarding an IVA, they have said that as my mortgage is 53% of my salary, they cannot accept my proposal, even though 2 days ago they agreed a payment of £460 month for 7 years. I thought that this was now sorted and I don't know who else to talk to.This was based on debts of £107,000, reduced to £38808.00. I would very much appreciate you coming back to me as soon as possible.

[mish1953]

hi Scott - its pretty late nad most of the 'experts' will have gone to bed.. Im just a punter thats Bankrupt ..
Couple of things - did you actually have an IVA agreed with your creditors or were they doing an initial assessment ? Had you given them all your income and expenditure details before your reached this agreement ?

Slainte

[MelanieGiles]

Hi Scott

This firm have recently announced publicly that they are no longer proposing IVAs for clients, so you may need to seek alternative advice in any case. I am curious that they were talking to you about a seven year arrangement, when IVAs usually run over five.

They have, however, correctly identified that your mortgage payments will be too high for some creditors but not all. Could you possibly reduce the mortgage by switching to an interest only product?

You will need to be able to make payments in the region of £580 per month to be able to offer the minimum dividend required by most creditors - more if you have debts with HSBC which represent more than 25% of your overall debt, so I suspect that this is where the 7 year idea came from. I am not sure an IVA would be acceptable to creditors over such a long period, but subject to you checking on the status of your mortgage this might provide the solution to both problems.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[lily]

Hello scot

Cant really give you advice but I see Melanie is still up. I only really wanted to say you have come to the right place, this forum is very supportive and the advice is great too. Can you post more details? I have never heard of a seven year IVA. Anyway in the morning there will be lots of people about who may have been where you are now.


lily

[Rainbow]

Hi Scot

You do well to contact Melanie's company she is a star!

Best wishes
Rainbow

[Soulgrowth]

Hi Scott ... I just wanted to say don't give up hope, there is always a solution. Talk to some other people, there are plenty of experts here

Debbie

www.babynamings.co.uk

www.soulgrowth.co.uk

[iva.com]

Hi Scott,

If you are looking for alternative IVA firms to check, take a look at our site. We publish a list of IVA firms and IPs together with client reviews of the services that they provide.

We recommend looking at several firms before decididing which to work with.

Good luck with your search.

Kind regards,
Terry Balfour
IVA.com

IVA.com - The IVA Comparison Site
100s of reviews, All IPs and IVA firms rated.

Use our IVA firm comparison tool to find best IVA firm for you:
http://www.iva.com/iva_comparison_1.asp