We are looking to sign up for an IVA However the repayments requested are much higher than originally quoted on the first points of contact . Have just been to court today for a redetemination and are now facing a charge on our house , am feeling forced into accepting a repayment plan we cannot afford ! Any advice would be really appreciated T
Hi tane uk and welcome to the forum, have you spoken and taken advice from 2-3 companies? I certainly would advise you do that, have a look at www.iva.com for a list of companies and some reviews on these.
Do not accept anything you cannot afford or you will be setting yourself up for failure. Talk to the professionals who post on here if you want to they do come highly recommended and take the advice of 2-3 minimum until you find someone to work with and you feel totally comfortable with the solution sourced for you.
Is there equity in your property? or could you declare bankruptcy?
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Have you spoken to more than one company? I would recommend that you do so.
Visit www.iva.com for a list of companies and reviews. Give one or two a ring and you will receive free and impartial advice as to all the options open to you and the best way forward for your circumstances.
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
Definately take a second opinion from another firm - if you don't feel that you can afford the payments in future, the reality is that you won't and the IVA will probably fail.
Thank you for your quick response and wise words! Have taken a deep breath and a glass of vino and have reviewed todays cc redetermination hearing and are awaiting a response from the company regards our concerns of not being able to committ to the repayments.
Hopefully we will have a reply tomorrow and be able to fight another day . Ps as an on looker on this forum for the past few months and have appreciated it . Tommorow is another day !! take care Tane pps love my password thanks
It must be borne in mind, for purposes of balance here, that an IVA case can change quite significantly from initial call to actual physical proposal. Whilst we will go into as much detail as is possible on the first call, ultimately it is the actual documentary proof that is the key. If a client tells me that they earn £1000 per month then that is what I will put down, if it turns out that it is £1050 then it is the wage slips that count. Similarly, some expenses can often be over or under estimated. It is an occupational hazard as people are usually very concerned and not a little flustered by the time they pick up the phone to ask for help or advice. This is also another reason why I personally don't like the way that some firms send couriers to pick up the paperwork, as this is often done within a few days and doesn't leave time enough, in my view anyway, for a period of calm reflection and a chance to fully correct any errors that may have inevitably occurred during first contact.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
Good Morning Size 5 . I understand and appreciate your comments and had expected there to be adjustments to the final figures (Not quiet as much as £300 extra) As per adevice offered we are approaching another company for a second opinion .
Went to court yesterday for a redetermination and the claiment has secured the right to go for a charging order) The claiments solicitor sugested it was a waste of time fighting the charging order and to concentrate on the IVA
Does anyone know what happens with the charging order , If it is charged before an IVA is agreed ?(Does it stay on the property after the IVA period? or does it really matter what events happen first ?
Thank you again for your help regards T
You can get a court order stopping the charge from being made pending the outcome of a meeting of creditors. Otherwise, the charge will become just like a mortgage and you will have to make arrangements to repay it. Ultimately you could lose your home so it is worth seeking advice elsewhere to protect yourself.
Michael is right, and I suggest you speak to 2 or 3 more companies before making your next move, whilst of course realising that time is probably of the essence here.
Good luck and let us know how you get on.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
Can anyone advise who i speak to or what web site to search on with regards obtaining a court order ? I have just spent the last hour on the phone with legal aid they were very helpful and polite however did not answer my question they got as far as sugesting a N244 form to fill in and send to the court. I have googled How to obtain a court order but am still non the wiser?
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
An IP can apply for an interim order which stops all legal proceedings against you but you cannot do it yourself nor can a solicitor. There may be other ways to do it that I am not aware of but the best way is to use an IP.
Hi
I do agree with Size 5 in that final figures can vary upwards and downwards. At the end of the day if it is the trure disposable income then it should be affordable and will usually be much less than the client has been trying to pay
Regards
Hope you get it sorted tane. Let us know which company you use and how you get on.
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
