First Posting - help!!!

[emmaxpete]

Hi All,

I'm writing this on behalf of myself and my husband! We've taken the decision of applying for an IVA - and would like to know if it's the right thing to do!!!

I'm currently on a DMP with cccs and pay £210 per month (for a total debt of about £25k to 2 creditors) - it will probablly take about 12 years to clear! I also have a C/C with Capital One (£4k).
My hubby owes about £28/£30k to 3 different creditors, so, in total we owe about £60k -ahhhhhhhhh!!!!

We have literally be paying for food and essentails on our credit cards and are now up to the limit - we have literally ran out of all available resources for the month! We have been burying our heads in the sand, but now we have to do something!!

I have a few questions to ask about IVA's - firstly, we have a £127,500 mortgage on our property, which is worth about £130,000 - will we be made to release the (very small) equity before or at the end of the IVA? Would we beable to have a joint IVA, even though the debts are in seperate names?? How long does an IVA take to set up?? Which IP do CCCS refer us to??
Has anybody had an IVA for less than 5 years??

Thanks you so much too anybody who reads this and we welcome any advice that can be given

[lily]

lily

[Adam Davies]

Hi
You will both have an IVA but it will be administrated by your IP jointly and your joint income and expenditure will be used to assess your disposible income.You will then make one monthly payment.
It is likely that you will have to release equity in the final year of your IVA.
You do not have to use the IP that you are referred to and are free to speak to several companies.
An IVA will take between 6 to 12 weeks to set up.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

Hi

Firstly, as you probably already realise, you ought not to be in a DMP and using other credit, so in that instance IVA's are probably a better way forward for you.

With regard to your property, it is likely that creditors will ask you to release equity based upon a property revaluation carried out in the final year of an IVA (when your house may have increased in value), and then release equity based upon 85% of the value of the property, less your existing mortgage.

CCCS now have their own internal IP I understand, but you also may wish to speak to an independent insolvency practititioner as well. An IVA should take no more than 6 - 8 weeks to put together, if all of your information is correct and present. Contributions based IVAs generally run over at least 5 years.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[emmaxpete]

Thannks so much for your reply!!

Paul from Thomas & Charles is callimg at 9 tomorrow, so he's going to go through all the figures!

I rang CCCS and told them about thinking of doing an IVA - when they found out I'd been using a credit card, they said they couldn't represent me any more, and cancelled my account there and then - I feel sick to the stomach! They have been paying my creditors for the last 2 years - now what do I do??

Because me and my husband are hoping to complete an IVA, do we stop paying all our creditors???

[MelanieGiles]

You are in safe hands with Thomas Charles - they will help you to find an insolvency practitioner who will be able to represent you I am sure.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Adam Davies]

Hi
Wait until you speak with an IP and continue to pay your creditors the same as they were paid in the DMP until your IP advises you to stop paying.
Good luck

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp