First Posting - help!!!

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emmaxpete

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Post by emmaxpete » Tue Jul 03, 2007 8:41 pm
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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
 
 

mish1953

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Post by mish1953 » Tue Jul 03, 2007 10:06 pm
Hi EMMAXPETE
welcome to this strange place - there are loads of nice folk here.
I'm no expert at this and Im sure one of the experts will give some proper advice.
If the DMP isn't working and you are borrowing to get by, will an IVA help ?
It sounds like you might be as well asking to pay less as you cant cope, dunno
anyone else please

Mish
Early Discharge is not an illness !
 
 

one month at a time

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Post by one month at a time » Tue Jul 03, 2007 10:14 pm
hi and welcome, this is a very daunting time and trust me we know we have had our iva for 16 months and had lots of problems setting up this IVA, it took us about 8 months but I think that this was extreme, So what can we tell you that will help, well I think th emost important thing is that you both agree and will stand beside each other, as it does get tough, and you do get asked awkward questions. You may need to think about the house equitym and I dont know the answers to this but there are people on here that are expects and will respond to you. You must remember that you ar enot alone and that there are lots of people in the same situation as you. I agree with Mish, I am not sure that an IVA will help, and I have read reviews of people renting to reduce their out goings but again I am no expert on this, can any one help?? Please stay strong and use this site, as you get lots of assistance from genuine people who do care. Talk with an IP and see what they say. Good luck

one month at a time!
one month at a time!
 
 

lily

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Post by lily » Tue Jul 03, 2007 10:35 pm
Hi

Its possible to do individual IVA's that are dependant on each other, I think tho that as you only have two creditors the voting may be a problem. I know that tonight there is an IVA.co meeting so many of the experts will be tied up. As the others have said, there will be a way forward for you, if you are needing to use credit to survive the sooner you take steps the better. Dont worry tho, we have all been there, its a very difficult time and although you may feel really panicky right now you have already taken the first step by posting here. Hang in there for now, the answers will come.

lily
lily
 
 

aguise

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Post by aguise » Wed Jul 04, 2007 1:14 am
Hi there

I can answer a bit for you. There is no such thing as a joint iva, but as lily was explaining you can have two which are intertwined in one proposal, income and expenditure is joint and the payment is just one monthly payment. We have one like this and it is working well. With the equity I am not so good so someonw will correct me if wrong but you will usually be asked to release up to 85% of the equity and quite often this is done in the fourth or final year.
Usually takes about an average of six weeks maybe a bit longer with property I think you have to have it valued , again not sure. Check out a few companys the choice is yours, some good ones on this website.

Hope this helps

Ang
Please visit my blog at http://aguise.blogs.iva.co.uk/
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