Hello

[pod_moo]

Hi All,

I have been watching this forum and reading blogs for some time when I came across this website whilst searching for more info about IVA's.

I wish I had seen it sooner as Melanie sounds fantastic and although I haven't had any major troubles with the company I am going with I think I would have chosed Melanie over them!

Anyway this is just a quick hello, my proposal has just been put together and I have picked some faults with it so waiting for them to come back to me.

Also, I am worried they will ask me to sell my car (purely because this would get my parents asking questions!).

Anyway, I guess this is the beginning of what I can only hope will be a successful journey!

S

[salkitten15]

Hello and welcome to the forum!

You will find this is a great place for advice, any questions you need answering and if you need to let off some steam!!!

I wish you well on your IVA journey

[MrsKnight]

Hello from me too & welcome to the forum.

This site is an excellent source of support & advise through every stage of an IVA.
So your at the proposal stage, excellent to hear your asking questions regarding your proposal. Its important you know the ins & outs of it & understand it all.
Im not sure on the question regarding the car, I believe it will only come in to question if its of a certain value, but one of the experts will be along to help.
I wish you lots of luck with your journey & please keep us posted.

[Foggy]

Hello and welcome ... as long as you are driving a car us mere mortals drive it should be OK --- if it's as Aston Martin Vantage ... it's going !!!

[Shining]

Hi and welcome from myself too. If it's not been mentioned yet and your at the proposal stage then I would doubt they'll ask you now to sell your car. Have you had to send a copy of the registration document? x

[pod_moo]

Hi,

Thanks everyone for your replies! I can see this will be a great help to me through this process and will be starting a blog as well.

I have had to send in my vehicle reg doc, it us in the proposal as an after acquired asset I think (will check this tomorrow).

Everything seems so much to take in right now!

X

[kallis3]

Welcome from me as well.

Your car should be fine - ours was worth about 8k before we went into the IVA and it was never questioned.

We sent in a photocopy of our registration document not the original.

[MelanieGiles]

That is so kind of you to mention me in such kind words pod moo, but I am sure that you are in safe hands with the firm you chose to represent you.

Cars are rarely requested to be sold, so I would think that you will be fine with the one you have, as it has to last the full five year term so it is important that it is roadworthy and reliable.

Best of luck and do let us know how you get on.

[pod_moo]

Hi Melanie,

Thank you for you reply and as someone stated above unfortunately its not an Aston Martin!!!

Thats great news that I am unlikely to have to sell it. I am sure the company I am going with will be fine and its good to know that there seem to be so many people for support etc on here when I need it!

Watch this space for my blog.

Sx

[runnerman]

Just about to start an IVA. Was wondering if it was a good idea or not? It sounds so daunting.

[kallis3]

Hi and welcome to the forum.

If you cannot afford to make your payments in full anymore then an IVA may well be right for you. However there are other options.

If you've not already done so I suggest that you speak to a professional. Visit www.iva.com for a list of companies and reviews and give one or two a ring for some free and impartial advice.

The forum is here for advice and support as well.

[runnerman]

Hi. I have been in a debt management programme for 4 years. It is their suggestion I try an IVA, otherwise it will take 29 years to pay off ! That is a big millstone ! I gather the IVA is for 5 years, with it on your record for 6, so in this respect it is a lot better. I'm kind of leaning towards it to be honest.

[kazzafunk]

Hi runnerman. To be honest with you I dismissed the idea of a dmp due to not having any protection from creditors. Have only just gone through the process and can only say our life is so much better now. I treat the IVA like a 5 year loan that we are repaying.

It's not for everyone but seems to work for most. I would advise you contact 2 or 3 people off www.iva.com and get some free and impartial advice (even if you intend to go with your DMP company) to make sure you are satified you are doing the right thing.
Do you own your own property? If so you may find you pay the IVA for 6 years - an extra year in lieu of equity release.

[kallis3]

If you own your own home runner man, it may be that your IVA continues for six years as you will probably have to try and release some equity if there is any. As it is unlikely that you'll be able to do so there is normally an extra 12 months in lieu of that equity. What company are you with?

[MelanieGiles]

A DMP running over 29 years is a crazy thing to be involved with, but perhaps it suited your circumstances at the time and at least helped you to work and stick to a budget. I would definately now look to see whether an IVA is a better option. I feel that in this country there are many people in DMPs who would be better off in an IVA, but sadly that option was never offered to them.