hi im thinking of taking a iva out,

[itfc40]

hi im thinking of taking a iva out,it sounds to good to be true but am worried about any hidden catches,especially my home as im a home owner,if i make all the payments is there anyway i will loose my home or any equity in it,and the company who has been dealing with me is churchwood do you know if there any good, many thanks.gary

[angelrainbow]

An IVA isn't, in my opinion, too good to be true! Yes it is a solution to your debt problem but it isn't a walk in the park by any means. Not for me, anyway.
As a home owner you will be expected, I think, to release equity in year 4. I was repossessed so this clause didn't apply to me.

[kallis3]

See also:

http://www.iva.co.uk/forum/topic.asp?TOPIC_ID=23959

[Debtwitch]

Hi Gary

An IVA can be an excellent solution to your problem, but by no means too good to be true.

A homeowner with equity is conditionally expected to offer their share of the equity in the 4th year of the IVA, so although the IVA enables you to excercise some control over your assets, equity is often still affected.

Not sure about Churchwood's reputation - maybe someone else can shed some light?

I hope matters move quickly for you to give you peace of mind.

[Declan at DebtFreeDirect]

Hi Gary
An IVA is a good solution only if it is most appropriate for you. Angelrainblow made a good point above when she said that the term of the IVA isn’t a walk in the park and to be honest its not, but one of the great things about an IVA is the closure it gives you. Knowing that your debts will be cleared and you will be debt free in 5 years is an enormous relief. It is certainly worth considering and doing some research on.

Thanks

[althas]

I echo what everyone has said. If you go with a well established and reputable company (personally I went with Melanie Giles and team) then you will know everything before you sign. It will all be clear, understandable and in black and white. Anything to do with your property and the equity release will be set out, and also what will happpen in the event in 4 years that there is no equity, you can not release etc. The only things then that could happen are life events we have no control over

Pop over to the main site www.iva.co.uk and have a read of the company profiles and reviews. Then pick up the phone and call a couple of firms. The good ones will happily talk to you and chat through options before a more formal process is embarked upon. So you will find someone you feel comfortable with, after all you will be dealing and talking to them regularly for 5 or 6 years

It is not to good to be true and not a walk in the park. But it is that switch that turns the light on at the end of the tunnel for you to see

Always feel free to ask any questions here, this has to be one of the friendliest and helpfull bunch of people you could ever meet

[plasticdaft]

I would like to point out that churchwood have just been ripped by another poster on another thread.
Contact an IP direct,I really cannot for the life of me understand why someone would go via an introducer because they are in effect selling you the right solution for a fee,now IP's get a fee also but if you choose carefully you will also be directed to the correct debt solution not the most profitable one for an introducer!!!

[size5]

I think althas meant www.iva.com not co.uk but other than that speaking to 2 or 3 before you go ahead is pretty much always the right thing to do, and any reputable provider will be happy for you to do this.

Regards.

[althas]

I did mean .com sorry I was tucking into a bag of lush chips and not taking a lot of notice of what my other hand was doing at the keyboard [:p]