Hi, me and my Partner have been discussing whether an IVA is the best way to go we have huge debts and only paying the min payment each month so not paying anything off, we are considering an IVA however we have no equity in the property, they say they take it after 4 years, does this mean they can take all the equity?
What I would suggest in the first instance you talk to 2 if not 3 professionals they can answer all your questions. It can be a daunting time but they can give impartial advice in respect of all debt solutions, IVA included.
www.iva.com list some companies and other posters may be able to advise who they're with and recommend someone to you.
The equity clause will be outlined in your proposal and a good IP will explain this in full to you.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I agree with Lesley that you may want to seek some advice from a few companies about the best solution for you.
Your property will be valued before you start the IVA and you will only be expected to try and release 85% loan to value, you always retain 15% equity, so if you have no equity at the moment you will be unlikey to in year 4.
If there is equity over £5000 in year 4 and you are unable to release it you can usually do 12 months additional payments into the IVA in lieu of that equity.
You should double check this with the company you choose as i can only speak for ours, not all IVAs will be the same
PJG Recovery have a free online advice channel at www.debtadvicetv.com. If you are ready to ask us for specific advice or help, then get in touch at www.pjgrecovery.com/contact-us.asp . I look forward to speaking to you.
Thanks very much for the advice, I spoke with a company last night recommended from Money Supermarket! They have suggested we go for an IVA and if that doesnt work then a DMP!
Im a little worried now if we do decide to go with the IVA, we pay the company £495 for setting this up and no money to our debtors (In the first month) which means if it doesnt work were going to be in a worse state than we are now.
Has anyone been refused for an IVA? Sorry all these questions but I just dont know wether im doing the right thing or not - It sounds like the only solution we have to get out of debt.
I cant speak for other companies but we ask for the 1st payment into the IVA and if the IVA is not approved for any reason we return the payment to you.
PJG Recovery have a free online advice channel at www.debtadvicetv.com. If you are ready to ask us for specific advice or help, then get in touch at www.pjgrecovery.com/contact-us.asp . I look forward to speaking to you.
Hi Claire - dont rush in to anything I would have a look on iva.com and read some reviews also you will see alot of recomendations on here.. I am at the stage of just receiving my proposal so will be having my creditor meeting in a few weeks however if my IVA proposal is rejected my 1st IVA payment that I am about to make will be refunded back to me... hopefully will not have to worry about that happening as very confident with the company I have chosen.
I know how anxious you will be feeling at the moment I initially spoke to National debt helpine & then pay plan and was very keen to rush in to something as felt desperate for help however I stumbled across this forum read lots of posts did lots of research and found the company through reviews I made first contact with them on the 10th Dec and I should cross fingers have our IVA's in place by the end of this month.
Also it is worth considering trying a company that will not charge you upfront regardless of the outcome as a good IP will not put a proposal forward they think will be rejected as they will not make anything from it.
Good Luck with whatever route you decide to take - and keep posting on here if you need advice it truly has helped me so much the last couple of months.
Louise x
Inter-locking IVA approved 25th Feb 2013 - F&F offer Accepted 06th July 2017 - Completion Certificate received 20th July 2017
PJG Recovery have a free online advice channel at www.debtadvicetv.com. If you are ready to ask us for specific advice or help, then get in touch at www.pjgrecovery.com/contact-us.asp . I look forward to speaking to you.
Hi Claire and welcome. Please take the good advice offered above and speak to more companies so that you can take a measured view. 5 years is a long time and you need to be 100% comfortable with your chosen company. I too had massive debts and unfortunately went with the first IVA provider I spoke to. Although they are ok I would have gone with either Melanie Giles or Cambridge McDuffy if I had known about them x
Hi,
Thanks you all so much for your advice, the company I spoke to yesterday was Debt advisory Centre - Im assuming they are connected to one company, however I dont know the name of the company. I will make contact with Melanie Giles as well. The company have said they take £495 the first month to set up the IVA if unsuccessful we will get that payment refunded, they have also said the maximum management fee they will take would be £90 per month - they did use the line that the debtors pay them but after reading on here I knew that wasnt the exact truth! I have to say the person I spoke to was extremly helpful, and he answered all the questions that I had......
I think I've been indenial for so long, and because everything was being paid I have just let it go on knowing we would never be able to pay the debts back!!
How long from choosing a company does it take roughly to set up?
PJG Recovery have a free online advice channel at www.debtadvicetv.com. If you are ready to ask us for specific advice or help, then get in touch at www.pjgrecovery.com/contact-us.asp . I look forward to speaking to you.
He said they would do an IVA first if it failed they would then look at a DMP?? If we go for an IVA we shouldnt have to pay every month?? Im getting so confused....
I've made contact with Melanie Giles so hopefully someone will call me back! Thanks again x
I would encourage you to chat wtih Melanie Giles and her team. I've just finished an IVA with them and in my opinion I couldn't have had better service.
There are lots of good companies out there and the link www.iva.com provided does give a list of companies. The initial advice is free and any fees will all be explained.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
PJG Recovery have a free online advice channel at www.debtadvicetv.com. If you are ready to ask us for specific advice or help, then get in touch at www.pjgrecovery.com/contact-us.asp . I look forward to speaking to you.
Kelly thank you so much, Tina was brilliant and I feel very at ease!! It's such a daunting process. The thing im most worried about is being refused!! I suppose everyone feels like that though!!
Right I need to stop burying my head..... I'm assuming the first thing we need to do is set up a new bank account?
