I want to get an IVA to avoid going bankrupt

[rla]

I want to get an IVA to avoid going bankrupt (despite my Mother-in-Law's opinion) but I am scared that there are too many companies out there trying to sell me debt management instead. Can anyone advise whom I should approach and whom I should avoid please ? my debts are all unsecured and total about £16k

[Adam Davies]

Hi rla.
Sometimes a debt management plan is the best way forward sometimes an IVA or bankruptcy.You need to speak with an IVA provider and I suggest you speak to several on this site or you can post further details such as disposible income etc and we can try to help.
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

[Skippy]

Hi rla and welcome to the forum. Although it doesn't seem like it to you, debts of £16 are fairly low and you may not need an IVA. Have you thought about a debt management programme? Whatever you decide, I would recommend contacting 2 or 3 companies to see what they say. Try the companies who post on this site as they are reputable. Whatever you do, please avoid Synergi.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[MelanieGiles]

A lot of insolvency practitioners will not take on cases where the debts are so low. I feel that debt management is probably a better way forward for you, if you wish to avoid bankruptcy.

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

[lily]

Hi Ria

Myvesta offer a free debt management plan, you can talk to them online, they are very helpful. You give what you can offord every month and they do the rest, pro rata I think.

www.myvesta.org.uk

Good luck

lily

[rla]

Thanks for all your advice.

[ray_a]

Just a further thought and the experts will guide us on this.

My wife's debt was about 15K and if it was not for a joint loan she was told she could have gone to the court and gone for a lower form of IVA.

Can't remember what they are called and have the terms changed.

If these are still going it might be another tool to adopt for lower levels of debt!

[MelanieGiles]

There is no such thing as a lower form of IVA yet. The only thing the Court could grant is an Adminsitration Order, but you have to have debts below £5,000 to qualify for one of these, and they are actually quite rare.

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

[sonyse2t5]

Go to Payplan or CCC and speak to one of their counseller to do a 'free' DMP; with your level of low debt you should have that paid off with interest frozen.

[OliverDowning]

Better yet, wait until September before doing your IVA (If you can and if IVA is the best solution).

CCCS.co.uk and Nationaldebtline.co.uk free charity advice services for Debt Management.

If you want to know how to fill in an Income & Expenditure, visit the website http://www.insolvencynetwork.co.uk/page.php?id=17

No Fee IVA and Debt Management Advice. Do NOT pay upfront fees. Free Face to Face appointments, Just the facts 0870 0948040, www.insolvencynetwork.co.uk

[Adam Davies]

Hi
Why hang on until September Oliver ?

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

[Skippy]

I presumed Oliver was referring to the TIX fee capping?

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Adam Davies]

Hi
I know,but why does he think that it will be better ? The debt resolution forum think that it will add £1k to average IP fees and I think that it will stop people with low disposible incomes from entering an IVA because the IP fees will be too low
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

[s.b.w]

Go to the cccs.co.uk website initial and see what their online advice comes up with.

With only £16,000 it may be an idea to take the bull by the horns and contact your creditors yoursel and see if you an make an arrangement directly with them.

I did this for my parents, and although a bit of hard work, it lets you save on fees and means that if you can increase your payments you can easily do it.

Still, go to one of the debt charities (www.cccs.co.uk) and see what they can offer you advice wise.

Good luck whatever you decide to do.

Shaz

Arghhhhh!!!!!!!!!
If only I'd said NO!

Go to my blog at:

http://shazzy.blogs.iva.co.uk/

[catullus]

I can't let the heavy plug for CCCS go, without a gentle word of warning.

CCCS are not free. I'm not going to go in to all the detail here but basically they are funded by the banks and are paid on the amount they collect. In the circumstances you can expect them to follow the creditor line in the advice that they give to you.That can be both a boon and a blessing.

Don't expect that an independent IP is a soft touch but you can expect independent advice on your options.

It rather annoys me that at a time when the whole structure of IVA's is under attack from creditors, there hasn't been a peep out of CCCS who are supposed to champion the rights of debtors.