is iva will effect my future?

[loulitalife]

hi,
im in debut and cant afford personal loans and credit cards payments.i contact with freemanjones.they send me form to fill so they can start iva.i got a car on finiance .some one told me they will ask you to give this car back.is iva safe to go with?i also got mortgage on house 73000.is any chance i will lose house with iva?my wife is here on spouse visa .is iva will effect her to get indefinite which is next year.

[loulitalife]

sorry i mean debt.

thanks forum for any help or advice.

[Shining]

Hi, I would take some case specific advice from freeman jones in respect of your car and as long as you keep up the payments on your mortgage and IVA shouldn't put this at risk. There may be an equity clause written into your proposal so ask any potential IP to explain this part to you in full too.

In respect of your wife's visa, I'm not sure how this would affect her to getting indefinite residency next year. Maybe one of our professional posters knows?

I would further advise to take the advice of 2 or 3 companies and not just one to ensure you receive impartial advice.

[loulitalife]

thnx lesley for your answer, i did contact only this company.

can u please tell me what is IP???

regards.

[Shining]

IP is short for Insolvency Practitioner, that is the person who will administer your IVA when accepted.

[loulitalife]

thanks lesley, u r realy helpful.
im feeling lost i dont know what to do,
i have a 1000 questions ????

thx again.

[Shining]

You can keep posting loulitalife and asking and compile a list of questions and give 2 or 3 companies a ring, that way you will get expert advice. I am someone in an IVA who loves to post on the forum. We're here to support and signpost you to the correct way and that includes getting free impartial case specific advice.

[mitchymoo]

Good luck!! Ours just got accepted its amazing feeling!!!! R mortgage n car was fine to keep, our car is paid in full and they didnt ask us to sell it either!!

[loulitalife]

thx mitchymoo!!!
we just bought the car in finance, we pay monthly abt £250.

i didnt understand why this company ask m to pay £200 from the first call, and she called m back yesterday and ask for the money, even i didnt decide yet if i will go with them or not,,,,,,,,,,,,,,
she asked m to open new account with them and change all my wages and direct debit.
im feeling strange.

[mitchymoo]

Normally they cahrge up front fee as there admin charges, we went with PAYPLAN they r funded charity by banks so they dont charge any fees up front my first payment into my iva is november.......personally i wouldnt pay when i know i can get it elsewhere with no fee attached.....be careful n make sure its right choice.....im very impressed with payplan!! But try a few charity ones such as cccs n payplan there may b more!!

[Shining]

I would advise you not to hand over any money until you're certain they're the right provider for you. As suggested earlier do talk to 2 or 3 companies, I paid one months payment up front and if in the unlikely event my IVA was rejected this was to be returned to me.

There are lots of companies who do not ask for upfront payments so do ensure you're 100% about the company you finally choose.

[mitchymoo]

Defo like Lesley says dont pay anything yet!! Or not at all if u choose a charity no charge up front! good luck

[loulitalife]

thanks lesley and mitchymoo,
im trying now to get some numbers i will call them monday and i will see.

[Shining]

Do let us know how you get on won't you and keep posting whenever you want for advise or reassurance. x

[loulitalife]

yes dear i will :p
xxx