is iva will effect my future?

[leaKybrain]

We went with melanie who posts on here but that was because I had heard about her before I joined the forum officially, but so far we haven't had to hand over any monies and have been advised that our first payment due is with the return of the signed proposal which I believe for a lot of companies is normal.

we did change our bank anyway and I contacted all the Direct Debits myself to get them changed to new bank. Now been with new bank am month and am very happy with them, we changed from HSBC (had debt with) to Natwest. Hub wages are going in to NW bank

[kallis3]

Some companies charge upfront, some don't. If you were happy to pay for a company to help you to sort out an IVA then some companies don't charge too much.

[MelanieGiles]

If I were you I would try a company who is prepared to spend time with you initially - either on the phone or on a face to face basis to be able to answer those 1,000 questions you have. This is perfectly reasonable, and you cannot be expected to set up something as tailored as an IVA to your own individual circumstances by sending off a few forms.

[loulitalife]

Hi,
i spoke with couple of debt advisors and they told me after five years what debit left will be written off.is it true?

thnx for your replies

[leaKybrain]

yes thats true, though there is a mortgage/equity clause if you own your own home...if you can't release equity it may last another year.

[MelanieGiles]

One of the benefits of using the IVA procedure is that the remaining debts are legally written off at the end of the term. If you are unable to repay your creditors within a similar timescale under informal procedures, it is well worth looking into as a solution to your difficulties.