been in debt for a while now, just been advised to take iva ,is it as simple as they make it sound or are there hidden pitfalls..was first advised to take debt managment program then another company contacted me saying its an iva i need....anyone any advice
how much do you owe & to what creditors? what is your disposable income after all your everyday expenses (not including loan & card repyments) if you could give a little more info then I am sure the experts will be able to give you some advice.
Hi Gary and welcome to the forum
An IVA is not simple, you need to tick many boxes,so take advice from another company or two.
If you post details we can help
Regards
thanx for replying... i owe 22000 to 3 creditors..work full time income varies but about 1300 per month after tax...bills come to about that amount..so have been stuck for a while..i am a homeowner.
Hi
Can you list the three creditors and the amounts owed ? Also are they all in your name, finally how much is your house worth and how much equity is there ?
Regards
I think what will be best for you is to re-mortage the house and pay fo your debts.
One of the resons being is that when in an IVA as house owner, msut of a 4th year clause, which means you have to remortgage, i think its up to 85% of the value of the house, or if you cant do, they add an extra year on to your iva, some becomes 6 years.
Hi
If your equity is solely yours then technically you are not insolvent, as your equity is higher than your unsecured debts, and an IVA not an option.
A DMP seems a sensible way forward if you are finding repayments impossible to meet.
Regards
cant remortgage for about 12 mths...appreciate your advice i can see you have helped lots of people but dont know what to do for the best..will keep in touch with any developments...only decided to tackle this problem today
Hey Gary, welcome to the forum. As Andy has said, if you are the sole owner of the house then you won't be able to do an IVA because your equity is higher than the debts, if the debts are the level you state. You won't be able to take out a remortgage that will cover all your debts so I would think about a debt management plan. You need to speak to someone about all your options. I hope you keep posting, this is a great site. [:)]
Last edited by Viki.W on Fri Dec 05, 2008 7:28 pm, edited 1 time in total.
Which i know its hard to do in this current climate, is sell your house, pay of your debts with the equity, and then rent for a while till you can save up for a deposit on a house and start over
Difficult to see how an IVA was suggested given the equity in the property, and my personal view is that a DMP is a more acceptable option for your creditors - given that there are only two significant debts.
think i will go with dmp by what you are all saying...thanx dont want to sell my house couldnt bear it..site been really helpful and only been on two days...thank you all
