nobody seems to have given a clear answer to my question if my house couldnt have been taken away by the credit card debts which were an unsecured loan was i wrong in changing to a secured loan.and as for paying off creditors lets remember that all you really want to do is find a way of stopping the phone calls etc so you are desperate for any life line and also it should be remembered that the biggest part of the debt is never what you origanally had its the intrest that runs away with itself thats the killer,and whilst this is no excuse for the debt at this present time far wiser heads than mine have been proven to be possibly more foolish than i and been paid an awfull lot of money for there incompotence i say more so should i rephrase the question should my iva guy have explained it to me that i was swopping an unsecured debt for a secured debt and if this was the case was i sold the wrong deal
Wobly123 is a debt avoidance company telling you that you made the wrong decision?? You do appear to strongly believe that you have been mis sold your IVA,what company are you dealing with?? Have you taken a secured loan,or do you just mean that your IVA is linked to your house(equity release wise)?
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Your IVA isn't a debt as such, it is a way of paying off as much of the debts you had as possible in a much shorter time.
It is not a loan, certainly not a secured loan. If you are referring to the restriction that is placed on your home, that is merely there so that you cannot sell your home without your IVA companies permission (in case you tried to get away without paying equity across I presume).
Your 4th equity clause, if you have one, merely means that you will have to try and remortgage up to a maximum of 85% LTV depending on what the equity is upon re valuation. If you can't get a remortgage, you will normally carry on and pay into your IVA for a further 12 months.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I'm confused! Are you saying that you have an equity release clause in your IVA? If so this doesn't mean that anything is secured on your home.
Have you had a letter from a company telling you you've been missold your IVA? If so, were you happy with your IVA before you received it?
By being in an IVA you are protected from your creditors taking action against you, you won't be charged any more interest, and in most cases you won't lose your home, although you will have to release equity.
I'm actually a little confused by your post wobbly.
You ask "should my iva guy have explained it to me that i was swopping an unsecured debt for a secured debt and if this was the case was i sold the wrong deal"
Are you saying an IP advised you to make your unsecured debts secure?
Do you actually have an IVA?
No, it's me as well, I just posted as I saw it, haven't a clue if that was what he meant.
I thought he might have been on about the restriction placed on the sale of your home, or the equity release. Hopefully he/she will come back on and explain.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi
I think Wobbly has been told that an IVA has effectively turned his unsecured debt into a secured debt,obviously not true.
Also quote "and as for paying off creditors lets remember that all you really want to do is find a way of stopping the phone calls etc " then bankruptcy should have been considered before an IVA,as should every other debt solution
Regards
Hey wobly123, I think your question was actually answered in your previous post. As everyone has asked, have you had a letter or phone call telling you that you have been mis-sold your IVA. If you want to explain a bit more then we can understand and perhaps help further.
I agree with Andy - if the only thing you want to do is stop the phone calls and get rid of the debt then BR is the best option. If you have assets you want to keep, you want to pay back some of your debts or your job will be affected then an IVA is a much better bet.
And just to reiterate - an IVA is NOT a loan of any sort.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
ok i might have put my question wrongly if i explain it this way
it is my understanding that by entering into an iva i then place myself in a position that if i fail to make the payments on my iva the iva provider can in effect force me into bankruptcy which would cause me loose my house wheras a credit card debt is not secured on my house thereby not able to make me bankrupt as for the equity side of things paid £127,000.00 valued at £127,000.00 so therefore no equity.
