payment have been increased x10 plus interest

[MelanieGiles]

Well said Andy. IVAs were not designed to help people save money - they were designed to assist people who could not afford to maintain their contractual repayments, but who did not wish to declare themselves bankrupt. This is a case of "the benefit of hindsight", and when circumstances change anyone who is subject to an IVA needs to understand that their creditors will expect to receive the benefit of that improvement - and if that means getting paid interest so be it.

[neil277]

Hi

How nice is the Government to allow this to happen i'm sorry but IVA companies are the face of the Government. Iva companies earn money on the POREST people but intersts in the bank is equal to all people.

Regards.

Neil

Any poster taking advantage of this forum to publish unsubstantiated sweeping statements obviously without any knowledge or experience of the subject under discussion will be locked out and the postings deleted. The poster has been warned.
admin

[MelanieGiles]

Neil

Insolvency Practitioners are most certaintly not the face of government - although in some offices we do act as Officer of the Court. That is the nature of the job we do. I do feel that you ought to understand a little more about my profession before making such sweeping statements on a forum which is here to help people resolve their financial difficulties.

[neil277]

Hi

I have just contacted http://www.insolvencyhelpline.co.uk/ and was told that under an IVA all moneies are paid into a high interest account and after the 5 years all monies are paid to creditors and IP'S.

I aks about p_h and his situation and the guy could not understand why his debt had expanded.

I was told my debt was frozen under and IVA and yes my payments could increase but the debt would not.

Regards.

Neil

[luluj]

During your IVA although you start off with one figure to pay off, as your income increases and ad-hoc windfalls come in then it is obvisious you will pay more. Personally, at the end of my IVA I will have paid back 100% + 8% interest and the IP fees - my head will be held high, I will have no niggling feeling that I still owe creditors as I will have the comfort knowing that my stupidy in my earlier years has all been cleared and I can now confidently look to the future.

We enter into an IVA positively wanting to do something to resolve our situation - not to deceive our creditors!

9 down, 51 to go! (and proud of my IVA!!!!!!!!!!!)

[kallis3]

I'm proud of my IVA too!!!! I am doing something positive and paying my creditors back and in 5 years time we will all be happy!

I don't begrudge paying my IP either - he has a job to do as do all the others, and most of them do it very well.

I don't know what I would have done without them
!

[Wizzard]

Seems there is a small minority who appear to think an IVA is a means of avoiding your creditors. Or maybe I've read too much between the lines on this thread??

[kallis3]

I agree Ray. I think some people have not properly grasped all the ins and outs of an IVA,

[neil277]

Hi

I quiet agree with the fourm, for my family and i BR is our best option and the only option i have a skill and education is very important in my job so i want the best for my family.

I have paid out my debt twice now no more i will be fine in court and BR is not the end of the world, first time round i paid £12000 in interest only so you can see why i'm not happy.

People do what they think is right not what people tell them is right.


Thanks.

Neil

[Adam Davies]

Hi Neil
Bankruptcy was the best solution for you,and good luck to you.
All cases are different,some people are better off bankrupt and some in an IVA or DMP.
It depends totally on the individuals circumstances
Regards

[OPTIMIST12]

Couldn't resist popping in to say what a brilliant post luluj has added to this thread. That really IS the mindset that EVERYONE entering an IVA should have. No excuses - no shifting blame - and no seeking to deceive Creditors with dodgy expenditure claims.

Well said luluj!!!

[james.c]

After reading some of the threads on here, i must say i feel a bit offended that some people and obvisouly a very small amount are seeing an IVA as a money saver.

Like 99.99% of people and IVA got me out of a situation were i didnt know what to do as outgoings were more then income etc and as helped get me my life back on track.

[MelanieGiles]

Well said James - and how about an updated piccy of your ladies?

[james.c]

Hi Melaine

Who do i need to e-mail the updated picture to ?

James

PS - Hope you had a good holiday

email on its way
[:)] admin

[MelanieGiles]

I think if you send it to Admin, they can then put it on as a special post. They must be growing fast now, how old are they?