I have someone coming today who have advised £160 for first year then £350 for the following 3 years. At the 4th year we look and see what equity there is in property...if none continue to repay £360 for a further year..dies this sound right??? what sort of equity value would they take??

I am looking at the possibility of entering into an IVA snd have had some varying advice. Accuma said 'Go bankrupt' and others have suggested that a monthly payment of around £360-400 is starting place for my situation...however The Debt Advisor (compass finance) have proposed a reduced monthly paym...

mmmmm..interesting. Sounds like they are trying to grab a chunk of a competitive market.

any companies you can confidently recommend??

the iva that has been proposed im my case is at a lower amount for the first year then goes up in another amount for years 2-6.

on paper it doesn't appear too bad but whatever you do get at least 2/3 different companies to look at your case.

good luck.

Thanks Storm.

I am guessing you think they should be working in my best interest??
(even if they do charge for the most ridiculous things like photocopying!)

Has anyone heard of Compass Finance aka thr debt advisor?
I have someone coming round to my house on Tuesday and wondered if anyone had any dealings with them good or bad???

sorry to hear your plight Jane.
we are in talks to get an IVA which is a step forward. My worry is the damn secured loan which will still be a millstone especially as my kids are not getting any smaller

just a quick update. have contacted Tony Parsons at All Mortgage and he is taking a look at some possibilities...also had a letter today from spectrum saying the monthly amount i pay them is going up to £54 from £38..apparently i can afford to pay more as my wife has got a small pay rise from her 20...

Thanks for the advice, will take the first steps by contacting the Tony Parsons as you suggested to see if he can help in any way.

If the higher mortgage repayments are too much of a stretch is the most likely outcome bankruptcy??

thanks again melanie, one more question if you dont mind. If i do manage to secure around 15-20k out of the property how to i go about offering it to my creditors? Do I go direct to them and offer a pence per pound as a full and final settlement or is an IVA potentially the best option. Goodness, I ...

thanks for the advice James..and Melanie you are truly a star. its obvious that my DMP isnt worth the money I am throwing at it..why i didn't realise earlier I don't know. One thing that does concern me is my inability to really pay any more than i already do with my current mortgage..I may be being...

thanks for all the advice guys. If you are out there Melanie or anyone else who can help with me getting away from Spectrum (boo !!) I would be grateful, has anyone else done it too?? Also if I can raise some equity in my property does anyone know who would be best to approach to do this considering...

Good idea, is that something we do ourselves, go to our creditors independantly and ask what they would take as settlement figure?
If we have this equity in our house, how do we release it and are you aware of any charges we should or should not get charged..sorry loads of questions

Thanks, is very frustrating as obviously in some difficulty and they seem to take advantage of that...even charged us £1500 to go with them!!

Thanks for your advise and help though

The house across the road was under offer at £157. How would we fair with the secured loan and mtg as would only release about £20k if we are lucky?
Would we do IVA through Spectrum or someone else?
If someone else, how do we break our T&C's??

Thanks