Thinking of doing an IVA

[amylou1983]

Hi all. I am thinking of doing an IVA but am unsure whether or not to do it. Am frightened of what long term effects it may have on myself and my family. I have a mortgage and am worried about that. Am worried about what the cost to the IP will be. I fit the criteria for an IVA but just don't know what to do.
Please help
Thanks

[Foggy]

I would suggest you have a chat to a couple of firms to see what is what -- they will be able to answer your specific questions according to your own circumstances.

Initially I would suggest you have a look at www.iva.com for a list of reputable firms, also have a mooch around the forum to see who is highly thought of and who not so.

[winter_blues]

Hi, welcome to the forum. You've taken the first crucial step that you need help. So well done for that.

I would visit www.IVA.com for a list of recommended IVA providers and telephone a few seeking their advice. No pressure . Remember to allow approx 30 mins for each call S they will want a breakdown of your income and expenditure to see if you are suitable. IVA's are not for everyone but it's the best step I took in sorting my finances out. But discuss all your options with a few companies. Let us know how it goes.

[amylou1983]

I have spoken to a company called Giva Financial solutions which was the company suggested by experian. Because I am new to all this I don't really know what I should be looking out for? The guy I spoke to from the above company seemed really nice and said my initial fees would only be 400. Mam confused as all literature I have read so far say fees can be up to 5000.
Confused
Amylou

[Foggy]

OK -- first you should be paying no fees as such. Any IP fees will be taken out of usual monthly repayments. as agreed between your creditors and the IP ( usually around £1500 for nominees fees, then around 15% of your payments for ongoing supervision ).

I would suggest you chat to Melanie Giles' team and McCambridge Duffy initially. The more you chat to the more you will know what to ask. We can give you general guidance here -- but nothing too specific as everybodies circumstances differ.