Thinking of IVA, and scared!

[wisey999]

Hello everyone, I am thinking of starting an IVA, due to an obvious amount of debt I have.

It is a scary thought, and have many questions going through my head,and wondered if any of you, or all of you could help me?

Is the amount I pay back fixed for the 5 years? Could the payments ever increase?

If I pay it off early, does my credit scoring become ok to apply for a mortgage? Or once I pay it off may I apply for a mortgage?

I know I probably have many more questions, and my brain hurts.

Thank you all,

Wisey 999

[Viki.W]

Hey wisey999, welcome to the forum. You are in a brilliant place for advice. The terms of IVAs can differ. I think that you should contact an insolvency practitioner to go through all your options. The sooner you do that the better you will feel. There are experts that post on here and they will reply to your post shortly. Good luck, Viki X

[wisey999]

Thank you Viki, I feel ashamed, and scared, I expect like most people.

An insolvency practitioner, where do I find one of those?

Thank you

[Viki.W]

Don't feel ashamed. You have recognised you have a problem and are going to do something about it. You should be proud. We're all in the same boat here. You should have a look on www.iva.com to read some reviews on IPs but my advice personally would be to give Melanie Giles a call, you can find her details on the experts page. Let us know how you get on. Viki X

[rockbottom]

HI Wisely999, welcome to the forum and Viki is right you have come to the best place for advice, im sure an expert will be along soon.

all the best rockbottom

[wisey999]

Is there a fee to start the IVA process? Do they base repayments on monthly wage, not including overtime, stuff like that?

[Viki.W]

There are no fees to pay until your IVA is agreed, then the fees are deducted from your contributions at the agreement of your creditors. An expert will clarify this for you shortly, hang in there. Viki X

[Oliver]

Hello and welcome to the forum, For an in depth free no obligation consultation, its worth talking to any one of the companies that advise within this forum.

[wisey999]

Is the fee quite high Viki? Hopefully ball is moving?

[Viki.W]

You won't actually have to hand over a seperate fee. The creditors pay the IP. This is a little confusing and I really want an expert to explain it to you properly as sometimes I waffle! [:I] I was confused too. Don't worry, an expert will be along to help you out tonight. Viki X

[wisey999]

Viki, trust me you're not waffling, I normally do all the talking, and that goes back to my school reports, too chatty, too talkative.

You are being a great help, you really are.

Have spoken to the online person, and they are ringing me tomorrow.

[Viki.W]

Can I ask which "online person" you are referring to? Viki X

[wisey999]

Someone called Rachel, she popped up, should I not speak to them? Should I try the person you advised? Were they good in helping you?

[Viki.W]

Hmmm, not sure who you mean. Maybe Andy or Admin could clarify that one, maybe you used the wizzard and I'm not sure how that works so I'll definately shut up now. In my personal opinion, and I speak for many on this forum, I would give Melanie Giles a call. She posts on here several times a day to help everyone, not just her own clients, I think this counts for something. Melanie will be along later so I'm sure she'll answer all your questions then. Viki X

[wisey999]

Ok I will wait to speak to Melanie, and hopefully have some luck. And it was the wizardy thing, and it wasn't Harry Potter!

Would like to say thank you for your help Viki, I will chill for 10, in garden, with a chilled glass of wine.

Wisey