How intrusive would an IVA application be into my personal finances ?

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Simon.69

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Post by Simon.69 » Fri Aug 28, 2015 4:32 pm
How intrusive would an IVA application be into my personal finances? And which companies would you recommend should I proceed with setting-up an IVA?
 
 

kallis3

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Post by kallis3 » Fri Aug 28, 2015 4:37 pm
Hi and welcome.

An IVA would be very intrusive into your personal finances as they will need to know everything and it will affect your credit rating.

You should speak to several companies but I can recommend Andy Davie/Vincent Bond for some free advice and they can point you in the right direction.
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
 
 

Foggy

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Post by Foggy » Fri Aug 28, 2015 4:44 pm
As said an IVA is very intrusive and your IP will want to know everything about your finances and what might affect them over the next 5 years or so.

I would recommend chatting to a few firms to see who you gel with. Personally I would go for the small / medium businesses who will treat you as an individual, rather than a small grain of sand on a very large beach.

Important things to know are exactly how they will treat and calculate equity when the time comes, if you are a homeowner. Get a written example and do not be fobbed off. Also ask if you can speak directly to your IP -- some firms believe that the IP is above sullying himself with clients -- this, to my mind, is bad news.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

lifenoteasy

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Post by lifenoteasy » Fri Aug 28, 2015 4:50 pm
I would echo and Kallis3 and Foggy advice.

You are basically letting someone have a say in how you live your life for at least the next 5 years and with repurcussions for at least the next decade.
Last edited by lifenoteasy on Fri Aug 28, 2015 4:51 pm, edited 1 time in total.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
 
 

longslog101

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Post by longslog101 » Fri Aug 28, 2015 5:50 pm
level of intrusiveness scale of 1-10 = 20

recommeded firms, I can tell you I was happy with mccambridge in my short lived IVA.

Company I have seen complained about the most on here is Grant Thornton, known as GT recent rebranded as aperture, also d4d seem to be trying something in a post a few below this which would rear its head in year 4-5 of your IVA.

worth asking any firm if they exclude statutory interest in their agreements and which years protocols they are bound by (read threads on here about protocols). I would be weary of entering an IVA bound to 2014 protocols which include secure lending rather than just remortgaging to release equity, this could have the net effect of the handcuffs being for a lot longer than 6 years max.
Last edited by longslog101 on Fri Aug 28, 2015 5:52 pm, edited 1 time in total.
My Blog details, the route I took before IVA, how I choose my firm, equity release advice (year 4-5), challenging the CRA's keeping IVA on credit file once gone from insolvency register

IVA ended August 2015. Would recommend McCambridge Duffy
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