Should I keep on paying my creditors and never be debt free, or do an IVA ?

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Denize.40

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Post by Denize.40 » Sun May 22, 2016 12:25 pm
Im in £29,000 of debt which i have been paying off over the last 8yrs. I have been under debt management bodies over the last 8 yrs but found i was paying more to them then my creditors thats why now i have set up direct debits and i pay them direct. I own my own house but took the equity out to start my own business 2yrs ago im now in my second year of trading as a dog groomer. I dont make a lot but enough to live and pay my bills. Im single and have one son of 21 living at home with me. I keep getting companies ringing to say that i could write off most of my debt with an IVA under this new government thing. A company called Money in Control has sent me paperwork etc which im looking into but i dont seam to be able to find anything about this company and am worried if i did go ahead with them would it be the right thing to do. Help! Should i just keep on paying my creditors as i am and never be debt free ( im 57yrs old) or go with this company and do an IVA?
 
 

lifenoteasy

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Post by lifenoteasy » Sun May 22, 2016 12:43 pm
First of all this is not a new government thing and stay clear of any company advertising like that.

Speak to a few iva companies to get a feel of what is possible, get a clear understanding of what it is all about.
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.
 
 

kallis3

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Post by kallis3 » Sun May 22, 2016 2:27 pm
Hi and welcome,

I agree that you should not touch this company with a ten foot bargepole.

As lifenoteasy says, it is not a government thing and it is certainly not new!

Speak to other companies - Andy Davie/Vincent Bond who post on here can be spoken to (details under the expert link on the left hand side of the page) for some free advice.
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 » Sun May 22, 2016 2:45 pm
Steer clear of any company that contacts you out of the blue, or advertises anything about being government backed and new legislation ( IVA's have been available since the latter years of the last century ! )

I would have a chat with a couple of companies and my personal preference is for the small / medium outfits who will see you as an individual, rather than a grain of sand on a large beach.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Lisa Thomas

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Post by Lisa Thomas » Mon May 23, 2016 11:53 am
It's possible that if you have no equity in your property Bankruptcy might be a better option than an IVA. make an appointment to see a local IP in your area for a free initial advisory mtg to discuss your options.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
 
 

Andy.75

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Post by Andy.75 » Sat May 28, 2016 4:54 pm
I had 41k debt and went into an IVA.. it was the best thing i ever did. I was paying out 1100 per month before and the IVA reduced it to 430 per month. My neighbour also went into an IVA upon my recommendation. He had 31k debt and was given a 160 per month payment. My Iva has just finished and im now debt free. I used a company called Grant Thornton and have zero complaints about it
 
 

Ta Dah

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Post by Ta Dah » Sat May 28, 2016 9:44 pm
Our final payment is due on Monday and I can not wait. Doing an IVA was the best thing we ever did. It was hard, BUT the phone calls from creditors stopped and nothing fell through the letter box. It was magic. WE should have gone for it sooner, but my pride got in the way so much that we got further in to debt.

Good luck with your search for your solution. I can recommend McCambridge Duffy. Even they only contact you once a year for your yearly staement of affairs. One thing you will learn is how to manage. I have only ever gone into the red by £1.25 in the last five years.

Andy
 
 

kallis3

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Post by kallis3 » Sun May 29, 2016 8:11 am
It'll be great when you see that payment go out!
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
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