hi people, this is my 1st post so il start by saying HELLO!!!!
im confused by the whole IVA thing ... i understand how it works and all that but not sure what the risks are...
il give a quick little run down:
i owe about £30k ish give or take what earn comes in and goes out PLUS MORE.. alone each month im paying OVER £800 on minimum payments.. and not getting anywhere...
i like the idea of 1 payment and a "light at the end of the tunnel" i also like the way i keep my house and that is doesn't effect my wife.... i also think as my house has gone i think into neg equity this is prob the best time to do it, as if im honest at the property boom it only had £30k tops in it.....so the chances of being able to release any at end of term will be minimum...
basically looking for advice ... i filled in some on line info form and chatted to a company called "Harrington Brooks" wondered if anyone had heard of them also?????
Hi
Well an IVA is certainly an option for you.
The important point is to make sure that you are comfortable with any agreed monthly payment.Five years is a long time on a budget.
Speak to several other companies before committing
Regards
Take a look at www.iva.com
There you will find a list of IVA providers along with reviews on each.
Its always worth giving 2 or 3 a call to make sure you are comfortable with all the advice you are given.
As Andy says, you should really be encouraged to talk to 2 or 3 different providers before you go forward. A good place to look is www.iva.com have a look round, read the reviews etc. It is also important that you know all the pros and cons, not only of IVA but also of any other option that may be open to you. You can then, when you are armed with all the info you need, make an informed decision on your next step from there.
As for Harrington Brooks, I can confirm they are a well known firm, more known for DMP's rather than IVA's to be fair, but they do have an Insolvency arm which, last time I looked anyway, was called One Advice.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
Hi Driftanimal and welcome.
An IVA does sound like an option to consider and check around vefore committing. The biggest risk is that you commit to something that is not affordable or sustainable for five years.
As you have no equity at present, your home would be protected in bankruptcy for the payment of a nominal sum and the fees. However, if you entered an IVA and the property price recovered a failure of the IVA could lead to the loss of your home. This rarely happens but even so it is vital that the payments are manageable and any foreseeable changes in income and expenditure are dealt with at the beginning. This avoids the uncertainty of variation proposals during the IVA term.
Good luck with your proposal and let us know if you are successful.
It is also really important to consider all of the optionms which are available to you, and a reputable IP or debt solutions advisor will explain all of these with you thoroughly, so that you can understand the advantages, disadvantages and implications of each one and how they may affect you both now and into the future.
Your decision may well be largely based upon the amount of disposable income that you have available to you, so a good starting point would be to work that out by examining your income and expenditure, allowing a little for contingencies along the way.
Then the best thing to do will be to take direct professional advice on the options, during which you will be able to ask as many questions as you need to - and don't forget to use the forum as well for additional support, we are all here to help.
