new to this site...........

[prettypc]

Hi there im so pleased and relieved that i have found this site today [:)]. Ive had major head ache for the last mth or so trying to decide wheather iva or a debt management plan would be right for us. We currently have around 35 thousand in debts. Sorry my pound sign has vanished from the key board [:(!] Today i sent all the final paper work the Insolvency Practitioner requested. Me and my partner have done nothing but fall out over certain issues regarding the IVA. The Equity in the house thats has to be released in the 4th year. He can't seem to understand why they say that a large lump sum of the Debt gets written off when actually in the 4th year they are asking for the equity in the house. In our case around 20 thousand. Is there anyone out there who has finished there IVA and could explain more about there Equity and how much they had to pay. Please any help would be a great HELP !!![:)] thanks xx

[Adam Davies]

The maximum that you could pay back in an IVA is you total original debt plus IP fees and statutory interest at 8 percent per year.
Most people still have a very large part of their debt written off at the end of an IVA even after paying over a lump sum from their equity.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[MelanieGiles]

Hi prettypc

I you and your partner are thinking of entering into an IVA, you both have to be sure that it is the right thing for you. I am guessing that neither of you have met the IP personally, and that everything may have been conducted over the phone? If this is so, why not arrange a meeting with the IP so that he/she can explain the advantages and disadvantages of the IVA over the other options available to you, and then you can have time to make sure this is the right decision.

If you have equity in your property, the creditors will rightfully require to share some of that in consideration for them writing off substantial amounts that you owe, but it is right that you both understand what you are letting yourself in for, before you sign up,

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[ray_a]

The maximum that you could pay back in an IVA is you total original debt plus IP fees and statutory interest at 8 percent per year.
Most people still have a very large part of their debt written off at the end of an IVA even after paying over a lump sum from their equity.
Regards

Andy Davie


Thanks for warning others Andy about this!

Working on how to get out of this!

[iva experts]

Welcome to the Forum Prettypc,

I think the most important thing to remember when considering the IVA route, is that you have to pay back as much as you possibly can.

An IVA is based on what you can afford, for some people this means only monthly contributions but for others it could mean monthly contributions PLUS an equity release - each IVA is based on the circumstances of the Individual.



Best Regards. IVA Experts