Hi
I have debts toatling 42k, I have set up my own DMP since december 2008 and have maintained payments, however at my current progress I wil take another 20 years[:(!] to pay it off! Is an IVA the answer?
An IVA may well be the answer although there are other factors to take into account such as equity in property. However you have nothing to lose by speaking to an insolvency firm for some free advice. If the IVA is accepted you switch your monthly payments to the IP and if rejected you can stay where you are.
Nothing to lose and potentially debt free in five years.
I have some equity in my property of approximately 35k, with total debts of 42k, if i arrange an IVA how does this effect the outcome. I am confused as people are talking about equity release at year 5 or 6?
You would be obliged to attempt to release equity in the fifth year and if this is not possible the IVA is extended by twelve months. However some creditors ask for a six year IVA which means the equity is to be released in year six and if not the IVA is extended into the seventh year.
I have been talking to Byron & Keely, does anyone have experience of this company? It appears that they can set up an IVA for me paying back £260 per month to clear my debts, as well as covering their fees??[?]
Your IVA payments do include the IP fees and are agreed between the IP and your creditors. Take a second opinion by all means but what you are proposing sounds like a suitable IVA.
I recently started an IVA. I had similar debts of just over £40,000. I'm noy paying £270 a month over the next 5 years. Admittedly I don't own my own property so there is no worry of equity release but I have to say that I didn't realise just how much of a weight I was carrying on my shoulders until it lifted. Still over 4 years to go however I can finally see the light at the end of the tunnell. Incidentaly, a friend has recently started a website to talk about his experience of an IVA. I'm not sure if I'm allowed to include a link but here it is if you want to check it out **link deleted**
**Sorry, advertising isn't allowed on the forum**
Last edited by John Williams on Wed Jul 07, 2010 3:44 pm, edited 1 time in total.
