www.iva.co.uk

Hi,

I'm considering applying for an IVA, and i would like to know a couple of things.

1. I've got a small amount of equity (£10000) left in my house. Can i still apply for an IVA?

2. The Consumer Credit Counselling Service (CCCS) looks trustworthy, and i'm thinking about taking out an IVA with them. Are there any charges for setting up an IVA?

3. How long does an IVA actually take? I've read it's between 4-6 weeks, but does it all depend on your own financial situation?

It would be very much appreciated if you could answer each question for me. Thank you.

Kind Regards

Hi and welcome.

Firstly, can you post a few more details as to your debts?

1. You can apply for an IVA with equity, no problem.

2. Check out www.iva.com, they have a list of reputable companies to check out. Initial advice is always free, but some companies will charge you to put you in charge of an IP. CCCS and Payplan do not do this.

3. IVA's typically take 6-8 weeks, but this can vary, depending on your circumstances.

Correction - CCCS do charge for IVAs, at the same rates charged by other insolvency firms. They do employ an insolvency practitioner, and have an IVA team in house - so give them a call to see what options they recommend to you.