www.iva.co.uk

Hi my hubby and myself have decided to do for an iva with Payplan,only just sent off the paperwork needed (payslips creditors etc) can anyone tell me if payplan are ok as a company. And how long before creditors meeting etc. Very nervous !!

Hi kendog and welcome to the forum. I would always advise taking the advice of 2 or 3 companies prior to making a decision and you can find reviews of some companies on www.iva.com.

Kallis a regular poster is with payplan and as far as I'm aware she's very happy with their service. x

Hi there. We're 2 months into paying our iva with payplan and so far cannnot fault st all. From enquiring to the creditors meeting it took about 5 weeks. Try to send all the info required back to them asap which will help speed things up. I bombarded them with questions etc and ifs and buts and was always very helpful. This website was also a god send getting lots of advice and support from people at the same stage as you or already well on there way within the iva process. Just remember your not alone in this. Good luck with thr road ahead xx

Thanks for your advice keeping everthing crossed. You dont need weight watchers when your entering an iva [:D]

Hi
Payplan are one of the largest IVA providers in the country so you are in safe hands.
The actual creditors meeting will probably be within 21 days of Payplan sending out your proposal. Most IVAs take at least 10-12 weeks from first contacting the company to having the IVA accepted
Regards

sorry to bombard you with questions am i right in understanding that in the fourth year if you have equity in your home and remortgage the iva ends in the fourth year ? And if you have have no equity you carry on paying until the 5th year is complete ?

Hi kendog.

Hate to say this, but the equity release in the fourth year is in addition to your normal payments and the IVA will continue until the 60th month if you can get the remortgage.

Otherwise the IVA will probably continue for a further 12 months, thus making 72 months.

Check what it says on your proposal.

Hi, not sure if need anymore advice, but please see my previous posts, we are with Payplan, we find them great, professional and efficient. Justabank is a fab tool too. Good luck.

We are with Payplan as well, and other than not being able to contact them for two weeks over Christmas last year, we have no complaints.

Hi
Once you have remortgaged in the final year and he extra cost of your mortgage leaves 50 pounds or less disposable income your IVA will conclude
Regards

There aren't too many IVAs where contributions are £100 or less, so this provision may not be as helpful as it sounds at first sight.

Thankyou you all for advise just been told today that should recieve proposal by the end of the week so the wheels are now in motion !

Also benn told that if there is no equity in property that the iva will end in five years is this the case ?

I think it may depend upon what sort of dividend you are returning. Sometimes the creditors want an extra year in lieu of equity.

Make sure you check your proposal thoroughly when it comes.

As mentioned above, generally an IVA will last for 60 months. If you were to encounter any difficulties during this time then you can apply for a variation to the original proposal and this may mean a reduced payment over a longer term. In the current market conditions you would be very hard pressed to re-mortgage but in four years time this may not be the case. Annual reviews with your I.P. should keep you informed and aware of your situation.

Lee

Good luck kendog - if you're not sure of anything when the proposal arrives, ask away on here as someone will be around to help.