www.iva.co.uk

We are using the CCCS to clear the debt. Their repayment is about £2000 a month. We have been approached by a company who say that's rubbish - they will pay £800 a month and get our debt written off after a few years. Can this really be true?

Hi Reg,

Wow! That is a serious amount of money you are paying!

However, I would ignore any company that approaches you, they will have taken your details from the Insolvency Register and will have no idea of your circumstances.

Your IVA will write off your debts after a few years - all this company will do is encourage you to go bankrupt and charge you a lot of money for doing so.

If you are struggling then contact CCCS and ask them for a review. Otherwise I would leave thinks as they are.

How long have you been in your IVA? Which company is it that has approached you?

Hi Reg - beware of anyone cold-calling you and advising on your debt situation without doing a thorough review with you.

They are probably talking about making you bankrupt and you will probably find that if you go BR with £2000pm disposable income, you will pay the same into an IPA. The allowances around BR have tightened considerably in the past few months and these BR 'experts' are still a little behind the times. A smaller write off and higher payment doesn't have the same pulling power!!!

If you want a second opinion, I'd speak to a couple of the firms listed on www.iva.com - the advice is free and unbiased.

x

Hi Reg and welcome. As above, these are likely to be "ambulance chasers" and of no real worth.
Are you in an IVA or are CCCS running a DMP for you ?

The figure that you should be repaying to creditors is that which is surplus having taking your total income one one side and deducted your usual expenditure on the other. Given that it is the same set of creditors making the ultimate decision as to whether to accept your proposals, I would beware Greeks bearing gifts to be frank.

Hi
Is the 2k per month affordable at the moment ?
Regards

Ashley Park are the company offering to take ust £800 a month and then 'write off' all debts after 3 years. CCCS want £2000. My wife has been talking to AP and I've been to CCCS.

We've been paying a couple of loans plus £1600 to CC and SC for a few yaers, not even covering interest.

I'm keeping my head above water but it has been a while since my toes touched the bottom!

It's about time we did something about this.

Hi
You need to speak with several experts/iva providers to look at all options. You really need to deal with all your unsecured debts in one IVA or one DMP
Regards

Andy "You really need to deal with all your unsecured debts in one IVA or one DMP"
I'm really new to this - is there a choice.
We are l;ooking at a DMP with CCCS, so is that not an IVA???

Hi
A DMP is an informal plan and will continue until all your debts are repaid in full, creditors don't have to stop interest and charges. An IVA is a formal solution that usually runs for 5-6 years and then any unpaid debt is written off. Creditors can't add any interest or charges.
In think it would be fair to say that The CCCs will advise a DMP solution over an IVA solution, however saying that it is very possible that an IVA is not suitable for you given your level of disposable income
Regards

It looks like AP are suggesting Bankruptcy, as the payments for this usually run over a 3 year period. However, if your disposable income is in the region of £2000 that is what the OR would expect you to pay, not £800.

Have you actually sat down and worked out income versus expenses to see what you make your DI ?

I've just googled them and they do IVA's but pass you on their sister company, Express Debt Solutions so there will be upfront fees incurred.

I would certainly speak to one or two more companies.

It sounds as though an IVA could be viable for you but only an expert can tell you that for definite.

Hi - it doesn't sound as if anyone has advised you fully and set out all the options for you. You can get some info from this site but check out www.iva.com for a list of firms whose debt experts can advise you about IVA, DMP and bankruptcy. The advice is free and impartial and you can speak to two or three until you are comfortable with the advice and the person. Our own experts on here are very highly respected too. x

I agree with BOL, you should be advised of all your options by your company, I certainly was, and it was down to me which option I chose although once the options were explained the answer was obvious to me. I would advise that you thoroughly research all your options and speak to a few companies and certainly do go with someone who approaches you, they are certainly 'ambulance chasers' so to speak. Good luck!

I take it you meant 'do not go' Fiona?[:D][:D]