www.iva.co.uk

Hi im new to the forum .Currently in talks with an iva company. Ive never missed a payment to my creditors but always been paying creditors with credit! .finally ive had to take the plunge and take expert advice.Scary that ive got nearly £50 k of debt. im worried i will have no money left at the end of the month whilst in the iva.also worried about the equity clause -if i could remortgage i could be in debt again after clearing all my debts off!.also concerned if its not accepted by the creditors,what happens? what will creditors think of me?

Hi,

Don't worry - we've all been there! You are unlikely to be able to remortgage at end but may be offered a secured loan. You will have enough money left to live on! I don't know who you are talking to but I suggest speaking to a couple of smaller companies before making a decision.

I agree with Kallis .... chat to a few companies ( the smaller ones tend to look on you more as an individual) and specifically ask about how they deal with the equity release. Some firms still only have the remortgage or extend option, others have introduced secured lending as a further option. Also ask for a worked example of the calculations they will use, in writing ( it saves any doubts and confusion later on).

Thanks for the replies im talking to mccambridge duffy ,they seem excellent so far .did speak to payplan and step change some last year .I know i should have done it sooner!!. think im more embarrassed really that ive let things get this bad.Least i know that in 6 years time ill be debt free.Just hope creditors approve the iva

Mpbmpb wrote:

Thanks for the replies im talking to mccambridge duffy ,they seem excellent so far .did speak to payplan and step change some last year .I know i should have done it sooner!!. think im more embarrassed really that ive let things get this bad.Least i know that in 6 years time ill be debt free.Just hope creditors approve the iva

You are talking to a reputable firm there. Don't be embarrassed at finding yourself here ---- you are far from alone !

Feel free to contact me if you want a second opinion.

McCambridge Duffy do come recommended by posters on here.

My IVA was accepted through Mccambridge Duffy - they’ve been amazing for me!

Good luck x