not alone

[hwg]

stumbled onto this web site it makes interesting reading. i myself are thinking of going the iva route
after seeking advice CAB. currently dealing with a company they recommended. has any body got any advice from the folowing questions and thoughts.
1.the iva company im dealing with told me to switch to a full repament mortgage and but not to cash my endowment in which as only 8 yrs to run and is a fair sum (about a quarter of what i owe). swithching to full repayment puts an extra £300 month.
2. when iva first mentioned i trawled the web all these companies advertised pay a fraction of what you owe but in reality the monthly payment there wanting of me over 5yr then extra 1yr in total just over what i owe
3. the way the companies advertise is that your monthly debt payments can drop by half when on iva the monthly figure ive been quoted if i get anything any major problems car breaksdown/ boiler goes im back to square one
4. i have a good secure job and want to pay back what i owe but why do they have to be over 5/6 yrs if 10 years
thanks for listening
hwg

[kallis3]

Hi and welcome to the forum.

All IVA companies will say that they may be able to write off a portion of your debts but there is no guarantee and the portion varies from person to person.

All of your disposable income after priority bills have been paid will go towards the IVA but you are allowed a contingency fund to pay for any emergencies.

I'm surprised that you have been told to change to a repayment mortgage - it's usually the othrr way round.

I would recommend that you speak to one or two more companies. Visit www.iva.co.uk and speak to some of them. The advice is free and impartial.

[Shining]

Hi hwg and welcome to the forum from myself too, excellent link above posted by Jan to take impartial advice from 2 or 3 companies prior to making that final decision. All debt solutions can be discussed and it will be case specific to you. All the best.

[hwg]

lesly/kallis3
thanks for your advice.
regarding trying other companies there is that many is there anyway i can find which ones have the best track record.
what the company said who are dealing with me is that im right on the border to qualify so switching to repayment would put my outgoings up. but this in conjunction with my iva payment still helps me but like i say one major cost and im in trouble again.
they have never mentioned a contingency fund.
what happens if in 18 months 2 yrs interest rates gas electric go up can they drop the payments or once you start is what you agree set in stone
if anybody else has got any ideas please reply
thanks
hwg

[kallis3]

If you visit the link that I posted then you can see reviews for a lot of companies.

I don't think the advice given to change your mortgage just to bump your outgoings up is good advice.

Payments can alter depending upon the circumstances at the time.

[Shining]

I do think it's good advice to contact 2 or 3 companies to ensure impartial free advice. The link Jan provides will also give reviews x