www.iva.co.uk

I am currently in the process of going into an IVA. I have a friend who is going to be doing some training in my area. She has asked to stay with me, its for 3 months with a view to staying a bit longer if she gets a job. She will contribute to bills and food. When this happens do I need to tell my Ip now or when and if it happens? Its very loose arrangements and might not be for very long. Any advice appreciated.

Thanks

You should tell your IP if you have any form of increased income, whether it is on a temporary basis or not - but if your friend is just going to be covering the extra costs she will incur, this is unlikely to result in any increased payments for you.

hmm what if you inform them and they put your payments up and she goes a week later!!!you are not charging rent and she will keep herself in food is there any need to inform them?

It's up to you at the end of the day. If she leaves a week later then presumably you would also inform your IP about that as well.

Thanks for the advice. I'll have a think about it.
x

I'm starting to get cold feet about my IVA. I am worried about the equity being taken out of my house, which I was told about very late in the process, as my Dad has invested in my house. I have looked into consolidation loans and can get one that will be for longer but I will pay less monthly than the IVA. It is for people with a poor credit rating so I should be accepted for it. I don't know what to do as I have been doing LOADS of research and there is quite a lot of negativity around IVAs. Would it make more sense to apply for a loan? My head feels like scrambled eggs!

Only you can decide the right way forward - but in my experience a consolidation loan is rarely the godsend it can first appear. Why are you getting nervous about the IVA - and if your Dad did put money into the property then he is entitled to a share of the equity before your creditors can grab it.

Which IP firm are you using as a matter of interest?

I am using Expert Financial Solutions. I just feel that if my IVA is rejected then my options are basically down to bankrupcy. This just is not an option for me! The company seem okay but I am worried that they don't really have my best interests at heart and if the IVA is rejected they take fees of £333.

Is this company an IP firm themselves, or are they just a firm of "finders"? I have never heard of them.

If you don't feel that the company have your best interests at heart then they probably don't. You have to have a relationship with that company for 5 years, so if you're not happy at the beginning then you might struggle later on. It might be worth getting a second opinion.

Good luck x

The only Expert Financial Solutions I could find is an Independent Financial Advisor and I could see no mention of IVA's etc on there.

I suggest that the poster finds out which IP they are going to be referred to before taking their application further, and then checking out any feedback about that person or firm posted on iva.com.

Thanks guys, I looked up the IP who is on my letters and he is not mentioned on IVA.com and can't find any information on him. Should I be worried? I rang today and the person i spoke to was very reassuring and said that the proposal I was putting forward was very strong and not to worry. If it is rejected they will not abandon me and help me to find another solution. I got put onto the company through moneysaving expert.com. I think they obviously are very good at what they do but maybe not at the personal support. Anyway, a letter should come in the post any day with the date o the creditors meeting. I think the term bankrupcy being bounced about so much is what is making me panic!!!

Would that be the same money saving expert site that is run by a high profile radio and tv pundit, who quite often dismisses IVA's as very expensive and gives the impression that they are a licence to print money for IP's and should be avoided at all costs if possible?

Also, why are you so worried about bankruptcy? Have all the alternatives, including bankruptcy, NOT been discussed with you?

Just wondered.

I would be concerned over the fact that my so called ip doesnt appear on the IP register.