VOTE YES OR NO !!!

[braindead]

Hi everyone,
I would like to ask people that are on iva when they started before iva and they had all there bebt,
If you had a house that you could sell and pay everything off would you of sold it to clear it all and be debt free.Or would you go through iva and know in 5 years you would still have some money in your home.
If you dont mind giving me a vote it would be very helpfull for my decision on the route i will take.
Vote yes to sell
or no for not to sell and do iva...
thanks for your vote in advance
)

[kallis3]

Hi Braindead,

We didn't have quite enough equity to clear the debts but could have got rid of a substantial amount and been able to manage the rest.

However, my house is my home and I love it and losing it has never been an option.

I've been quite happy to do the IVA knowing that my home will still be there at the end of it.

[footiemad]

Tricky one but I think I would sell the property and keep my good credit rating and start again on the property ladder or even rent! Hope this helps. I suppose it does all depend on how much equity there was in the property. After the debts were paid would you be left with a deposit for a future purchase?

[kallis3]

At the end of the day though braindead - it has to be your decision. Regardless of what the rest of us have done, you have to decide whether going for an IVA is the right thing for you and this is where a professional can help.

[nepensioner]

I suspect its where you are in life. I tried to sell my home to pay off debts however was desperate to retire, and if I had sold then I would not have had sufficient income to pay rent.I was between a rock and a hard place, so used my pension lump sum to offer F&F, the alternative was the 5 year iva route and keep lump sum. I made the decision I did because I needed to put debts behind me and enjoy retirement albeit on a very limited income.

[luna]

We will have a fair amount of equity after the completion of our IVA so I am hoping the re-morgage restrictions do not loosen as we will be far better off with the extra 12 month clause,

Regards,

[kallis3]

It is all down to the individual though - what is right for one is not necessarily right for another. This is where seeking advice from an IVA company is a good idea.

[herbekj]

The problem with selling an asset to eliminate your debts means that you don't get to learn the rules of bugeting and all the other things that being in an IVA forces you to address.

It would be like debt consolidation, who cut up the cards that you consolidated from, I didn't and all that happened is you spent it all again.

My IVA solves my debt issue and I have learnt so much from being in it that I'll never owe anything ever again and will be a debt free pensioner when that arrives in 20 years time, that gives me a good feeling.

[mrsbee]

Hi
We do have money in our property probably not enough to clear the debt in full but I agree with herbekj. The IVA has really taught us to budget and that when we have no money left in our account thats it no more spending no cards or overdraft to fall back on, scary at times and we are only a little way into our IVA, but we hope it will be worth it in the end, as we wil be so much better at dealing with money and still have our family home. Good luck whatever you decide it, dealing with debt is always a rocky road

[kallis3]

I agree with both of you - I took out so many consolidation loans and a remortgage but then went on to rack up more debts.

That won't be happening again and I thank the IVA for that.

[Foggy]

Yes .... IVA is much like Behavioral therapy !!

[nepensioner]

It is like behaviour therapy. Personally I feel a fraud at times, posting on this forum, because I did an F&F, however the budgeting situation still stands as I always said I could not live on a pension and have learnt very quickly that I HAVE to, and can.I may be moving shortly and will need new carpets and kitchen, and to decorate. At one time would have just got out the trusty plastic without thought as to how I would pay it off.Now I realise I must do it bit by bit as I can afford it, so it was a short sharp shock last year and I'll appreciate it all the more in the coming years.

[kallis3]

You're not a fraud nepensioner - you did what was best for you at the time and it has worked.

I wish I could do a full and final and get rid of the IVA but it's not to be unless I get early retirement - not an option for me at the moment unfortunately!

[nepensioner]

thanks Jan...

[braindead]

Hi All,
So many helpfull people on here wish i hit this site a few months ago.
Could someone tell me what a f&f is ?
The money in my house will cover the debt,but the house is in joint names so iva could only look at my share ...think this is right ?
if i had payment of £250 per month this would be so easy for me as at the moment its costing £1000....
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