I’m looking to get an IVA ,

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hasan857

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Post by hasan857 » Sat May 08, 2021 5:12 pm
I’m looking to get an IVA ,
My total debt is around 15500, and I’m thinking of going ahead with financial support system.
Are they any good?
Also they told me my IVA will be £100 each month for 5 years.
If you are on a IVA can you go on holiday or buy air tickets ?
Also can you transfer some money every month from your account to a friend or family if you can manage to save some as you are not paying the creditors ?
And if I want to pay them off early after one year is it possible?
Also my car is on HP and they are aware of it and if I want to take another car on finance before finishing my settlement for the car can I take another on on HP? Also the payment is it needs to be same as my current one. £118?
Also can I have more then one basic bank account while on IVA ?

Foggy

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Post by Foggy » Sat May 08, 2021 6:25 pm
My total debt is around 15500, and I’m thinking of going ahead with financial support system.
Are they any good? I have no experience with FSS -- maybe someone else will have.
Also they told me my IVA will be £100 each month for 5 years.
If you are on a IVA can you go on holiday or buy air tickets ? You can, but are unlikely to be able to afford much.
Also can you transfer some money every month from your account to a friend or family if you can manage to save some as you are not paying the creditors ? Unlikely that you would be able to afford to.
And if I want to pay them off early after one year is it possible? It is possible if you can raise the lump sum from a donor.
Also my car is on HP and they are aware of it and if I want to take another car on finance before finishing my settlement for the car can I take another on on HP? Also the payment is it needs to be same as my current one. £118? You are unlikely to get further finance while in the IVA as you will fail any credit check.
Also can I have more then one basic bank account while on IVA ? Yes, as long as the banks are willing.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

hasan857

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Post by hasan857 » Sat May 08, 2021 6:34 pm
Hi Foggy,

Thank you for your response.
But they say you can take a new car on finance once you finish paying the current one.
The lump-sum is the remaining amount of the Iva amount or the full debt amount?
I had a chat with cradit fix too.
Which one you will recommend?
Craditfix/ FSS ?

kallis3

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Post by kallis3 » Sat May 08, 2021 7:00 pm
I doubt you would be able to finance a car during your IVA, even if your IP would agree to it.

If you want to offer a full and final offer it is usually the amount of payments to finish your IVA, not your total debts. If you offer a settlement it will be the full amount of your debts.

We don't recommend companies but suggest that you look around the forum to see what people say about companies and would say have a look at some of the smaller firms rather than the large factories.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

hasan857

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Post by hasan857 » Sat May 08, 2021 7:18 pm
Hay,
Thank you again for the response guys,
It’s very helpful page I believe.

Foggy

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Post by Foggy » Sat May 08, 2021 8:27 pm
Hi Hassan,
I agree with what Kallis has said. The IVA firm cannot make promises on behalf of a lender and it is the lender that is likely to refuse to offer credit.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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