I want to speak to someone bout an IVA but my husband thinks it will effect our motgatge if we go down the route, e.g. when we want to change from the SVR to a product our credit score will be too low to do this. Please could someone advise me on the 'ins and outs' of IVA.
There are many advantages of an IVA if you have debts that you cannot afford to repay under normal contractual terms, and some disadvantages as well.
The best thing to do is have a chat with an insolvency practitioner, who can specifically deal with all of your concerns. The main benefits are that you can agree a repayment schedule with creditors over a set time period, after which the remainder of the amounts you owe will be formally written off. If your debts are high compared to your disposable income then this can be very worth while, given that you also get full legal protection from the ongoing claims of creditors.
The major disadvantage is probably the affect on your credit rating, but this may well be affected in any case if you cannot pay your debts on a timely basis.
I totally agree with Melanie. Visit www.iva.com for a list of companies and reviews and give one or two a ring. You will receive free and impartial advice as to all the options open to you.
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
I would definitely visit the link provided by Kallis and take it from there, it costs nothing to talk to them and all debt solutions can be discussed. Always speak with 2 or 3 companies and you will ensure that you receive impartial case specific advice.
Our professionals who post on the forum also come highly recommended and can be found via the experts link to the left. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi Lydia - glad you found us on here as its the best place for getting all your questions answered and support when you need it.
When you're ready to pick up the phone to any of the companies on here like the others suggest, we will talk over your situation and work out realistically how much you and your husband can reasonably afford. We will talk through all options to explain the ins and outs so you fully understand what your options are and can make a wise choice between you.
I often end up on a 3 way call with the husband asking questions in the background or we can summarise what has been discussed in an email so you can brief your husband separately.
Either way, none of us will let you make a decision that will be the wrong choice for you.
Regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com
If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
If you are in financial trouble your credit rating is going to be affected at some stage. However, many lenders are happy to offer new products to existing borrowings even if they are in an IVA although it would be very difficult if not impossible to switch lenders.
As the others say speak to an insolvency firm for some free advice.
