IVA for 15 years

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adam.88

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Post by adam.88 » Tue Sep 28, 2010 1:15 pm
Hello,

I currently have £47,000 of debt outstanding on credit cards. I have lived with a friend for the last 20 years but the house is soley his. I have contatced and agency regarding IVAs and they advised me that because i have lived in the house for so long the creditors could come after the house and that i would have to pay the debt over 15 years and not the standard 5 years of an IVA.

Is this correct?

Thank you
 
 

liamjames

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Post by liamjames » Tue Sep 28, 2010 1:23 pm
How strange. That does not sound like good advice at all.

Who did you contact? I would seriously recommend going to IVA.com and contacting a few of the companies there for second opinions.
Take care,

Liam James
Varden Nuttall
http://www.vardennuttall.co.uk

Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp
 
 

kallis3

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Post by kallis3 » Tue Sep 28, 2010 1:23 pm
Hi Adam and welcome to the forum.

Who has told you this? If the house belongs to your friend and you are just paying towards the bills then it won't be affected. You would pay back an IVA normally over five years.

I recommend that you speak to several more companies. Visit www.iva.com for a list of companies and reviews. Speak to some of them and you will get free and impartial advice as to all the options open to you and the best way forward for your circumstances.
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
 
 

Michael Peoples

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Post by Michael Peoples » Tue Sep 28, 2010 3:21 pm
Sounds to me that you have been recommended a debt management plan and not an IVA. Whether the advisor is incorrect or whether they are not actually IPs is only a guess but you should seek a second opinion directly from an IP firm.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

Sinking Fast

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Post by Sinking Fast » Tue Sep 28, 2010 3:52 pm
Hi Adam, and welcome to the forum.

Regarding your friends house, the information you have been told is absolute cods-wallop. You should steer clear of whoever gave you that info, as your friends house as nothing to do with your financial predicament, even if you have lived their for the past 100 years.

Take the advice of Kallis, and speak to people who know what their talking about. A number of professionals post on this forum such has MP above.

Good luck.
 
 

nepensioner

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Post by nepensioner » Tue Sep 28, 2010 4:08 pm
Hi Adam
Welcome from me too..
I would suggest also that you need to take adice from 2/3 companies until you feel comfortable with the company you ar talking to, they will gve you free and non judgemental advice about your personal situation. The company that you originally spoke to should be avoided like the plague.. they clearly do not know what they are talking about
F & F Accepted 19th Oct 2010
 
 

kallis3

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Post by kallis3 » Tue Sep 28, 2010 4:52 pm
I would love to know who the company was!
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
 
 

Michael Peoples

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Post by Michael Peoples » Tue Sep 28, 2010 4:57 pm
Probably one of the 129 who got warnings from the OFT!
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

kallis3

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Post by kallis3 » Tue Sep 28, 2010 5:01 pm
You could be right there![:D]
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
 
 

Adam Davies

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Post by Adam Davies » Tue Sep 28, 2010 5:07 pm
Hi
Have you paid towards the mortgage over this time ?
Sounds very much like a debt management plan to me
Seek advice from other experts/companies
Regards
Andam Davies
 
 

MelanieGiles

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Post by MelanieGiles » Wed Sep 29, 2010 1:26 am
What a nonsense! Definately not an IVA and what shoddy advice provided.
Regards, Melanie Giles, Insolvency Practitioner
 
 

size5

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Post by size5 » Wed Sep 29, 2010 9:53 am
Oh dear. It definitely sounds like a DMP, and it is, on the evidence provided here, a very poor piece of advice which looks difficult to defend.

Get 2 or 3 more opinions by visiting the website mentioned earlier before you make your next move.

Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself

Follow my tweets at http://twitter.com/debtmastersize5
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