New to iva anyone with hanover insolvency?

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Abbimo22
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by Abbimo22 » Fri Apr 06, 2018 7:54 pm
Hi everyone, I'm new to all this iva and just looking for people's experience and advice really to help me make my decision a little better with not knowing alot about iva.
I rang national debt helpline who then put it all over to Hanover insolvency but feel quite pressured by them to get paper work signed for has anyone dealt with these are they good? Is there any hidden costs to watch out for? My debts are around £14000 and was told i can pay £70 minimum due to income and outgoings for 5 years. I don't own my home I private rent but have seen that some people have paid longer than 5year. Any info would be great. :)
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kallis3
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by kallis3 » Fri Apr 06, 2018 8:00 pm
Hi,

Speak to a few more companies before making a decision - Bankruptcy could be an option for you as well.
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MerlinL14
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by MerlinL14 » Fri Apr 06, 2018 8:06 pm
You will not get to decide how much you pay per month. You will be required to fill out an Income and Expenditure, this will determine what is left as disposable income and this is the ball park figure your IP will work from. Do not be pressured into signing anything, this route is going to rule your life for 5-6 years. I would walk away from a company that gave me ambiguous information and just wanted a signature ASAP. I would make appointments and speak to several companies before making a final decision.
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kallis3
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by kallis3 » Fri Apr 06, 2018 8:13 pm
With BR, you would be discharged within 12 months and only make payments for 3 years but please seek further advice before making a decision.
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Foggy
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by Foggy » Fri Apr 06, 2018 8:34 pm
This is a serious thing to have to decide, so do not be pressured into anything. Most firms will want the arrangement to be set up reasonably quickly to save you the stresses of debt but will want you to be sure. I would suggest, as already mentioned, that you chat to a couple more firms to get a feel for the whole thing.
Abbimo22
Posts: 3
by Abbimo22 » Fri Apr 06, 2018 8:54 pm
I have just been looking at a DRO but don't think I'm eligible. What other companies do people suggest I try? Are there any hidden charges doing an iva or isit all just based on your earnings and disposable income.
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Foggy
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by Foggy » Sat Apr 07, 2018 8:16 am
Abbimo22 wrote:
I have just been looking at a DRO but don't think I'm eligible. What other companies do people suggest I try? Are there any hidden charges doing an iva or isit all just based on your earnings and disposable income.


If they have worked out that your disposable income is around £70 a month, it wouldn't take much to bring it below £50 for a DRO. The debt amount is within limits and you have no assets. So it might be an option worth exploring. I suggest you pop into your local CAB and speak to a debt advisor who can refer you to a DRP intermediary.

As an "Expert" on the forum, I am not allowed to suggest specific firms, but my preference would be for the small to medium companies. I am sure a few members will be able to share their experiences with the firms they have used.
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Lisa Thomas
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by Lisa Thomas » Mon Apr 09, 2018 8:22 am
If you are unsure or feeling uncomfortable then seek a second opinion.

I'd be happy to chat with you.
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