So I've read some info on here and it seems that IVAs are better for larger debts.
My debts total 6000 and I was advised by a company to go for an IVA which is in the application process now? Is this a mistake?? Should I be looking at other options.
I have a car on finance which has not been included in the IVA and rent my home.
If this is a bad idea what would you suggest I do before it is approved?
£6000 is a small amount for an IVA. I would speak to several companies before making a decision as there could be another solution for you. Unless your car finance is secured on the vehicle it should be included as all unsecured debt is taken into account.
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
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
If I go through an IVA it will be £50 per month. Until my HP has cleared in 3 years then 200 per month for the remaining 2 years. I'm more than happy to do that...
Is there a way to organise it myself? Like how do I figure out what each creditor should get
You can't organise an IVA on your own but you can try to set up a payment plan on your own but there is no guarantee that interest will be frozen.
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
Wed Aug 07, 2019 8:48 amkelbo wrote:
If I go through an IVA it will be £50 per month. Until my HP has cleared in 3 years then 200 per month for the remaining 2 years. I'm more than happy to do that...
Is there a way to organise it myself? Like how do I figure out what each creditor should get
So -- over the 5 years (assuming it would be accepted at an initial £50 per month) you would be paying £6600 -- of which the creditors would get about half, after fees.
I would have a word with Stepchange or Payplan about a debt management plan -- you could do one yourself, but those two firms do them without charging fees, so the creditors would be getting more. They also have a good reputation with creditors and are funded in part by those creditors.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Obviously the decision is yours - we can only advise.
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
