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Spark28
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by Spark28 » Thu Jan 25, 2018 7:16 pm
Hi folks

I got my IVA agreed in August over 6 years. The financials are noted below. Does this seem right? I am at risk of my hours at work being dropped to a zero hour contract meaning I’d have to find a new position possibly on less money. I contacted my IP and to be honest I think they’ve been rubbish so far. They don’t give me a black or white answer and I don’t feel their supporting me. I have joined a debt group on Facebook and they are all absolutely slating IVA’s and I’m worried I’ve made the wrong decision. What if my wages go down? I know the IP can reduce it 10-15% without a meeting but what if I need the meeting and they don’t agree? What happens then? 6 years is a long time to feel anxious and I don’t know what I am doing lol. I guess I’m seeking some others opinions ect.

Debt - £30,000 approx
6 years of £260 = £18,864
IP fees - £4,500

Meaning my creditors are only getting £14,364 of £30,000? Are they just going to keep chasing me every year for more money?

As a FYI - my husband owns our home
But I don’t. I do not have a interest in the property - he bought it from his parents. Incidentally this is why my IVA is over 6 years not 5, so that can’t request re-mortgage for equity.

Thanks for reading and taking the time to reply to a very anxious person
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Foggy
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by Foggy » Thu Jan 25, 2018 7:26 pm
Ther figures look OK and the fees will have been agreed by the creditors (who have, over the years, actually been setting them at this sort of level themselves). At the end of the IVA, when concluded successfully, anything unpaid will be written off. They will only come to you for extra money during the IVA when you earn more, win some, or get an inheritance, PPI or otherwise come into a lump sum or acquire an asset.

Some groups slate IVA's, many more applaud them. You will find groups who will slate practically anything. My experience from 7 years on this group is that they work for the vast majority as long as you take responsibility for your part and, basically, play the game.

Very few IP's will give black and white answers, especially if you are asking them to predict a situation that hasn't actually happened yet. Most answers are actually in your proposal or chairman's report and we are always here to help where we can.
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Foggy
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by Foggy » Thu Jan 25, 2018 7:29 pm
I might add that your firm, McCambridge Duffy are one of the better ones and are generally thought very highly of. They have a regular poster on this forum, Michael Peoples, who is the chap to get hold of if you get stuck.
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jonathah
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by jonathah » Thu Jan 25, 2018 8:28 pm
What do the good people on Facebook think is better? DMPs can be endless slavery (allowing for exaggeration) DROs aren't right for big unsecured debt and an IVA gives you protection from creditors, affordable payments, a clear way forward in your proposal and the protocol, plus the opportunity to keep 50% of any extra earnings, oh and getting a chunk written off after 5 years. Did a lot of research before I got involved and it was the best deal by far.
IMHO and no offence intended but there were two places I didn't go when doing the research - Facebook and Money Saving Supermarket's forum. Bottomless pits of false info and bigoted opinions. Sorry.
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jonathah
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by jonathah » Thu Jan 25, 2018 8:30 pm
PS don't worry, nothing ever good came of it and your IVA should relieve the main worries of being in debt.
You'll be fine.
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Spark28
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by Spark28 » Thu Jan 25, 2018 8:42 pm
Foggy wrote:
Ther figures look OK and the fees will have been agreed by the creditors (who have, over the years, actually been setting them at this sort of level themselves). At the end of the IVA, when concluded successfully, anything unpaid will be written off. They will only come to you for extra money during the IVA when you earn more, win some, or get an inheritance, PPI or otherwise come into a lump sum or acquire an asset.

Some groups slate IVA's, many more applaud them. You will find groups who will slate practically anything. My experience from 7 years on this group is that they work for the vast majority as long as you take responsibility for your part and, basically, play the game.

Very few IP's will give black and white answers, especially if you are asking them to predict a situation that hasn't actually happened yet. Most answers are actually in your proposal or chairman's report and we are always here to help where we can.


I am concerned that if my wage drops, they’ll add even more years on to make to the original figure quoted? Im just scared - I haven’t had a review yet so I don’t even know if I am doing it right! I know they can allow payment breaks for things like maternity leave and add those months on ect. I’m just finding the adjustment tough I guess and with worrying about wages changing ect
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Spark28
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by Spark28 » Thu Jan 25, 2018 8:45 pm
jonathah wrote:
PS don't worry, nothing ever good came of it and your IVA should relieve the main worries of being in debt.
You'll be fine.



Thank you. That’s why I came here,I was just shocked to see how many people said they are rubbish on the group. It made me panic a bit. I’ve only been doing this 6 months so I haven’t even had a review yet so I just worry I am doing wrong or something.

And now with the risk of having to change jobs and the risk of my wage decreasing I am just worried about the impact that has on my budget ect. 6 years is such a long time and it’s scary to think they might just make me bankrupt if something changes or just add extras years on when 6 is pretty long!

Thanks for your reply
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Foggy
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by Foggy » Thu Jan 25, 2018 8:46 pm
They have the option of adding years if the payment drops too far, if that is an alternative that might save an IVA that could otherwise fail, but that will be decided by the creditors.

It is a steep learning curve, but you will get there if you take it steady, read your paperwork a few times so you are aware of your responsibilities and try not to over think things. Plus, of course, we are here to help if we can.
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Foggy
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by Foggy » Thu Jan 25, 2018 8:50 pm
Spark28 wrote:
jonathah wrote:
PS don't worry, nothing ever good came of it and your IVA should relieve the main worries of being in debt.
You'll be fine.



Thank you. That’s why I came here,I was just shocked to see how many people said they are rubbish on the group. It made me panic a bit. I’ve only been doing this 6 months so I haven’t even had a review yet so I just worry I am doing wrong or something.

And now with the risk of having to change jobs and the risk of my wage decreasing I am just worried about the impact that has on my budget ect. 6 years is such a long time and it’s scary to think they might just make me bankrupt if something changes or just add extras years on when 6 is pretty long!

Thanks for your reply



6 years can seem daunting when looking forward, but actually passes in the blink of an eye if you look at what you have done, not what is yet to do ..... think about it .. Trump has been POTUS for a year now and it only seems like yesterday we were having to put up with endless electioneering from the states !
FormerlyST1100
Posts: 295
by FormerlyST1100 » Fri Jan 26, 2018 8:41 am
Spark28 wrote:
Hi folks

I got my IVA agreed in August over 6 years. The financials are noted below. Does this seem right? I am at risk of my hours at work being dropped to a zero hour contract meaning I’d have to find a new position possibly on less money. I contacted my IP and to be honest I think they’ve been rubbish so far. They don’t give me a black or white answer and I don’t feel their supporting me. I have joined a debt group on Facebook and they are all absolutely slating IVA’s and I’m worried I’ve made the wrong decision. What if my wages go down? I know the IP can reduce it 10-15% without a meeting but what if I need the meeting and they don’t agree? What happens then? 6 years is a long time to feel anxious and I don’t know what I am doing lol. I guess I’m seeking some others opinions ect.

Debt - £30,000 approx
6 years of £260 = £18,864
IP fees - £4,500

Meaning my creditors are only getting £14,364 of £30,000? Are they just going to keep chasing me every year for more money?

As a FYI - my husband owns our home
But I don’t. I do not have a interest in the property - he bought it from his parents. Incidentally this is why my IVA is over 6 years not 5, so that can’t request re-mortgage for equity.

Thanks for reading and taking the time to reply to a very anxious person


As with a lot on FB forums, most slating the IVA's have either never been in one themselves, dont know how they work or have only entered one thinking they will pay as little as possible.

Many on here, like myself, have gone through an IVa or Bankruptcy and come out the other end.

I found the advice on here excellent, was with Stepchange and found no problems but know one or two companies to avoid (especially if only one of a couple are in the IVA)
There will be ups and downs through the IVA (most likely) but the advice is here from those that have gone through it.

Good luck and there is light at the end of the tunnel.
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Lisa Thomas
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by Lisa Thomas » Fri Jan 26, 2018 2:54 pm
Ultimately if you cannot stick to the terms of your IVA (I appreciate through no fault of your own) and creditors won't accept a variation then you are always at risk of the IVA failing.

Then the creditors can pursue you for the balance of their o/s debt plus interest.

You may then be facing Bankruptcy.
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kallis3
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by kallis3 » Fri Jan 26, 2018 4:41 pm
jonathah wrote:
What do the good people on Facebook think is better? DMPs can be endless slavery (allowing for exaggeration) DROs aren't right for big unsecured debt and an IVA gives you protection from creditors, affordable payments, a clear way forward in your proposal and the protocol, plus the opportunity to keep 50% of any extra earnings, oh and getting a chunk written off after 5 years. Did a lot of research before I got involved and it was the best deal by far.
IMHO and no offence intended but there were two places I didn't go when doing the research - Facebook and Money Saving Supermarket's forum. Bottomless pits of false info and bigoted opinions. Sorry.


Did you mean Facebook?
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Foggy
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by Foggy » Fri Jan 26, 2018 5:00 pm
kallis3 wrote:
jonathah wrote:
What do the good people on Facebook think is better? DMPs can be endless slavery (allowing for exaggeration) DROs aren't right for big unsecured debt and an IVA gives you protection from creditors, affordable payments, a clear way forward in your proposal and the protocol, plus the opportunity to keep 50% of any extra earnings, oh and getting a chunk written off after 5 years. Did a lot of research before I got involved and it was the best deal by far.
IMHO and no offence intended but there were two places I didn't go when doing the research - Facebook and Money Saving Supermarket's forum. Bottomless pits of false info and bigoted opinions. Sorry.


Did you mean Facebook?


Yes, Kallis. Spark has joined a debt group on Facebook which isn't keen on IVAs.
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kallis3
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by kallis3 » Fri Jan 26, 2018 5:17 pm
OK - wasn't aware there was such a page.
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Foggy
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by Foggy » Fri Jan 26, 2018 5:22 pm
kallis3 wrote:
OK - wasn't aware there was such a page.


There are pages for all sorts !! Though I doubt many of the comments would be candid as many use their own names and wouldn't want to admit their money problems on a public page --- so might be all bravado !
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