I don't think he totally understands what he is talking about.
An IVA is legally binding - the creditors are tied into it, regardless of if they voted in favour (so long as enough creditors vote in favour to give a high enough % ratio, all creditors are bound by it, even if they voted against.)
Your Income is reviewed yearly to ensure that you have enough to live on and to ensure that as much available cash is freed up for the creditors.
At the end of the day you/we owe the money and the duty of the IVA co is to ensure that as much of this is repaid as possible while allowing the debtor to have enough money to live on.
Assuming you adhere to the terms of the IVA then after 5 years (usually) the IVA is completed and after 6 years it is removed from your credit file - a bank can't decide to declare you bankrupt if you have adhered to the terms.
Hope this makes sense, I am the wrong side of a bottle of wine!
I don't know where they get the £200 from - an IVA is just that - individual. My repayment has always been under £200. Hubby's started under £200 and went up following our review. Your repayment is based on what you can afford and what the creditors will accept. I'm open to correction on this one!
The end is in sight - months not years!
Looking forward to a brighter future for my children!
"They will take whatever you got left over, your life will be miserable. There's no room for change of circumstances and life is not like that. Its almost set up to see you fail. There's no reward for jumping through the hoop, you get a trashed credit rating anyway"
I'm sure there are enough people on here, myself included, that would tell you this is a load of pants. (I'm due my review so hopefully wont be made to eat my words!). It can be tight but most IVA companies are human. I read a post on this forum earlier where someone had been paying their IVA and had completed after 5 years and 1 month - the extra month was because they had a payment break as they needed dentistry work.
If it was as harsh as that forum is making out, then people wouldn't do it!
The end is in sight - months not years!
Looking forward to a brighter future for my children!
A IVA is legally binding on both the debtor and the creditor. So long as you stick to the terms of your arrangement the creditor cannot make you bankrupt.
Think of your IVA as legal protection from creditors if you like
Once you have the Certificate of Completion then all debts under the IVA are legally discharged and the creditors cannot come after you for the debt by law.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
David Icke was a very well known sports presenter on the BBC during the 80/90's if it's the same guy he now appears to be one of those conspiracy theorists.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
A lot of anomalies in there and I agree an IVA isn't for everyone but it suits me just fine.
I did my homework and discussed a lot of debt options with my chosen IP so I knew exactly what I was signing up for and so far so good no surprises it's been as discussed. I do realise now we have the ppi issue but not heard anything yet and if I do then I'll sign they can do the legwork and investigage anything extra realised to my creditors is a bonus to them as I personally don't think there is anything. Honest along the way with my IP and vice versa all I ask is a timely conclusion to the IVA once I've made that nearing final payment.
Everyone make up your own minds about your debt solution, don't let people preach to you. I'm not against any solution and wouldn't sway anyone at the end of the day it's your choice and your choice alone. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by llamedos
Someone on the forum says
"They will take whatever you got left over, your life will be miserable. There's no room for change of circumstances and life is not like that. Its almost set up to see you fail. There's no reward for jumping through the hoop, you get a trashed credit rating anyway"
I'm sure there are enough people on here, myself included, that would tell you this is a load of pants. (I'm due my review so hopefully wont be made to eat my words!). It can be tight but most IVA companies are human. I read a post on this forum earlier where someone had been paying their IVA and had completed after 5 years and 1 month - the extra month was because they had a payment break as they needed dentistry work.
If it was as harsh as that forum is making out, then people wouldn't do it!
My quality of life has improved beyond recognition since I started my IVA -- OK, I have no disposable income .... but didn't have any left before, whilst still racking up debt to live. Now, at least the essentials for living are paid for and I even have a savings account ( which is new for me!).
Icke's views / comments should be taken in the light that they are from a man who thought he was the messiah reborn not so long ago.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi iambroke and welcome to the forum, firstly i think it is personal choice in relation to what you want to do, you have made the first step towards becoming debt free, i have just finished my IVA, i won't say it has been easy because it hasn't but what is had done is given me back piece of mind, allowing me to sleep at night and learning new ways of budgeting that i won't be forgetting and will still use post IVA and i wish that i had first found this site before signing up with who i had to represent me! I won't say that i'm disgruntled with them but just don't like some of the practices that are currently being used. My only advice to you is choose carefully who you wish to represent you as 5/6 years is a long time, Melanie Giles is a firm favourite and if i was starting out now i would definately be choosing Melanie's firm. Good luck and best wishes. xx
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
the same comments as foggy really - before my IVA, I was scared that when the 0% deal finished on one card - how could I survive. I was putting basics such as food shopping and petrol on my credit cards as by the time I had paid all my minimum payments I only had £100 left. It's just a bit of a mockery that when I approached my own bank with my problems, (I owed most to them) and tried to sort something out - they didn't want to know - or even reduce payments, when I went for an IVA, they agreed!!!! they will end up getting alot less back - how do you work that out???. The difference between us and the banks, is that we are trying to pay it all back - the banks won't have to pay the Government back!
IVA accepted 31.05.11 and 2 reviews DONE!!! Wow,nearly approaching my third. can't believe how time has flown!
December 2015 - made a one off payment and made a settlement of the IVA!! recieved certificate in May. - all completd and now I can get on with my life
I'm sure he means well, but he also believes the Queen is a lizard.
Aucto Splendore Resurgo.
IVA accepted May 2007.
Extended by 12 months in lieu of equity March 2012.
F+F offer accepted May 2012.
C of C received August 2012.
IVA dropped off credit file 24th May 2013.
banks make me sick,i only way they make most of their money is by us putting our money in,then they use it to make profit,then they wont loan you anthing,if all customers of say santander went and took their money out tomorrow,they would go skint fairly soon,so we have the power but we dont use it
never cment on me speling its rubbish and i didnt go to schola lot okk
made bankrupt 1st august 2012 at 10.00am
now disharged so bankrupt no more thank god im free of debt now
