just another question if your iva fails what happens can they take your house even though your mortgage is upto date and the house belongs to the mortgage company.
If your IVA fails you'll be back to square one. You could then opt for either a DMP or BR. If you chose BR you could lose your home, but you could get a third party to buy your share of the beneficial interest, meaning you could then keep your home.
Can you do that if there is equity in the property Skip?
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
so if it fails and you can go to a dept management company what do they do and how much will you pay monthly the same as the iva or less ? and what about the creditors?
You will probably pay similar payments to those you would have paid in an IVA. Creditors are not guaranteed to freeze interest or charges, but a lot of them do. Mine did when I did a DMP. You will go back to having phone calls from the creditors.
You will be paying off the whole of the debt, but over a much longer time.
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
