IVA Approved!

[drgaz]

I would like to thank Melanie Giles and her team - Susan and Gareth of whom I have had the most contact with. You folks have worked tirelessly and we G & M Raven are so grateful for your teams professionalism and support. We are only one payment into the IVA, but the relief is imense.
To all you folks reading these posts, the people on here are fantstic - and the experts are experts! Please don't do anything rash without reading reading a lot of these posts!
I have spent many an hour reading all sorts of posts pre- IVA with fingers crossed waiting for D day. Now all is good and we can work to a budget to live without the stresses that were looking to destroy one of us.

Thankyou people!

[kallis3]

Brilliant news! So glad that you IVA has been approved, and you are with an excellent company,

Good luck with your IVA and please let us know how you are getting on.

[banjoplayer]

Congratulations to you and melanies team for such a brilliant outcome, very well done.

Regards BP

[Debtwitch]

Well done to you both and Melanies team - good luck going forward

[Michael Peoples]

Congratulations to all from me too.

[merrypotter]

well done, I know it feels great x

[Shining]

Great news, all the best for your debt free future. x

[MelanieGiles]

Very pleased for both of you. Sue Clay is one of the best personal insolvency practitioners in the business, and I am very lucky to have her as part of our team.

[Skippy]

Congratulations to you and Melanie's team x

[MRBLUESKY]

congrats from me too,your in good hands.

[marky b]

we too are in the hands of sue clay and take great comfort in your praise for her. congrats on your approval, our meeting is on 10th september. well done and good luck.

[Max]

Apologies for being late - many congratulations from both of usJ

[indebt2009]

Hi, Can someone please offer me some Expert advice.

I am in debt with unsecured debts of £50,000 with 3 creditors (5 diferent accounts).

I have looked into two diferent options to solving my debt problem and Bankcruptcy and IVA seem to be both feasable as im not a home owner with no assets. However, my question is:

If I go down the bankcruptcy route, I have read that 70% of my £500 per month disposable income will be taken for 3 years and used as payment to my creditors. However, IF I go for an IVA, from what I have read, I will be expected to pay the whole £500 per month to my creditors for 5 years. Does anyone know if this is true?

Thank you.

[Michael Peoples]

In bankruptcy you may even pay less than the 70% as allowances are more numerous and generous. It is true that the vast majority of people would be better off financially if they entered bankruptcy rather than proposed an IVA but most people wish to avoid the publicity and hassles of bankruptcy. In addition and probably more important is that they realise that they borrowed the money and want to make an offer to creditors. In return for freezing interest and writing off a percentage of their debts, banks expect a return and clients do have to live within a budget for the duration of the IVA.

Utimately an IVA is a compromise and there is something for everybody but you would pay more than in bankruptcy.

[kallis3]

Hi,

If you do bankruptcy, then between 50 and 70% of your disposable income after all your priority payments have been made will go to your creditors for three years.

If you do an IVA then the majority of your DI will be paid across for 5 years. In both cases your credit record will be shot for six years. Bankruptcy lasts for 12 months maximum before you become discharged, although your IPA will last for 3. IVA goes on for five years and you will pay money across for the whole of that time.

I recommend that you speak to a professional. Visit www.iva.com for a list of companies and reviews. Give one or two a ring and you will receive free and impartial advice as to all the options open to you and the best way forward for your circumstances.