Search found 69 matches

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by bowline
Wed Oct 05, 2022 4:36 pm
Forum: full and final settlements
Topic: Sprout loan
Replies: 2
Views: 5617

Do you have a mortgage? If you do and the fixed rate ends soon, you have to be very careful about taking on a Sprout loan as you have to be sure you can afford the much higher mortgage rate as well as the Sprout loan. Without a Sprout loan, if a mortgage increase causes problems you may be able to g...
by bowline
Wed Oct 05, 2022 4:32 pm
Forum: Ask IVA Forum and Industry experts
Topic: Full settlement due to unaffordability?
Replies: 4
Views: 4135

Does it matter what the odds are, if you will struggle to pay the mortgage, then you have to stop paying the IVA. What other option do you have?

I would hope that your IVA firm and creditors will be sympathetic in these difficult times. Especially as you are so far through the IVA.
by bowline
Sun Jul 24, 2022 2:03 pm
Forum: talking about ...
Topic: Debt Sold to Lantern Debt Recovery in IVA?
Replies: 3
Views: 3459

Just tell Creditfix.

Lantern will have paid just a few pennies in the pound for this debt.
by bowline
Sun Jul 24, 2022 2:01 pm
Forum: full and final settlements
Topic: Full & Final - Secured Loan
Replies: 4
Views: 7256

How far into your IVA are you? What are the terms of this secured loan - how expensive is it and over how many years? This is a very dangerous thing to do - you are switching debt that is under control with no interest being added, where the creditors cannot touch you in an IVA and which will all be...
by bowline
Mon Jul 04, 2022 2:53 pm
Forum: Ask IVA Forum and Industry experts
Topic: Hi I could do with some advice please.
Replies: 4
Views: 5671

With no assets to protect there is no reason to consider an IVA. A DMP can get you into a safe financial position where you only pay what you can afford each month so phone Step Change. You might be able to get the interest removed from balances if the loan is decided to be irresponsible. I haven't ...
by bowline
Mon Apr 25, 2022 8:17 am
Forum: Ask IVA Forum and Industry experts
Topic: Remortgage & offer
Replies: 3
Views: 3936

if money is paid in equity release (or as a lump sum in lieu of releasing equity) then your IVA should end at the 5 year point. You don't have to pay another 12 months as well.
by bowline
Mon Apr 25, 2022 8:13 am
Forum: Ask IVA Forum and Industry experts
Topic: Equity Release
Replies: 13
Views: 2355

How long does your current mortgage have to run? How large are your current IVA payments and are they affordable now, with gas&electric having gone up, petrol, food etc? This is important as the cost of any equity release has to be less than half your monthly payments so if you can argue your curren...
by bowline
Wed Apr 13, 2022 6:37 pm
Forum: Ask IVA Forum and Industry experts
Topic: Can I keep my car on HP if apply for IVA?
Replies: 20
Views: 5710

There is often a clause in car finance contracts that they can be terminated if the borrower becomes insolvent. So whether or not you carry on paying, some car finance companies will choose to repossess in an IVA. I have heard that this may happen more with high second hand car prices.
by bowline
Sun Apr 10, 2022 3:37 pm
Forum: Ask IVA Forum and Industry experts
Topic: IVA rejected by one creditor
Replies: 6
Views: 4211

That is a lot of debt and how large were your husbands debts? Im not asking to be judgemental but it would help to know why has happened. Is anything significant going to change in the next few years? Have the proposed IVA payments taken into account the likely energy price rises in October this yea...
by bowline
Sun Apr 10, 2022 3:27 pm
Forum: Ask IVA Forum and Industry experts
Topic: Can I keep my car on HP if apply for IVA?
Replies: 20
Views: 5710

The car HP when did it start, when will it end and what are the monthly payments? Do you think these monthly payments have been a large part of your financial problems from the beginning so you have had to get into more debt elsewhere? If this has happened to you an alternative may be to make a comp...
by bowline
Thu Mar 24, 2022 5:23 pm
Forum: Ask IVA Forum and Industry experts
Topic: Creditfix and The Cost of Living:
Replies: 9
Views: 5555

How much have your gas and electric gone up so far, are they going up again in April and then probably again in October? What about water council tax mobiles food petrol etc If you are as CF say £120 short then proposing to keep paying the same will turn out to be very very hard. Beans on toast is o...
by bowline
Thu Mar 24, 2022 5:18 pm
Forum: Cost of living in an IVA
Topic: Can’t cope anymore iva crippling
Replies: 16
Views: 8864

I think you should talk to a real debt adviser about your current options. Try Citizens Advice or National DebtLine. It may be that a Debt Relief Order is possible for you with your partners maternity pay ending soon. If not bankruptcy may well be a more reasonable payment that you are being asked f...
by bowline
Wed Feb 23, 2022 3:38 pm
Forum: Ask IVA Forum and Industry experts
Topic: Full and Final
Replies: 7
Views: 993

I wanted to ensure that you knew that you will find it impossible to get a new mortgage at a normal mortgage rate while the IVA remains on your credit record, even when the IVA is closed? Your only option will be a "bad credit" mortgage lender.
by bowline
Sat Jan 22, 2022 12:17 pm
Forum: full and final settlements
Topic: Full and Final
Replies: 4
Views: 12381

That is really nice of your son but first look at your other options as borrowing money on a credit card is very expensive and may be rejected by your IVA firm. Is he getting any redundancy pay? Could he get another job at a lower salary - if he could then you may be able to get the IVA payments red...
by bowline
Mon Jan 17, 2022 3:07 pm
Forum: Ask IVA Forum and Industry experts
Topic: Car loan/hire during IVA
Replies: 4
Views: 4674

Moneybarn may offer finace. HP at about 50% APR. See https://www.moneybarn.com/how-it-works/ ... cess/ivas/
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