www.iva.co.uk

I am looking more into what an IVA is and to be honest i have read it all but still have huge worries!
I am looking at getting my 30k of mine and my fiance's debt into an IVA and i have been told a £250 payment would be likely.
In most of the posts i read alot of people with iva's are still having money problems!!! Is this because of a low wage or am i missing something about the IVA, doesn't it act almost like a loan, in the sense i pay 250 monthly instead of the 600 i pay at the moment, i know its for five years, which is fine again (loan length) and i dont need credit at all thats whats got me here int he first place! So am i right in thinking this? My credit is b*****ed anyway so?[}:)] I have a shared ownnership mortgage, which i'm not sure they would touch!
Also can i get credit in the sense of a contract mobile phone? or sky? bt? etc?
Another question, can you leave the country during the 5 year period to live abroad, say Portugal? Obviously continue the payments.
Sorry for all the questions!
A rather worried and maybe blind - Lee

Hey there we two have a co owned house and on our iva it states that it is very unlikely this will be touched in regards to the 4th year equity release,but you do need to remember circumstances change and you;re binding yourself for 5 years to something that can increase yearly and you have to account for your money and your spending that said it has been a godsend to us as i dont know were we;d be without it,your allowed direct debits for utilities ,we have sky basic package but everthing needs to be realistic[:)]

Hi there

Just to point out that the IVA payments will be based on what you can actually afford to pay, after making allowance for household and other expenditure. These days creditors insist on the use of guidelined expenditure, so I suggest that you contact an IP firm who can advise you as to all options available and importantly explain the various allowances you will be obliged to stick to. Some of them are very frugal.

Moving abroad is not a problem, so long as it does not disturb your budget and that you remain in contact with your IP sending your payments electronically to them from wherever you are living.

An IVA is a really good opportunity to take control of your finances again and leads to a fresh start. There implications to take into account, for example that to be able to enter into an IVA you are technically insolvent ... you will need to open new bank accounts etc.

All the best

Debbie

we have just had ours accepted today. i would email Melanie or complete a stencil on her website. She gives you good, honest and impartial advice.

they've helped us turn our lives around!!

i second what angela says - we too have had ours approved today and melanie is our ip - you will not go wrong if you seek advice from her company!

wishing you the best of luck!

barb x