Can anyone advise or had a similar experience. I have been contacting a few IVA companies to see if that's the route for us/or even if we are eligible.
We owe about £80,000. We will have about £1100 to pay towards this debt each month.
We also have some equity in the house but not much. So may end up paying 90-100p in the pound. Which is fine I'm not trying to get out of the debt I take full responsibility for it.
But I would like to protect as asset of about £5-6000( not a car). Is this possible. Would I have to extend the life of the IVA.
Hi
With that level of dividend, and you wanting to protect an asset, I would suggest exploring a debt management plan if you haven't already done so.
Regards
My partner and I have a similar level of debt and are able to offer a similar amount to creditors. We have been advised to do a debt management plan (which may take up to 7 years to pay back).
oh very confused now. Thought an IVA was our only solution, with the level of debt we have. Does anyone know who the best companies are to try !! Do they stick to the arrangements though, what about the interest rates, are these still added. Do the companies continue to contact you.
Provided your creditors freeze interest and charges, seven years in not unreasonable in a DMP, some IVA's run for that period.
In that event it would be unlikely that an IVA would be agreed.
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
I have had dmp proposals from both payplan and vincent bond (they both advised that an IVA would likely be rejected). We've decided to go with VB as they were far more helpful and worked out our expenditure in such a way that allows for emergencies. Will be sending off paperwork in the next few days. Fingers crossed that they will be successful in getting the interest frozen on the credit card debts.
Thanks for that debs, hope all goes well for you, just looked at payplan and cccs. Wanted to try and find one that didnt charge. Has anyone used payplan/CCCS ?
I would recommend speaking to a couple of companies and seeing who you feel more comfortable with.
Andy has posted on another thread that as the creditors fund Payplan/CCCS they will actually only get 87% of their money back, whereas with a fee paying company they will get it all.
There is no problem with presenting an IVA with a high end dividend, but you do need to be aware that creditor attitude might steer more towards a DMP. Insolvency practitioners give advice on all options, so if you are in the process of discussions with a number of firms do ask them to confirm what they feel the creditor position is likely to be.
