Hello, please can someone help. I have enquired regarding a IVA with a company called money solve. Can anyone share some info on them. Both me and my husband work at the same factory and we have lost money due to having to take un paid days. we are struggling like mad and to be able to pay our rent and bills and have gone down the pay day loans route and now it is killing us.can these be included in the IVA. so confused and next pay day is looming and I want to try and get things sorted. Money solve want me to pay £280 to get things started. I really need advice as it is now affecting my health. bankruptcy is not an option for us and our car is in my my dads name and my mom stood as a gaurentor on a loan and I don't want them dragged into our mess.Please please any help would be gratefuly received.
I fully understand how you are feeling....but there is light at the end of the tunnel now. After much searching thru the internet, we decided to go with McCambridge and Duffy, they were excellent from the very first phone call. We also didn't have to pay anything up front. I'm sure more people will reply, but at the end of the day you have to go with who you are most confident about!!!!!
There is somewhere on here that has a list of all IVA companys, that will help when you read thru there reviews too.
Good luck
Last edited by DEBTFREEJAN2015 on Wed May 26, 2010 8:01 pm, edited 1 time in total.
Life is a struggle.......but its all worth it in the end!!!!
Hi there and welcome to the forum. You might want to amend your forum name to preserve your anonymity.
I do not know the company you have consulted - are they an actual firm of insolvency practitioners or a packaging company? What is the £280 you are asking to be paid for? And why is bankrutpcy not an option for you - are you homeowners with equity?
You might like to try one or two other firms simply to compare the advice you have been provided - especially if you are finding things confusing to take on board. There is bound to be more than one option to consider and your choice should be very focussed on affordability and where you want to get to in the future.
Welcome to the forum from myslef too, an excellent link posted by Helen and the professionals who post on the forum also come highly recommended. Always take impartial case specific advice of at least 2 or 3 companies before you make a final decision. There will be a solution for you. All the best. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi Rachel
Youve come to the right place for some guidance.
First thing to do is slow down and make sure you are going the right route.
To do that you need some unbiased advice from a professional - there are options available to you and you dont necessarily have to pay a penny over 'to get the ball rolling' so make sure you check out the link Helen has posted before commiting to the guys youve been talking to.
We've got a few regular professional on here that I'm sure will be more than happy to talk through things over the phone in a very unjudging way.
good luck and shout if you need anything ok!!
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
Hi Rachel,
I definately think you should speak to a professional as advised above, however, - as I understand it (and I may be wrong!) normally only debts that have existed for a certain period of time (3 months?) can be included in an IVA. This would mean that it would be unlikely that you could include payday loans in the arrangement as these are normally refinanced each month (i.e rather than paying the interest on last months loan you take out a new loan each month and pay off the interest from the previous loan).
I'm sure that any professional you speak to will have encountered people with payday loans outstanding, and if they can't be included in the IVA it may be possible that upon entering into an IVA you are allowed to make reduced IVA payments initially in order that you can clear the payday loans. I have a friend who had £1000 outstanding with payday loans companies and his creditors agreed to accept IVA payments of £100 less each month for ten months so that he could pay back a family member who had offered to settle the payday loans to stop the interest snowballing.
Good Luck!
MelanieGiles wrote:
There is no problem with including payday loans into an IVA - and there is no time limit before which any type of debt can be included.
Sorry for posting incorrect info, and thanks for correcting me Melanie. I was sure that I had heard of some sort of time limit being applied, just to stop someone maximising their liabilities immediately prior to entering an IVA (i.e - someone with 30K of debt taking out a 5K unsecured loan the day before starting the IVA process) - obviously I was wrong!
That information is incorrect and misleading. As Melanie says there is no time limit although creditors may be more inclined to reject if the loan was large and very recent.
However, I have seen large reconsolidation loans taken out in the recent past where the client received no benefit from the actual money and the creditor voting in favour of the IVA. Nothing is set in stone and clients should seek more than one opinion if they think the first advice does not seem correct.
