I agree with Michael, if you're not struggling to make your IVA payments I would stick with the IVA. Br isn't the easy way out that some people think.
As you are paying into an IVA there is a very good chance that you will have an IPA which will last for 36 months from the first payment. This could mean that you are paying past the time that your IVA would have finished.
My daughter went down the BR route 2 years ago. She did not have to pay any money but regrets every day that she didnt do an IVA. Her other half has not learned by BR and still spends money like it is water and is trying to get credit. My daughter is besides herself with worry as she can see it all happening again as he seems to think its an easy option. Daughter loves the way the IVA has made myself and hubby so careful with our money and how we are so overjoyed at the end of each week if we have any money left in the bank.
i`m not struggling, just surprised off how much money my IVA company have made, it seems a very dark business, but I`m sure the ones who are making dont mind, thanks for all the advice.
They do have the same procedures in NI Nicola, but what Michael means is that the Official Reciever over there rarely insists on payments. The bankruptcy process in the High Court in Belfast, is rather more onerous than on the UK mainland - but the aftermath for the average consumer is perhaps less so.
£7000 fees over the five year period of an IVA works out at about £27 per week...I don`t know how much you would have paid in interest alone to your creditors in that time, but I know that on ONE of my debts I was paying £220 a month interest alone.
IP`s have a living to make just like the rest of us. Should my proposal be accepted, I`ll be more than happy to pay my IP fees given the job they will have done (and will continue to do for the duration of my IVA) in negotiating a planned, legally protected agreement for me to finally become debt free in five to six years with a sizeable portion of my debts written off.
Last edited by Goosed on Sat Jul 24, 2010 5:30 pm, edited 1 time in total.
"When the seagulls follow the trawler, it is because they think sardines will be thrown into the sea".
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 no idea why some people get so caught up over how much an IVA firm makes to propose and maintain your IVA. It really is of no concern to the debtor,its a matter for your creditors to worry about. As long as you read your proposals carfeully (which in this case does not appear to have happened),you shouldnt be surprised that if after a year or 2 very little has gone to your creditors. You creditors clearly arent worried as they agreed to the IVA in the 1st place.
Many people appear on the forums with an axe to grind regarding IVA's and to be honest I think that sometimes the fees do seem high and I believe that many firms try to up their fees during a proposal knowing that they will get knocked back down by modifications anyway,but the single biggest problem people have with IVA's is not reading their own proposals!! It is a 5 often 6 year agreement that you are undertaking and you should be happy with what you are signing before you put pen to paper.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
I think we should all be appreciative of the work that goes into setting up and maintaining an IVA! 5 years is a long time, and there is so much work involved to set up and ensure an IVA is done properly.
I think personally you can't put a price on peace of mind! My minimum payments to my credit card and loan were nearly £800 a month pre IVA......now paying £355 a month (for 2 more months, yay!!) I am so much better off. I don't care how much of that goes to my creditors!
clareyfarey wrote:
I think we should all be appreciative of the work that goes into setting up and maintaining an IVA! 5 years is a long time, and there is so much work involved to set up and ensure an IVA is done properly.
I think personally you can't put a price on peace of mind! My minimum payments to my credit card and loan were nearly £800 a month pre IVA......now paying £355 a month (for 2 more months, yay!!) I am so much better off. I don't care how much of that goes to my creditors!
I think you have to remember that people will look at what work is required by an IP to run an IVA in relation to their own work. A nurse who spends all day running round a ward for 12 hours,or a builder who works outdoors in freezing cold and rain may think that being an IP is an easy life!!
I am however of the same opinion as you,I couldnt give a hoot how much money goes to my creditors,the amount shall be as much as I can afford to pay,no more,no less.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Agree totally. I am happy to pay my fees knowing that at the end of the term my creditors have received their due dividend and my IP has done his work in getting me through the term of the IVA.
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
