www.iva.co.uk

Hi, I am seriously considering entering an Iva with debts of 27k with 3 creditors. I have spoken to 2 credits, first one saying how much would u like to have I'm your account on the last week of the month before payday!!! Second one has been very helpful answering all my questions. They have stated they can reduce my payments from 450 to 150 clearing approx 15,000 worth of debt.

My question is have your heard of a company called Creditfix ?? Any complaints regarding them ?? And they have said the Iva will be over 6yrs as the majority of the debt is with Northern Rock (16,000 k) is that right ???

I don't much about them to be honest.

I would visit www.iva.com for a list of companies and reviews and give one or two a ring, or even contact the experts who post on here who all come recommended.

All advice is free and impartial.

Hi. They are correct in that NR do tend to ask for a 6 year period -- sometimes a minimum dividend as well. Regardimg payment quotes, the fdirst I would avoid at all costs as it sounds a very dodgy outfit. The secons, whilst better, cannot make a guess at your repayment level until they have examined your income and expenditure in some detail.

The link provided by Kallis above is well worth visiting. An IVA is a serious undertaking and it's best to get as much info as possible at the start.

Alan.30 - As Kallis has mentioned ring around a few companies and talk over all you options.

I would however mentioned - dont get fixed on the amount of monthly payment or amount of "write off" they promise, for two things the IVA payment are based on your disposable income after all the essentials bills are paid, so you may find this goes up/down

You will always owe the full amount + fees until the IVA is closed - so if you win the lottery you will be expected to contribute to the IVA pot

Foggy wrote:

Hi. They are correct in that NR do tend to ask for a 6 year period -- sometimes a minimum dividend as well. Regardimg payment quotes, the fdirst I would avoid at all costs as it sounds a very dodgy outfit. The secons, whilst better, cannot make a guess at your repayment level until they have examined your income and expenditure in some detail.

The link provided by Kallis above is well worth visiting. An IVA is a serious undertaking and it's best to get as much info as possible at the start.

Foggy -Snap - you type faster than me[:D][:D]

LOL Ginger ... but just look at my typos !!!!!

Thanks folks !

The second company have said they usually try and keep payments the same as the IP can adjust payments in the reviews !

I do understand the windfall clause but advisor has said it all depends how much I declare !!!!!

I have a appt on Monday with the IP to give me a better idea ( I won't be signing that day ! )

Hi - good luck Alan. Remember that you will have to work with whichever company you choose for 5 or 6 years so you need to feel comfortable with them.

The other thing I would say is to be honest throughout the span of the IVA. Windfalls do need to be declared and I don't think it's in anyones interests to keep information back regarding income. If it was me, knowing my luck, I would be found out if I tried to hide something.

What is the other company you are looking at?

The IP cannot guarantee to keep the payments the same. If your income has gone up and your expenditure has not (or not by the same amount) they cannot say that your payments won't go up.

Windfalls should be declared - doesn't matter how much they are.

I would be wary of a company that were trying to fudge the figures.