unsure about whether I have made the right choice

[leanne]

I have just started an IVA but am unsure whether I have made the right choice to Bankruptcy. I am 26, I work fulltime, I do not have a mortgage and I was told that an IVA would not affect my credit rating or make me black listed like bankruptcy does. I am sure this isn't true now

[Oliver]

Sadly you have been ill advised Leanne. An IVA will show on your credit file for 6 years from the inception point of the agreement and you will not be allowed to apply for or use credit products for the duration of the IVA (usually 5 years).

Were there any other reasons why you wanted to avoid bankruptcy?



You can access Video Clips giving additional information about IVAs at:
http://www.thomascharles.com/interview_ ... an_iva.asp

If you would like more information about IVAs, other debt solutions, or just want to arrange an informal chat, please visit us at www.thomascharles.com.

Best Regards
Oliver
www.thomascharles.com

[neverending]

Do we need a better regulated industry or what ?

[freelili]

Do IP's make money out of bankruptcy? No. I phoned several before I settled with Accuma they have phoned once to enquire about my circumstances. The other companies pestered me to 'get a job quick' or they could propose with just an interview and my past wage slips, which even I know is not the way to go.

LILY

[Dominic]

you wll not be able to get credit or at least it will be very difficult adn as far as I know you ar not meant to anyway.

You will be on the Insovency register for a botu 6 years from the commencment of the IVA.



On hte plus side in 5 years time you will be debt free and in 6 able to go for credit again if you really want to rejoin that bunch of bloodsuckers known as flexible fiends.

[Skippy]

It's worrying that there are no regulations to stop people being badly advised.

I have decided that I don't want any credit cards. The only credit I want is a car loan, and in an ideal world I wouldn't have that!

Two down, fifty eight to go until freedom!

[Oliver]

If you need a car you may be able to take out a Hire Purchase agreement whilst in an IVA as this is a secured finance arrangement. Dicuss this option with your IP.



You can access Video Clips giving additional information about IVAs at:
http://www.thomascharles.com/interview_ ... an_iva.asp

If you would like more information about IVAs, other debt solutions, or just want to arrange an informal chat, please visit us at www.thomascharles.com.

Best Regards
Oliver
www.thomascharles.com

[freelili]

Every other advert on the cable channels is for loans, alternated with credit cards. No wonder so many people are in debt and its sited as a huge cause of marriage break up. I think that we are the lucky ones, living honestly. I would never have another loan or card, I would never want to go down this road again.

LILY

[Oliver]

I think your attitude is commendable. I am often very surprised that we see clients who have already undertaken an IVA needing to propose a 2nd and sometimes a 3rd IVA as they have got into debt difficulty once again.

You can access Video Clips giving additional information about IVAs at:
http://www.thomascharles.com/interview_ ... an_iva.asp

If you would like more information about IVAs, other debt solutions, or just want to arrange an informal chat, please visit us at www.thomascharles.com.

Best Regards
Oliver
www.thomascharles.com

[iva.com]

Quote: Do we need a better regulated industry or what ? (from Neverending)

We have now set up a community driven site that enables informal regulation of the IVA industry. Would be keen to get feedback from users of this forum.

IVA.com - Regulating the IVA industry by using custome feedback.

Please rate your IVA company or Insolvency Practitioner by reviewing them here: http://www.iva.com/submit_iva_review.asp

[mkdawn]

iva i was on your site would be helpful if we could see your reviews sos others knows not to go to any companies with bad reviews

if at first you dont succeed try again

[tammy]

didnt realise you could not get any credit for a whole year after your IVA is over!! Does that include mortgages and finances for a car??

[neverending]

Hi
A mortgage will be ok,however you are unlikely to get a high st lender.Car hp may also be ok,as the debt has a form of security in the car and is not such a risk.Credit cards and personnel loans will be much harder to get[mind you do we want them ??]

[iva_squirrel]

Hello,

An Individual Voluntary Arrangement, or IVA, is an alternative to bankruptcy in which the debtor arranges a formal agreement with his creditors to pay off a percentage of his debt over a set period of time, usually around 5 years.

An IVA is often seen as advantageous to bankruptcy as it has less of an adverse effect on the person's credit history.
A mortgage will be ok but generally speaking the longer you have completed your IVA, the better the deals which you will qualify for and the less deposit will be required of you if you are looking to purchase.


Kind regards,


Julia

For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

[iva.com]

iva i was on your site would be helpful if we could see your reviews sos others knows not to go to any companies with bad reviews

if at first you dont succeed try again

Hi MKDawn, you can see the reviews of companies. Simply view the company to see the reviews or click the 'recent reviews' button on left hand side. This will take you to:
http://www.iva.com/iva_reviews.asp

You can also rate the reviews, this will help us see which reviews are useful.
See: http://www.iva.com/review_ratings.asp

Hope that helps. Thanks for taking the time to visit.


IVA.com - Regulating the IVA industry by using customer feedback.

Please rate your IVA company or Insolvency Practitioner by reviewing them here: http://www.iva.com/submit_iva_review.asp