iva

[tj1963]

hi
i have been recommend to speak with you about having an iva and owning my own home.
I am single mum of two and one has just gone to uni so i am over £300 down in income and the iva company are not helping me reduce my payments and its killing me - i didn't know anything about being able to get out of this debt until i was having coffee with a friend the other day.
can you advise me as to what i should do best - i understand that if i do anything its all my decision, i just want to be pointed in the right direction thanks

[MrsD]

Re: iva

can you tell us what is in the IVA

what sort of debts and how many?

[tj1963]

Re: iva

you mean what sort of debt - credit cards mainly; a couple of catalogues which i was persuaded to add - which was a llittle strange but when you are on your own its difficult, and a holiday scheme which i went into with ex husband and i seem to have the debt (although he does pay towards it) hope that helps . it all came about when i divorced

[MrsD]

Re: iva

personally i think IVAs are the work of the devil

how far in are you

the problem with them is they are very intractable and rigid, it's very difficult to change anything

which company is it with?

do you have equity in the house?

[PriorityOne]

Re: iva

personally i think IVAs are the work of the devil

how far in are you

the problem with them is they are very intractable and rigid, it's very difficult to change anything

which company is it with?

do you have equity in the house?

I agree Mrs D.... despite IVA's being dressed up to look like they're helping. Bottom line is.... if you can't afford to make those payments, then they won't get made no matter how hard the IVA company stamps its feet. Those debts are not classed as priority debts... which means that paying them should be last on your list of outgoings.

Having said that... coming out of an IVA is not something I have experience of.

[tj1963]

Re: iva

yeah i'm beginning to agree with you.
about a year and have four to go....#
with FreemanJones - who appeared to be really helpful at first....now as i really need their help to reduce the payments and actually manage to live they aren't being hepful at all.
house is worth £200,000 and have mortgage of £46,000 however to remortgage is not possible due to income...aaagghh
thanks

[Never-In-Doubt]

Re: iva

How much is owed on the IVA?

[MrsD]

Re: iva

OK I presume you went in to try and protect the house, although i understand that they can still ask for a lump sum from the equity at the end, how you would get that......................well

freemanJones will also be taking a cut of the payments

when are the debts from?

could you give us a list

a great many of us on here are pursuing UE which essentially means we're paying nada, zilch, nought to anyone
some of us have houses
some of us have more than one
some of us have a little debt
some of us have a huge mountain of debt

the purpose of UE is not to pay because the debts have been incorrectly executed, this can occur for several reasons, and we're pretty good at finding them
you have to not pay for 6 years, then if you haven't paid and you haven't acknowleged the debt in writing, it becomes statute barred, which means that it is no longer a viable debt, they can ask but you can ask them to piss off and they have to toddle off.

i need to check the the implications of failing in an IVA, ie stopping it altogether, it would stay on your credit record for 6 years I believe and Freeman Jones would no doubt tell you that yourr creditors could then take you to court, but it's not a given, they could.............................

If you could supply a list with the start dates, it would be really helpful

lay it out like this

• Type of account (credit card/loan)
  
  
• Date commenced (ideally before Apr 2007)
  
  
• Approx balance
  
  
• Date last paid (approximate date you last made a FULL payment)
  
  
• Are you on arrangement or not paying
  
  
• Status (default/in arrears/up-to-date)
  
  
• Account owner (who is writing to you, a DCA or the lender)

[tj1963]

Re: iva

£30,000 sadly

[tj1963]

Re: iva

you are being very helpful thank you.
do you want each debt detailed within the iva? thanks

[MrsD]

Re: iva

yes would help see if you have other options and thank you it's what we do here

[PriorityOne]

Re: iva

OK I presume you went in to try and protect the house, although i understand that they can still ask for a lump sum from the equity at the end, how you would get that......................well

freemanJones will also be taking a cut of the payments

Both damn good reasons to get out of it.... When people are in debt, payments shouldn't be used to part-line the pockets of companies like this.

[tj1963]

Re: iva

ok
loan and credit card £13,838 approx loan started jan/feb 2007 credit card before
credit card £7,980 started 2007 or before
credit card £3,000 approx started 2008 i think
catalogues £250 approx started before 2007
holiday club spain ££5,400 approx february 2007

i'm still on arrangement and up to date. last payment of £310 was paid on 1st November. I've been asking since august to reduce payments...it's getting almost impossible now.
hope that's alll you need, thanks

[MrsD]

Re: iva

Ok what's holiday club spain, is it some sort of timeshare?

[Enforcer]

Re: iva

Try not to worry too much. In 2009 I thought that I was £34,000 in debt. Taken a lot of time, and agro to sort it out. In 14 months time I will be debt free, turns out that I now only owe around £2.200.00! Had over £8000 back in PPI repayments and everything else is unenforceable! Fighting this battle did take its toll on my health, sleepless nights, high blood pressure, my wife was scared that we would lose the house etc. Please listen to the advice on this site, we are or were all in your situation, we will try to help.
Still skint but surviving.