Author Topic: To IVA or Not IVA?  (Read 1105 times)

newby10

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To IVA or Not IVA?
« on: Apr 06, 2010, 10:05:48 PM »
 ??? In a nut shell i have paid off 50% of my debt last year (about 50K) with the balance of 16K cards and 5 year loans to go (split between my self employed business and 20K personal). last year was achievable as I gave back assets ie cars etc, but of course now its down to paying back good old cash and therefore my monthly outgo with my rent is in my opinion crippling. I am self employed which means harder to get consolidation loans and the credit cards are now unavailable to me for transfers since the credit crunch. One is Egg which is extortion at 27% (luckily only 3.6K of the debt). So do I soldier on for the remaining 5 years without a life, and as you can imagine constant worry or IVA or maybe another solution i dont know of? I really want to buy as i have no savings or pension so I have something to leave my kids! Help!!

ALEXMAC

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Re: To IVA or Not IVA?
« Reply #1 on: Apr 11, 2010, 09:53:16 AM »
HI, You could have used the funds you has to made a full settlement IVA. A debt managment plan looks a good idea for you, ie getting interst frozen, and making reduced payments until you can afford more.
Alex
www.the-debt-clinic.com
 

L-E-E

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Re: To IVA or Not IVA?
« Reply #2 on: Apr 14, 2010, 04:44:50 PM »
Hi Newby,
 
If you successfully enter into an IVA then you will have a clear date when you will become debt free. Depending on the amounts you are paying to the credit card companies this may not be the case without the IVA. A Debt Management plan will help you reduce your outgoings to an affordable level but this route of action hardly ever results in charges and interest being stopped by all creditors.
With an IVA as long as the majority of your creditors agree to stop charges and interest the others have to follow suit.
If you could detail the companies that you owe and a rough balance i will be able to tell you from experience if you would be accepted into an IVA.
 
Lee

Paul Goodman

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Re: To IVA or Not IVA?
« Reply #3 on: Apr 19, 2010, 10:17:58 AM »
Newby,


Firstly, congratulations on clearing what you have so far.  It certainly can be challenging and that fact that you've cleared that much already shows you are committed to clearing the whole amount.  The IVA might be the best thing for you because of the potential to stop the interest.  If you've got the commitment you've already shown you'll get through the IVA and hopefully through your debts.