IVA

[winner12]

Hi all not been around for a while
I have been in touch with a financial advisor ref us selling up and paying off debts (long story) I have been on a dmp for about 3 years now out of about 6 creditors I only now pay 3 as per my DMP all the others have stopped collecting or changed DCA and never been in touch.
After getting my Experian report which looks dire no surprise there then she has recommended a IVA what do you all think
the debts i pay for amont to about 16k add the ones that dont collect and its nearer 30k
Could I ask for your valued opinions please

[winner12]

Re: IVA

A bump and an update
Been researching the above seems like its not always the best deal
Story is we are selling up and wanted to get a smaller mortgage turns out I am a liability best thing she could suggest was the IVA and OH going it alone with a mortgage but if I have a payment in place with all my creditors is it best not to do full and finals oh and rent a house

[Inca]

Re: IVA

Hiya hun...long time no see xxxxxxxxx....you know I can't help you but one of the bods who can will rock up xxxxxxxxxxxxxxxxxx

[FlamingParrot]

Re: IVA

Hi all not been around for a while
I have been in touch with a financial advisor ref us selling up and paying off debts (long story) I have been on a dmp for about 3 years now out of about 6 creditors I only now pay 3 as per my DMP all the others have stopped collecting or changed DCA and never been in touch.
After getting my Experian report which looks dire no surprise there then she has recommended a IVA what do you all think
the debts i pay for amont to about 16k add the ones that dont collect and its nearer 30k
Could I ask for your valued opinions please

If there are creditors that don't chase you, why would you want to start paying them? If you haven't paid or acknowledged the debt in 3 years, you are half way through to statute barred with them. I would just let sleeping dogs lie, in fact, that's what I've been doing myself, just over two years to go.

Furthermore, an IVA is a form of insolvency and thus not dissimilar to bankruptcy for the purposes of credit-worthiness.

If you have been on a DMP for 3 years, that means your defaults will be set to drop off in 3 years time. If you enter into an IVA, it will stay on record for a further six years.

Personally I would stay well clear. If would be useful if you could provide us with a few details regarding your debts such as who they are with, when you took out the card/loan, when you last paid and the outstanding balance to start with.

[FlamingParrot]

Re: IVA

A bump and an update
Been researching the above seems like its not always the best deal

No, it usually isn't, let's not forget IVAs carry hefty management fees.

Story is we are selling up and wanted to get a smaller mortgage turns out I am a liability best thing she could suggest was the IVA

If you enter into an IVA, you won't have a chance to obtain a mortgage for at least six years, being a form of insolvency as noted above.

and OH going it alone with a mortgage but if I have a payment in place with all my creditors is it best not to do full and finals oh and rent a house

I would tend to agree, although I don't see why you can't buy a house without entering into an IVA, if your OH is getting the mortgage by himself. Whether you buy or rent would obviously be up to you, but I can't see anything to be gained from the IVA.

[winner12]

Re: IVA

Hello Inca
Yes been a long journey and still on if you have a few weeks spare i will fill you in
Thanks Flamingparrot
I did feel she was more intent on flogging the IVA once we had seen my experian report other thing she said was we could not say we were moving together as they would tarnish him with my debts on his stand alone mortgage and no one would touch him ,am I been stupid in thinking we could sell our house pay off a couple of big debts put down a 25% deposit on a cheaper property and tackle my frozen interest debts once we have moved
Sorry to babble on but after a year of redundancy (rubbish pay off ) OH taking a lower paid job he has just secured a new post good salary hooray but we have to relocate hence the need for us to sell up and (tackle our debts) but what she said I feel worse off lumbered with an extra 14K that no one is collecting on and having to lie to get a mortgage
HELP!!!!!

[Inca]

Re: IVA

Well,,you got FP on the case now hun and she's a smart cookie re finances so f there's a right way to do it,she'll find it for ya.
I'll let her do her facts and figures on thread and will pm you tomorrow for a catch up xxxx

[FlamingParrot]

Re: IVA

Hello Inca
I did feel she was more intent on flogging the IVA once we had seen my experian report other thing she said was we could not say we were moving together as they would tarnish him with my debts on his stand alone mortgage and no one would touch him ,am I been stupid in thinking we could sell our house pay off a couple of big debts put down a 25% deposit on a cheaper property and tackle my frozen interest debts once we have moved

No, you are not being stupid at all! However, I would just let sleeping dogs lie with regards to those who are not collecting...

If the interest is frozen on the others, there's hardly anything to worry about, as long as you can afford your DMP payments. If you wanted to, you could always send a CCA request (only to those you are paying for now) and see what they come up with, without stopping payments, at least for now.

Sorry to babble on but after a year of redundancy (rubbish pay off ) OH taking a lower paid job he has just secured a new post good salary hooray but we have to relocate hence the need for us to sell up and (tackle our debts) but what she said I feel worse off lumbered with an extra 14K that no one is collecting on and having to lie to get a mortgage
HELP!!!!!

I feel like I'm still missing something here, why do you feel you need to tackle your debts? You say you have 3 who are not collecting and 3 who are happily accepting your DMP payments without adding interest.

I understand the need to sell up due to relocation, but I don't see why you'd want to change anything with your debts. If your credit file is the source of your concern, bear in mind the defaults will stay on for 6 years regardless of whether you pay them or not, they will then drop off also regardless of whether they've been paid or not.

[winner12]

Re: IVA

Thanks Inca
That would be great x

[winner12]

Re: IVA

Hi Flaming parrot
I was only concerned with the debts because the so called financial women said all would need to paid off to get a mortgage
I was only concerned because she said OH could not get a mortgage because of me even if he did it his name only we could not declare that I was going and would have to say out relationship had broken down he would get the mortgage and all sorted sounds really wrong to me hence my arrival here for some honest good advice
I have had a few hiccups with my DMP but that was not my fault they just did not play ball but all sorted once more
The thing is my experian shows my 3 DMP debts the other 3 that dont chase and some as settled really confusing rating is poor but my OH is squeeky clean so he could get a mortgage with who O dont know does this help
Debts I am paying are
lloyds credit card 13000 outstanding
LOWEL 1000 outstanding
CABOT 2 accounts 1500 outstanding

[CleverClogs]

Re: IVA

I did feel she was more intent on flogging the IVA

She probably gets commission or a referral fee.

[CleverClogs]

Re: IVA

financial women

Prostitutes?

LOWEL 1000 outstanding

I'd want to get that below £750 ASAP, as those buggers actually like to make people bankrupt.

[FlamingParrot]

Re: IVA

Hi Flaming parrot
I was only concerned with the debts because the so called financial women said all would need to paid off to get a mortgage
I was only concerned because she said OH could not get a mortgage because of me even if he did it his name only we could not declare that I was going and would have to say out relationship had broken down he would get the mortgage and all sorted sounds really wrong to me hence my arrival here for some honest good advice

Your OH should be able to get a mortgage in his sole name unless some of the debts were joint. I'm afraid they've given you the wrong information with regards to paying the debts, it won't make any difference whatsoever for the purpose of getting a mortgage. Once you have a default recorded, it will stay in place, even if it gets marked "settled", it will still show and affect your chances of obtaining credit, especially a mortgage. The lender will expect a borrower to keep up monthly payments, not to default and then pay years later. An IVA would only make matters much worse, by restarting the 6 year clock again and having an insolvency on record.

I have had a few hiccups with my DMP but that was not my fault they just did not play ball but all sorted once more
The thing is my experian shows my 3 DMP debts the other 3 that dont chase and some as settled really confusing rating is poor but my OH is squeeky clean so he could get a mortgage with who O dont know does this help
Debts I am paying are
lloyds credit card 13000 outstanding
LOWEL 1000 outstanding
CABOT 2 accounts 1500 outstanding

Your report should show all debts regarding of whether they are chasing you or not. As for the debts above, did you open the accounts before April 2007? The reason I'm asking is because you could check them for enforceability, particularly the £13k one.

[FlamingParrot]

Re: IVA

I'd want to get that below £750 ASAP, as those buggers actually like to make people bankrupt.

They have been on a DMP for 3 years, presumably Lowell have been happy with the repayments. If they were to issue a SD, it shouldn't be too difficult to reduce it as it's just £250. I see no reason to worry at this stage. Let's not forget Cel loves Lowell's SDs…

[MissFM]

Re: IVA

Hi Flaming parrot
I was only concerned with the debts because the so called financial women said all would need to paid off to get a mortgage Well, she would say that , wouldn't she?
I was only concerned because she said OH could not get a mortgage because of me even if he did it his name only we could not declare that I was going and would have to say out relationship had broken down he would get the mortgage tripe and all sorted sounds really wrong to me hence my arrival here for some honest good advice
I have had a few hiccups with my DMP but that was not my fault they just did not play ball but all sorted once more
The thing is my experian shows my 3 DMP debts the other 3 that dont chase and some as settled really confusing rating is poor but my OH is squeeky clean so he could get a mortgage with who O dont know does this help
Debts I am paying are
lloyds credit card 13000 outstanding
LOWEL 1000 outstanding
CABOT 2 accounts 1500 outstanding

Hello Winner

The problem is that there is a swarm of vultures praying on those in debt and insolvency solutions are a nice little earner for those who administer them, whether they be bankruptcy per se or IVAs.

Anyone can call themselves a "financial advisor" and for some years it has given them a license to mint money (particularly as far as preying off debtors is concerned). There are people here of phenomenal financial skill who will empower you at no charge.

A well-informed little bird is more worth listening to!