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  1. #1
    DF PlaYa matthewburton79's Avatar
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    Help After some Advice on an IVA....

    As title says really.
    Got myself into a bit of a rut over the last few months and cant get myself out of it.
    Basically buried my head in the sand and hoped i could balance things, now realised i can't!!
    After speaking to the bank i'm with and virtually begging for a consolidation loan only to be greeted with a no and a look of Smugness i'm looking into going down the route of an IVA.
    Has anyone ever done this or free to give some advice??

    Cheers, Matt

  2. #2
    DF Jedi CallmeGoose's Avatar
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    Default Re: After some Advice on an IVA....

    lots of advice here mate: [Only registered and activated users can see links. ]

    i nearly went down the route of IVA a few years back. luckily enough I managed to start repaying my debts just in time. I know what your going through and its a horrible feeling when things just seem to build and build and spiral out of control.

    hope all goes well for you and you can get things sorted.

  3. #3
    DF Wh0re m4rkym4r's Avatar
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    Default Re: After some Advice on an IVA....

    Also depends on how much you owe, and other circumstances. Iva is slighty the lesser of two evils (bankruptcy being the other), yes if you go bankrupt it goes from your credit score quicker, but you could lose your house and car and stuff.

    Iva takes 5 years (disappears from credit file 12 months after finishing)to pay back at a set amount each month (they may try and put the amount up every 12 months), you have to fill out a income/expenditure every three months, with some thinking just adjust your exependiture if you get a pay rise to balance out them asking fpr more money. Do your homework, but you shouldnt have to pay for advice. CAB will also be able to help.

    Its a long slog, i finished mine last june, and had an awesome holiday to celebrate finishing it.

  4. #4
    DF PlaYa matthewburton79's Avatar
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    Default Re: After some Advice on an IVA....

    Quote Originally Posted by m4rkym4r View Post
    Also depends on how much you owe, and other circumstances. Iva is slighty the lesser of two evils (bankruptcy being the other), yes if you go bankrupt it goes from your credit score quicker, but you could lose your house and car and stuff.

    Iva takes 5 years (disappears from credit file 12 months after finishing)to pay back at a set amount each month (they may try and put the amount up every 12 months), you have to fill out a income/expenditure every three months, with some thinking just adjust your exependiture if you get a pay rise to balance out them asking fpr more money. Do your homework, but you shouldnt have to pay for advice. CAB will also be able to help.

    Its a long slog, i finished mine last june, and had an awesome holiday to celebrate finishing it.
    Cheers!
    Looks like this will be my best option and hopefully debt free after the 5yrs.
    Hoping it will sort me out and leave me a couple Hundred free each month!
    Will be doing my homework etc regarding payments etc.....

    Cheers, Matt.

  5. #5
    DF VIP Member
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    Default Re: After some Advice on an IVA....

    I did not go the IVA route, if your debt is less than 15k you could get a Debt Relief Order (bankruptcy lite) it's administered by the Insolvency Service and only costs 95.00 the CAB and other charitable services were rubbish but Baines and Ernst (after weeks of BS from the other lot) sorted me in 3 days, best thing I ever did and I wish I had done it a year earlier. Your credit rating is rubbish by now anyway, will certainly be so after getting an IVA except you'll be paying it for years AND a fee to the company handling it. A DRO is free aside from the 95 paid to the Insolvency Service and your debts get written off at the end of a year, a Moratorium for the duration means that aside from statements your creditors will leave you alone.
    If at first you don't succeed.....redefine success. . . .

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  6. #6
    DF PlaYa matthewburton79's Avatar
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    Default Re: After some Advice on an IVA....

    Cheers Blaggard but I'm touching the 23k in total.
    I totally wish I had sorted things sooner now!

    Cheers, matt.

  7. #7
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    Default Re: After some Advice on an IVA....

    Quote Originally Posted by matthewburton79 View Post
    Cheers Blaggard but I'm touching the 23k in total.
    I totally wish I had sorted things sooner now!

    Cheers, matt.
    Think about Bankruptcy, more expensive than a DRO but much the same in terms of debt write-off and duration of credit score effect but the 5-600 cost is way less than five years of continued repayments INCLUDING fees. Similar length of time with no credit but at least you'll have some dosh to live on. If you screw up during an IVA the shit really hits the fan. Get some advice, preferably from a Pro, NOT the CAB or any of the other "charitable" debt specialists, THEY are supported by your creditors and ALL told me I was not eligible for a DRO, like I said, B&E sorted me painlessly, quickly and unlike the CAB did not talk down to me.
    If at first you don't succeed.....redefine success. . . .

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  8. #8
    VIP Member CzarJunkie's Avatar
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    Default Re: After some Advice on an IVA....

    It's about time they brought back jail terms for debt. It's far too easy to go down the IVA or bankruptcy route and debt clearly doesn't have the stigma it used to.

  9. #9
    DF VIP Member
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    Default Re: After some Advice on an IVA....

    Quote Originally Posted by CzarJunkie View Post
    It's about time they brought back jail terms for debt. It's far too easy to go down the IVA or bankruptcy route and debt clearly doesn't have the stigma it used to.
    Nice advice, if you can't contribute button it.
    If at first you don't succeed.....redefine success. . . .

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  10. #10
    VIP Member CzarJunkie's Avatar
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    Default Re: After some Advice on an IVA....

    Quote Originally Posted by blaggard View Post
    Nice advice, if you can't contribute button it.
    Ok, here's my advice. Suck it up and pay back your debts. Don't go down the IVA or bankruptcy route. You've spent the money so you should pay it back. No one forced you to spend it and a little bit of self discipline would go a long way.

    Cut up all your cards, sell your property and rent or move to cheaper accomodation if you already rent. Sell your car and get a cheaper one, or use public transport. Spend less on socialising, cancel your sky tv subscription and sell your games console.

    Do whatever you can to pay back your debt, you'll feel better as a result.

  11. #11
    DF VIP Member
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    Default Re: After some Advice on an IVA....

    Quote Originally Posted by CzarJunkie View Post
    Ok, here's my advice. Suck it up and pay back your debts. Don't go down the IVA or bankruptcy route. You've spent the money so you should pay it back. No one forced you to spend it and a little bit of self discipline would go a long way.

    Cut up all your cards, sell your property and rent or move to cheaper accomodation if you already rent. Sell your car and get a cheaper one, or use public transport. Spend less on socialising, cancel your sky tv subscription and sell your games console.

    Do whatever you can to pay back your debt, you'll feel better as a result.
    Jeeez, I hope you never need any help or advice, you're so perfect of course that it will never happen.
    If at first you don't succeed.....redefine success. . . .

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  12. #12
    VIP Member CzarJunkie's Avatar
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    Default Re: After some Advice on an IVA....

    Quote Originally Posted by blaggard View Post
    Jeeez, I hope you never need any help or advice, you're so perfect of course that it will never happen.
    Well, if I did, I wouldn't ask in a predominantly tech forum for advice on finance.

  13. #13
    DF Admin maltloaf's Avatar
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    Default Re: After some Advice on an IVA....

    I'm with Czar on this. I overspent for a few years due to a wife I was unable to say no to who had very expensive tastes. Ended up in a fair old mess, so once I'd split from her, I saw sense and started from the bottom again. I sold my 15k car and bought a cheap runner. I moved somewhere cheaper and I entered agreements with all my creditors to pay back the whole amounts in manageable installments month by month and they ALL froze the interest. I've recently finished 2 of the 4 debts, it's really a rather magical feeling getting the letter telling you you're clear and that they've registered that it's cleared with credit reference agencies.

    I will get out of it and everyone will get their money.
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    DF VIP Member
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    Default Re: After some Advice on an IVA....

    Quote Originally Posted by CzarJunkie View Post
    Well, if I did, I wouldn't ask in a predominantly tech forum for advice on finance.
    Not even in a sub forum specifically created for that purpose? There are people on here with a huge variety of skill sets and life experience, not a bad place to start really. If the question had been asked in the Dog and Duck it would have been fair game for some barracking, I would think that a request for some serious advice in a forum created for that advice might be left alone or do you have such a sad life that you can't be happy unless throwing insults around in an effort to maintain a feeling of smug superiority?
    If at first you don't succeed.....redefine success. . . .

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  15. #15
    DF Jedi garagekru's Avatar
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    Default

    You sir seem to live in a happy little bubble where everything is always good. Why not understand that the OP was living the false dream like alot of people and now they are fucked.

    Should he have made them mistakes? No! But calling him acoxk and saying it's his own fault is not 100% fair.

    Yes this is a tech forum but a lot of is don't make a living in tech jobs and are feeling the down turn alot harder then many here.

  16. #16
    DF VIP Member
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    Default Re: After some Advice on an IVA....

    Quote Originally Posted by maltloaf View Post
    I'm with Czar on this. I overspent for a few years due to a wife I was unable to say no to who had very expensive tastes. Ended up in a fair old mess, so once I'd split from her, I saw sense and started from the bottom again. I sold my 15k car and bought a cheap runner. I moved somewhere cheaper and I entered agreements with all my creditors to pay back the whole amounts in manageable installments month by month and they ALL froze the interest. I've recently finished 2 of the 4 debts, it's really a rather magical feeling getting the letter telling you you're clear and that they've registered that it's cleared with credit reference agencies.

    I will get out of it and everyone will get their money.
    Please accept that this is NOT always possible.
    If at first you don't succeed.....redefine success. . . .

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  17. #17
    DF Admin maltloaf's Avatar
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    Default Re: After some Advice on an IVA....

    I'm just saying this is what I chose. I had the option of bankruptcy and decided against it. around a third of my monthly money goes to repayments now. There's around 5 years left to pay until I'm 100% clear
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    DF Jedi garagekru's Avatar
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    Quote Originally Posted by blaggard View Post
    Not even in a sub forum specifically created for that purpose? There are people on here with a huge variety of skill sets and life experience, not a bad place to start really. If the question had been asked in the Dog and Duck it would have been fair game for some barracking, I would think that a request for some serious advice in a forum created for that advice might be left alone or do you have such a sad life that you can't be happy unless throwing insults around in an effort to maintain a feeling of smug superiority?
    That what I meant, minus the beer

  19. #19
    DF PlaYa matthewburton79's Avatar
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    Default Re: After some Advice on an IVA....

    I'll take on board everyone's input and answers to my post, even Czar junkies. Your right yes I spent the money and as the situations got a bit worse every month have cut back on the luxuries, sky tv is gone, car downgraded and social life non existent.
    Just trying to sort things out now as each month i cant make the money stretch anymore Cheers, matt.

  20. #20
    DF Super Moderator JonEp's Avatar
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    Default Re: After some Advice on an IVA....

    Well theres one other option and I'm sure I'll be burnt for saying this (although during the day I may batch trace the address of up to 5000 default debtors !)

    It will only work if you are in rented accommodation with no assets to attach a judgement debt to and you also need to change your telephone number and have a new clean basic bank account with a bank you have never banked with before.

    Do nothing. Yep that right just get on with your life and forget about the money you owe. Start a fresh.

    The result will be all your debts will eventually be farmed out to DCA's and ultimately become unenforceable.

    Your post man will be busy delivering the final notices and then the very final notices and then the very very final notices and then ... it will be sold on a new tear of DCA who paid even less for your debt and will repeat the process.

    When the debt get sold at around 7p in the pound you may if your lucky get a door knock from an agent.

    These people are all self employed working on a commission and have in their pocket id cards for a whole host of DCA's depending on which hat they have on when they visit you.

    Most of them do not have a consumer credit licence and all most all of them have failed to register with the ICO in accordance with the Data Protection Act.

    Both serious criminal offences you may like to remind them of as they shut your garden gate.

    At that stage the debts have often been reassigned so many times often without sending you the statutory notice of assignment. Even worse when two different DCA try to collect the same debt which is a serious offence.

    If you can put up with the letters, change your telephone numbers and ask the odd self employed door knocker for his none existent CC licence then in six years so long as you do not acknowledge the debt your clear and its wiped from your credit reference file. .... It wont stop the letters though..

    Because of the now prohibited cost of issuing County Court proceeding most creditors settle for a reduce amount by selling the debt to DCA's usually within a few months of default.

    DCA's rarely if ever go to Court.

    If your really unlucky because you live next door to the local self employed door knocker there is alway the Protection from Harassment Act which has already been successfully used to stop such tactics.

    The Labour government in their last year tabled a law to allowed bailiffs to force their way in to a persons home and secure goods to the value of a Judgment.

    At the moment they can only enter through open doors and windows.

    (the bailiffs magazine has a running question to its readers. how many times have they climbed through a window. One only has to look at the average bailiff to know the answer each year is always in the single figures !)

    This idea was both unpopular with bailiffs, courts and much of the general public. I was please to see this government has scraped it.

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