Jump to content

You can now change your notification sounds by going to this link https://www.consumeractiongroup.co.uk/index.php?/&app=soundboard&module=soundboard&controller=managesounds

 

You can find a library of free notification sounds in several places on the Internet. Here's one which has a very large selection https://notificationsounds.com/notification-sounds

 

 

BankFodder BankFodder

 

BankFodder BankFodder


omoeko

I need someone to speak to. Quite confused. DMP / IVA / Bankrupcy ?

style="text-align:center;"> Please note that this topic has not had any new posts for the last 3393 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you

Recommended Posts

Hi All,

 

 

I really don’t know where to turn at the moment, I currently owe a few creditors in both loan, credit card and also overdrafts. The majority being Lloyds TSB. I have asked for my loan CCA’s which looks fine bar the insurance on it, so I think I have a good chance of getting something with regards to the PPI. I owe my creditors a total of around £37,000

 

 

I know the whole process of claiming PPI takes ages as I believe they would not want to lie down and accept liability straight away, in the meantime I have stopped paying my loans as I simply cant afford it, my income/expenditure is literally in negative. I think an IVA would suit me, but the IVA company I spoke to payplan said, Lloyds are always objecting to IVA’s, since they have around 67% of all my credit. I would like someone to recommend a good IVA company who can at least consider things from my point of view rather than too much for their own pockets.

 

I am not sure of the consequences of being in such financial mess if you own a property, bearing in mind that with the current housing market, there is no equity in the property at all, in fact it could be in negative equity.

 

I want to write to Lloyds to freeze payments for 3 months whilst I sort myself out and to also freeze charges, I am hoping that within this time, I can start dispute process for the PPI on the loans and also haggle out a reduced payment. Also, If I want to get the lower interest, I have tried calling the banks to speak to them to reduce my rate, as I have credit cards and a loan with an APR of around 18%, they are sounding rather difficult, which makes me think, I want to work with them, but they are not willing to listen, someone told me that If I stop payments, it will go to collections and then, they are more willing to listen to offers of a lower payment etc, but what I want to avoid is taking out another long term loan, as I am already 60, my health isn’t in the best of shape and cant carry on working like a cattle which is what I currently do.

 

Someone also told me that going to CAB and after they review my income/expenditure, if they notice that its currently in negative, they would simply suggest bankruptcy straight away. Is this true

 

Also, if one stops payment, when will baliffs start coming ?

 

I will be looking forward to helpful replies.

 

Thanks.

Share this post


Link to post
Share on other sites
Hi All,

 

 

I really don’t know where to turn at the moment, I currently owe a few creditors in both loan, credit card and also overdrafts. The majority being Lloyds TSB. I have asked for my loan CCA’s which looks fine bar the insurance on it, so I think I have a good chance of getting something with regards to the PPI. I owe my creditors a total of around £37,000 Have you yet requested CCA from any of these creditors? if not then you need to do so as soon as possible, this will give you a little breathing room

 

 

I know the whole process of claiming PPI takes ages as I believe they would not want to lie down and accept liability straight away, in the meantime I have stopped paying my loans as I simply cant afford it, my income/expenditure is literally in negative. Have you actually informed them that you are in financial difficulties yet? - again if you haven't done so, you need to inform them in writing of your difficulties and formally request that they cease applying interest to your accounts I think an IVA would suit me, but the IVA company I spoke to payplan said, Lloyds are always objecting to IVA’s, since they have around 67% of all my credit. I would like someone to recommend a good IVA company who can at least consider things from my point of view rather than too much for their own pockets. I think you should ignore the advice you have received about Lloyds and see what comes of your enquiries, these debt management companies have a vested interest in you not going into a IVA

 

I am not sure of the consequences of being in such financial mess if you own a property, bearing in mind that with the current housing market, there is no equity in the property at all, in fact it could be in negative equity. It could work both ways - on the one hand negative equity would render a Charging Order or similar pointless as it would in fact increase your debt, on the other hand if your received feels that your mortgage is too much of a financial drain, then they may see walking away from the house as the best option to free up some of your income

 

I want to write to Lloyds to freeze payments for 3 months whilst I sort myself out and to also freeze charges, See above I am hoping that within this time, I can start dispute process for the PPI on the loans and also haggle out a reduced payment. Also, If I want to get the lower interest, I have tried calling the banks to speak to them to reduce my rate, as I have credit cards and a loan with an APR of around 18%, they are sounding rather difficult, which makes me think, I want to work with them, but they are not willing to listen, someone told me that If I stop payments, it will go to collections and then, they are more willing to listen to offers of a lower payment etc, but what I want to avoid is taking out another long term loan, as I am already 60, my health isn’t in the best of shape and cant carry on working like a cattle which is what I currently do. I would suggest you dismiss the idea of further credit completely unless they are prepared to consolidate your debts in a manner that would be favourable to you as anything else would not help at all and may be seen by a judge as recklessness by you.

Someone also told me that going to CAB and after they review my income/expenditure, if they notice that its currently in negative, they would simply suggest bankruptcy straight away. Is this true Not necessarilly - if there is no chance of repaying the debt, then BR may be the best option, but not in all cases, it really is down to the individual case

 

Also, if one stops payment, when will baliffs start coming ?

 

I will be looking forward to helpful replies.

 

Thanks.

 

Before a bailiff can be sent to your house, you must have an order made against you and then defaulty on that as well, it would only be at this point that a Bailiff may be considered.

 

If and when they take you to court, they will take your income and expenditure into account and make an order to pay an amount you can reasonably afford, as long as you keep to this repayment schedule then there should be no further action taken against you.


Hope this helps

 

 

If you feel that this site has helped you in any way please leave a donation if you can afford to do so.

 

If you feel that have been helpful please feel free to tip the scales.

 

 

The large print giveth, but the small print taketh away. ~Tom Waits, Small Change

 

 

Please note: i am not a qualified lawyer, any advice is offered in good faith and is based on my own and others experiences and a penchant for research and a desire to help others to empower themselves

 

Share this post


Link to post
Share on other sites

Have you yet requested CCA from any of these creditors? if not then you need to do so as soon as possible, this will give you a little breathing room

I have recceived CCA from Lloyds, asked some pros on the forum to have a look and they said the agreement looks fine, except for the PPI, as for PPI apart from the fact that I was told I had to take this out with the loan, are there any other valid points to make this illegal, I want to go in with very strong points

 

Have you actually informed them that you are in financial difficulties yet? - again if you haven't done so, you need to inform them in writing of your difficulties and formally request that they cease applying interest to your accounts

 

I have written to the biggest creditor being Lloyds, payments stopped since last month and I have told them to cease adding interests, heard nothing yet, but I was told to make a token payment at least instead of noting, which I will do.

 

I think you should ignore the advice you have received about Lloyds and see what comes of your enquiries, these debt management companies have a vested interest in you not going into a IVA

 

I insisted on IVA as wha ti thought was my best plan, just currently going through this with paypla, I'm not sure if they are a good reliable company, does anyone know any other companies here as I know CAB done offer IVA service, not sure here. With a DMP, who draws up a proposal, and when drawing up a proposal, if for example, loan was originally taken out at an APR of say 18%, and after 2 years, I just cant carry on paying, can i include in my proposal that they reduce interest to say 6% and backdate this to 2yrs ago, so we will assume that original loan was for 6%, and in my proposal I will say well, @ 18% APR, I have paid you guys, a sim of £5,000 out of £12,000, if i backdate the loan to 6% APR from the start of the loan, it would mean that I have paid £8,000 instead of £5,000 and therefore I will have a balance of £4,000 instead of £7,000, I would further say that I feel my proposal should be accepted as my circumstances has severely changed due to health problems, at the end of the day Bankrupcy has been mooted in my discussions with payplan, and if we decide to go down that route, they will not get a penny as I the only asset I have doesnt have any equity on it, in fact its in negative equity and besides I am slightly over 60.

 

I would suggest you dismiss the idea of further credit completely unless they are prepared to consolidate your debts in a manner that would be favourable to you as anything else would not help at all and may be seen by a judge as recklessness by you.

 

I want to consolidate all loans into one single managed loan, at the moment I am speaking to the banks myself, I'm just about struggling to make payments now, but because they are still receiving something at the detriment of my health, thier attitude is like, well keep paying it, you will be alright. Should payment cease and negotiations started or whats the best approach, if I want the lowest possible rate ?

 

Not necessarilly - if there is no chance of repaying the debt, then BR may be the best option, but not in all cases, it really is down to the individual case

 

I have read about bankrupcy, and dont really want to go down that route, IVA is even better, I want to consolidate loans through an agreement with the banks, from teh current £1,500 a month approx to something half of that or less, then possibly take an an IVA after i see how negotiations progress on reducing debts. I was also considering balance transfers on credit card, heard virgin do 16 months free interest, would this give me some breathing space for some time at least. Right now, I cant even stay at home, the pressure is so much, work is like an escape route but my health is geting bad and I cant carry on like this for too long.

 

Share this post


Link to post
Share on other sites

Hi, i suggest you contact CCCS to help you work out a DMP in the first instance, once up and running, you can start to work on checking the enforceability of the agreements, as this will give you breathing space.

 

CCCS are a charity paid for by the banks, its not the total answer to your problems, but the best place to start, to getting all this sorted out.

 

Type CCCS into google you can apply online, and they will make a telephone appointment with you.

 

Next i strongly suggest you open another bank account with a bank not connected to any of your unsecured creditors, otherwise you may suddenly find they have eptied your account to pay their loans/cards etc.


Please note i have no legal training any advice i give comes from my own experience and from what i have learned on this site

Share this post


Link to post
Share on other sites

Hi,

 

From a personal point of view I am almost 4 years into a 5 year IVA with payplan and have found them a thoroughlly professional and helpful company to manage my debt which, without going into detail was considerably higher than yours.

 

Admittedly Lloyds were not one of my debtors however, Barclays and Tesco Finance were.

 

Thanks

Share this post


Link to post
Share on other sites

I have started a process with CCCSA, just that they are so diffucult to speak to at night when i get back from work.

 

I have gone to CCCSA website to give details, but not spoken to someone yet. At the same time, I have spoken to someone on Paypal, but they seem to be pressuring me so hard to get the loan details so as to start speaking to creditors.

 

Also, I am thinking some of the loans were taken out when i was living with my brother and also my son at thier home addresses, i haven't changed anything yet as I dont have a permanent address, would this be a problem at all ?

Share this post


Link to post
Share on other sites

Ok Guys, just another update, i recently spoke to one of my creditors and on speaking to them myself, they did signify that, they could combine loan + credit card balance + overdraft into one single managed payment.

 

But the interest rate being mentioned was aeround 8%, on some of the template letters I can see on the website, some did say that you can pay your creditors exactly how much you own them without interest, in other words, can i offer to pay my creditors 0% interest, and spread payment over say 24 months.

 

What are the chances of this being accepted, I told them that If they do not want to work with me, I may end up seeking bankrupcy and going down that route will mean they will end up geting nothing.

 

Payments stopped by the way.

Share this post


Link to post
Share on other sites

Hi All,

 

I was speaking to CCCS today and I explained to them that although I do not have a problem with taking on a DMP but what will happen to ongoing PPI and CCA queries that hasn't been resolved.

 

The chap that I spoke to said that if a case is still ongoing, it will still need to be dealt with as the debt still exists, what i mean is that as I have an outstanding Credit card CCA query, my fear is that if I take on a DMP, will this mean that my CCA query will be Null/Void as I thought the account will be cancelled as well when a DMP has been taken out. As I thought if an account has been cancelled, then you cant make any claims or anything against it.

 

PLease confirm

Share this post


Link to post
Share on other sites

Hi Guys, can anyone shed some more light on this.

Share this post


Link to post
Share on other sites

Also what normally happens with credit card debt, someone told me that after a stage, the CC company will send a final offer which is normally like 60% of the debt.

 

Can someone tell me the chain of events and also how i can get the lowest/no interest when i am literally in financial difficulty.

Share this post


Link to post
Share on other sites

if whoever you are thinking of paying has not complied with your cca request, pay them nothing!! simple!

 

as for the PPI claim, keep going with that regardless

 

dx


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

Share this post


Link to post
Share on other sites

Hi Omeko and welcome, you are in a great place.

 

I sent CCA requests to all my creditors whilst on DMP with CCCS. I just sent myself and didn't involve CCCS.

 

I believe that you are entitled to send a CCA/PPI request or claim at anytime. You can then choose to continue or stop paying the creditor if they don't come up with the goods (CCA) within the required time 12+ 2 days. I must admit that I have read on here that some posters were finding it a little bit difficult in stopping payment when they were with the CCCS.

 

Out of all my creditors only one has come up trumps so I pay them direct myself each month!!

 

I am now brave enough (I think) to go it alone (I say alone I mean go with CAG!!) and have cancelled my DMP with CCCS.

 

Someone with more experience will be along to advise you as well, so hang in there.

 

 

Good luck and keep posting.

 

 

S.B.X :)

Share this post


Link to post
Share on other sites
Ok Guys, just another update, i recently spoke to one of my creditors and on speaking to them myself, they did signify that, they could combine loan + credit card balance + overdraft into one single managed payment.

 

But the interest rate being mentioned was aeround 8%, on some of the template letters I can see on the website, some did say that you can pay your creditors exactly how much you own them without interest, in other words, can i offer to pay my creditors 0% interest, and spread payment over say 24 months.

 

What are the chances of this being accepted, I told them that If they do not want to work with me, I may end up seeking bankrupcy and going down that route will mean they will end up geting nothing.

 

Payments stopped by the way.

 

Its very much to their advantage to get you to start a new loan to consolidate all these "possibly unenforceable things" into a brand new definitely enforceable one.

 

My advice dont do it!

 

Try CCCS first, once up and running, then start working on the enforceability aspect of each one


Please note i have no legal training any advice i give comes from my own experience and from what i have learned on this site

Share this post


Link to post
Share on other sites

CCCS and payplan don't charge you for their service which is why it's always better to go with them than a fee charging service ;)


"To love unconditionally is the greatest gift, laughter is a close second" .To give your time to help others after being helped here is the best way to show your appreciation to your fellow CAG members.

 

Please note that this advice is given informally, without liability and without prejudice. Seek the advice of an insured qualified professional if you have any doubts. All my knowledge has been gained here, for which I'm very grateful. I'm a Journalist, not a law professional.

 

If you do PM, make sure to include a link to your thread as I don't give out advice in private ;)

BB 13 - DCAs/banks and solicitors 0.

 

I get a fresh start to get on with learning to live with severe disabilities when they could have had something if they'd been understanding...

 

<--- If you feel I've helped, please twinkle my star :)

Share this post


Link to post
Share on other sites

Thanks Guys,

 

As I have never dealt with a Debt Management Company before would a DMP simply consolidate all loans into one new loan, also the way CCCS work, they have estimated that they might be able to work something out with my creditors to pay it all off within 7 years, based on the balance of my Income & Expentiture statement, but its not a guarantee, just an estimate. I am left wondering, what would be the benefit of going to them as opposed to approaching each creditor at a time, and also as in some cases, I have been told interest will be kept @ a nominal rate, 1% or so temporarily, and in other cases eg the creditor has agreed to combine all loans onto a managed loan attracting interest of just over 8%, with a DMP with CCCS, what kind of rate/deal would CCCS negotiate on my behalf, I'm just trying to guage the benefits here.

 

Also for example, if I have a query regarding a credit card which the creditor cant find the CCA, would a DMP simply allow for lower monthly payments or just loan consolidation. Also, if for example, I have 2 loans, overdraft & credit card and possibly a credit card that might have a dodgy CCA, what would be the best approach in tackling this as it would be to my disadvantage if I consolidate all into one loan which would be enforceable, in the example highlighted above, the other loans are endforceable, but the credit card may not be, I dont know yet as still early days.

 

What should I do, speak to CCCS or still speak to creditor and deal with it on a one by one basis, which would mean that I would try and work something out with the creditors regarding the loan, but ignore the credit card for now as they are yet to produce a CCA since they only sent me a bunch of terms and conditions.

Share this post


Link to post
Share on other sites

As i said above consolidating debts is not a clever thing to do, go with CCCS at least in order to get a proper I&E sorted out, you dont have to do a DMP with them, just make pro-rata offers, based on what you can afford, then start sending the CCA requests one by one , to see where you stand.


Please note i have no legal training any advice i give comes from my own experience and from what i have learned on this site

Share this post


Link to post
Share on other sites

thanks everyone for the post.

 

Halifax are saying that without a letter from CCCS, they cant setup a long term arrangement, is it worth going to CCCS to get everyone to reduce interest etc and maybe later, I can now manage it myself with advice from CAG ?

 

Also, a lot of the arrears on my credit card has been building up, and I am thinking, I have read posts here where banks have offered customers t reduced discounted payment, when will I be offered one or when does this process automatically trigger ? As in most cases, I may have only owed say £2,000 , but with the intest and arrears, its gone up to double that, surely as I am struggling at the moment, if I had £2,000 and could offer it to them, should that not close the matter ?

Share this post


Link to post
Share on other sites

cheers for the adviec mate.

 

Already CCA's all creditors, the credit card ones are defaulting by senidng me T&C's only, but arrears are still building up and interest is still being added. I have read on various posts that banks can offer discounted one off payment to close the matter, I have not been offered this yet ?

 

What triggers this process or what needs to happen before this is triggered ?

Share this post


Link to post
Share on other sites

Hello Everyone

 

I am here as I am a little confused and dont know what to do at the moment. I have debts of just over £40,000.

 

I do work, but earn just over £1,000 a month.

My original payments for all my loans come up to £1,500 a month.

 

I have currently agreed with my creditors to make lower payments to the tune of about £400 a month after submiting my income/expenditure form. I am currently over 60 and due to poor health, cant work for over 65. The self made DMP agreement with the banks will take me a total or about 10 years to pay off.

 

I do have a property which I'm currently renting out at the moment as its far from my work place, there is no equity in the property with the current downturn and in fact my debts on the property exceeds the value. Its even made worse with the impending section 20 notice on the property to the tune of over £5,000. I'm not even thinking of that right now.

 

My questions are as follows:

 

  1. What would suit me more, a DMP, IVA or Bankrupcy ?
  2. I dont want to loose the property, what can i do ?
  3. I cant afford to pay a DMP for 10 years as it means by then, I will be 70
  4. What are the implications of IVA despite the fact that I have a property.
  5. What are the implications of Bankrupcy despite the fact that I have a property.
  6. IVA's cost a lot to arrange, with my debts roughly how much will an IVA cost (fees wise)?
  7. My job is not a guaranteed full time job, its an agency job. where its pay as you work.
  8. I dont have any rights like full time employees.
  9. Who can i ask for independent advice, the likes of CCCS would be very interested once they know once has a property, but even the property is in negative equity.

Share this post


Link to post
Share on other sites

Hi

 

In response to your queries:

 

My questions are as follows:

  1. What would suit me more, a DMP, IVA or Bankrupcy ?

All three options are suitable for you, but it depends what you prefer:

The DMP is an informal arrangement, whereby you would make your monthly payments into this arrangement until your debt is cleared in full. You would have someone acting on your behalf, dealing with all correspondence and any legal action that comes your way. As the DMP is not legally binding and informal, the creditors can still charge interest on your accounts, which could take you longer to repay. Based on your level and debt and surplus of about £400, it would take you 8.3 years to repay your debt in full in DMP, but this is presuming all interest and charges are frozen. Free of charge DMPs include CCCS and Payplan.

Bankruptcy lasts for 12 months, and is on your credit rating for 6 years but held on the government register for life. It costs £510 to go bankrupt, and it is declared in your local paper. Your property would be realisedin bankruptcy along with any other assets you may own. The advantages of this is that it is a quick option.

The IVA is a 5 year legally binding agreement between you and your creditors. You would declare your income and expenditure details, and the surplus amount that you can afford to pay in each month for 5 years will be proposed to all of your creditors. They can then accept ot reject this proposal. If they reject, you may consider the other options. (Look out for companies that charge hefty upfront fees - Payplan and Debt Free Direct are recommended). If your proposal is accepted, all interest and charges would be frozen on your accounts, and the creditors can no longer chase you. You would need to declare your property details to show there is no equity, but this property and other assets would be safe in an IVA. After the 5 years, the remainder of your debt is written off and your credit rating is wiped clean a year later (6 years from day it was approved). You would then be debt free.

  1. I dont want to loose the property, what can i do ?

As above, your property would only be safe in an IVA arrangement. It would be safe in a DMP, but the creditors can still take legal action as it is not legally binding i.e charging orders etc.

  1. I cant afford to pay a DMP for 10 years as it means by then, I will be 70

If you can afford £400 a month, it would take you about 8.3 years to repay, but could take longer if interest and charges are put on accounts.

  1. What are the implications of IVA despite the fact that I have a property.

You would need to have your property valued in the IVA (free of charge), and would need to send details of any secured charges against the property, this is to purely show in your proposal how much equity if any is in the property. If there is equity, the creditors would usually require you to remortgage in the 4th year to pay 85% Loan to Value of this amount into the IVA. However, if negative equity, you will not need to dot his.

  1. What are the implications of Bankrupcy despite the fact that I have a property.

Your property would need to be declared to the Official Reciever in bankruptcy, and it is up to them as to whether it would be realised. Usually all assets, especially any that are no occupied by the debtor are realised.

  1. IVA's cost a lot to arrange, with my debts roughly how much will an IVA cost (fees wise)?

With Payplan and other free of charge IVA companies, there are no upfront fees to the IVA, therefore if your proposal is rejected, you would not be charged. However, if it is accepted, all fees would be built in within the IVA, so you would not have to pay any more than your surplus amount agreed. It is the creditors who agree to forego some of the surplsu at the beginning of the IVA to cover the IVA fees, and then after this, the surplus is paid directly to the creditors.

  1. My job is not a guaranteed full time job, its an agency job. where its pay as you work.

As long as you are happy to maintain the payments agreed in the IVA, this will be fine. If you do come out of work in the IVA, your income and expenditure would be reviewed and your payment may change. For the DMP, it does not matter that you are on agency work, as they do not need proof of earnings, and as it is an informal arrangement, your payments can change throughout the arrangement.

  1. I dont have any rights like full time employees.
  2. Who can i ask for independent advice, the likes of CCCS would be very interested once they know once has a property, but even the property is in negative equity.

I would suggest you speak to your local CAB who are very helpful, or you can visit the following website for more information:

 

Free Debt Management Plans, Free IVA Debt Advice and Free Debt Help | Debt Advice | Payplan

 

Best wishes

Share this post


Link to post
Share on other sites

Thanks very much for the reply, I was looking for something independent before taking any steps.

 

I can say that I dont think the value of the property will allow for any equity release now, obviously one cant say in the future. I tried to speak to payplan in the past but they tried forcing a DMP up my throat even thought I said i preferred an IVA.

 

Thier thoughts were that, the banks would not want to agree to an IVA when they know that 3 extra years they will get all thier money in full. Problem is that I cant guarantee that I will be working after 65.

 

Also, recently with the property. with the reduction in interest rates and also the fact that my fixed deal has expired, mortgage payments have not literally halved, so literally with the standard variable rate, after deducting new payment from the rent, I am left with about £500. But this is on interest only and with a mortgage that will end in 5 yrs time. balance is just over £100k. The reason why it ends in 5 yrs time is because when i took it 5 yrs ago, they would only offer me a mortgage up till 65 and the assumption was that when i turn 65, mortgage will be repaid with a lump sum.

 

Now, lump sum will not be possible. Currently get about £400 extra from the house due to lower interest payment, this will not remain forever, so its very difficult to try and plan for the future as I dont know what interest payments will be. I'm not also sure of the future of the house with 5 yrs remaining on the mortgage deal.

 

Where does this leave me with IVA application ? I also read that some IVAs can last for only 3 yrs,

Share this post


Link to post
Share on other sites

We are in a DMP with Payplan and we discussed an IVA but were advised against an IVA becuase on the 4th year we were told that a percentage of equity on the home would be required to pay into the IVA. We were told that if we could not raise the money then we would be expected to sell the home in order to release the required equity

 

Was this incorrect advice???

Share this post


Link to post
Share on other sites

Its a little silly, what if the person does not own a property.

 

Besides, I dont think the equity on the property will exceed 85% LTV even in 4 yrs time, besides there is an impending section 20 notice on the property.

Share this post


Link to post
Share on other sites

hi.

if you feel bankruptcy is the only option open to you have a word with these guys.

i filed today have my hearing thusrday.

these people are very good and if you are working for yourself they will give you the number of the business debt helpline who are as just as helpfull.

 

National Debtline – Free, Confidential Debt Advice – Call 0808 808 4000

Share this post


Link to post
Share on other sites

Hi Omoeko - sorry for the delayed response.

Based on you retiring when you are 65, you can try an 3-4 year IVA, but you would need to tell the company that that is what you want to propose. You could put your proposal forward based on the fact that when you are 65, you will be receiving little pension and will not have half as much to contribute to the creditors, so they will get more from you in the 3 year IVA - worth a try!

Yes, in the IVA, they do require for you to release 85% Loan to Value in the fourth year of the arrangement. If you do not have a property, and live in rented accomodation, this does not apply - it is only if your name is on a property. If the value is low, and you do not have any money to release, this will be fine and you wont be expected to release any. Sometimes if you are unable to remortgage to release the funds from the property, if any, the creditors can ask you to sel your property, however this is very unlikely in an IVA, unless this is what you want to propose, instead of having to remortgage.

Hope this helps! x

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...