advice about IVA's

jacko · Joined: 02 Mar 2008 Posts: 2

Hi

at present i have a dmp set up with cccs. we have a huge amount of debt and have just got deeper and deeper trying to bail ourselves out. with a dmp in place i'd be dead before we paid it off and creditors phone us all day long. i know a dmp is not a permenant solution and don't really know what to do next
i've heard of IVA's so i've been searching the net for more information.
it all sounds a bit baffling and i'm just wanting to know if they are easy to apply for. i'm not really good with this kind of thing?
can i apply for an iva if i have a dmp in place?
can i apply for a joint iva with my husband or do we have to do individual ones as our debts are individual loans, cards etc?
i also want to know if i applied for an IVA would i be forced to sell my house to pay off a lump sum. i do have equity in my house but only about 10K as house prices haven't gone up that much since i came on the property ladder.

any help or advice would be appreciated.

jacko

Adam · ClearDebt Advisor Joined: 30 Jan 2008 Posts: 4

Hi Jacko,

With regards to your questions about IVA's

1. You can apply for an IVA with a debt management program currently in place with another company.

2. An IVA is not difficult to apply for, if you were to contact ClearDebt Ltd one of our trained advisors would send you out an information pack. There is some paperwork which you need to collect but nothing to major. We require things like wage slips, bank statements, recent mortgage statement. Things that most people generally receive on a regular basis

3. You can apply as a couple but the actual IVA would be individual to you and one to your husband.

4. You would not be forced to sell your home, but if theres is any equity the creditors may expect you to release some of your share of the equity.

I hope this information has helped with some of the queries you had, if you do require any further information please contact us on 0800 019 2095.

Regards

Adam