IVA Pros and Cons

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People facing debt: Could you write off some debt? Get started here: moneynerd.co.uk/get-debt-opti...
Read more: moneynerd.co.uk/iva/is-an-iva...
The information provided in this video is for editorial purposes only and not intended as financial advice. Free debt counselling, debt adjusting and providing of credit information services are available from MoneyHelper, an independent service set up to help people manage their money. You can find out more by contacting MoneyHelper. MoneyNerd is not associated with MoneyHelper, we just think they're great.
MoneyNerd does not give specific debt advice and we recommend that you always discuss your personal situation with a qualified adviser that works for a company that is authorised and regulated by the Financial Conduct Authority. With your consent MoneyNerd may pass you on to a trusted debt counselling company or insolvency practitioner. MoneyNerd Limited is an Introducer Appointed Representative of Pacific Financial Solutions Ltd who is authorised and regulated by the Financial Conduct Authority (Firm Reference Number 688034) and is classed as a debt counselling firm. Their in house IPs are Jason Bowen who is authorised to Act in the UK by the Institute of Chartered Accountants of Scotland (ICAS). Licence no. 22150 and Laura Stewart who is authorised to Act as in the UK by the Insolvency Practitioners Association (IPA). Licence no. 23590.

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Опубликовано:

7 мар 2021

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Комментарии : 72

@MoneyNerd 10 месяцев назад

If you need legal advice about your debt, here's the link to the trial for the online solicitor: justanswer.9pctbx.net/c/2873512/1147978/9320?sharedid=youtube-debt

@anthonylangford7797 2 года назад

I've got 2 payments left on my Iva. Happy days!

@billyumusak4529 Год назад

Thank you lovely chap god bless you 🙏🏽🙏🏽🙏🏽

@MuhammadGulbazKhan 2 года назад

Thank you so much. It will certainly help me making best decision

@MoneyNerd 8 месяцев назад

Hi @MuhammadGulbazKhan! you're most welcome, glad I could help.

@davidgiles3896 3 года назад

Excellent advice. Very informative

@MoneyNerd 3 года назад

Thanks David, give me a shout if you need anything

@1D1daiski 3 года назад

Good video mate ty , I'm speaking to a company tomorrow about starting an IVA

@MoneyNerd 3 года назад

Thanks man, good luck with it all

@Pho909 Месяц назад

I have less than a year with my iva, cant wait!! 😊

@costzyyy 3 года назад

Hello! If i m in Iva and i will go to college they are allowed to get that money from me when they do the check at the end of the year and they will see that money comeing? Thank you

@markharris4659 2 года назад

Brilliant thank you

@MoneyNerd 8 месяцев назад

Hi @markharris4659! Thanks!

@R.O_OFFICIAL_MUSIC 3 года назад

Hello if I live with my parents are they involved with this iva so for example can they start saying that my mum and dad would have to remortgage etc I'm really worried I'm on the verge of agreeing to an iva but dont want my mum and dad involved in this

@mrpool69 2 года назад

Hello, I have car on pcp finance for 4 years, IVA will impact me to take another car on finance during IVA?

@mike-Occslong 2 года назад

So if you fail does tht mean your credit is still ruined?

@carolwood313 11 месяцев назад

Be good to make a video on how an iva can be mis sold

@davidclark6800 Год назад

I'm entering a iva but the company seem very pushy quick for all the relevant information from me and my proof if I'd. Is this normal.

@MoneyNerd 3 года назад

Did you find this video helpful or would you rather see more general videos about loans, money management etc?

@catalin8279 3 года назад

Hello. I do have a question. I am in the process of doing an IVA but I am a bit concerned. You said that after 5 or 6 years your debt will be written of but then you mentioned that at the end of the 6 years you will be requested to remortgage your house. Why would you be requested to do that? I have a mortgage and thinking to apply for an IVA but I am not sure if this is the right decision. Can you please elaborate ? How does it work ?

@catalin8279 3 года назад

@@MoneyNerd so basically all the advertise that they writte off 85 % is just a lie. You in fact repay all of it.plus their fees and you also destroy your credit score.

@zoedesay9485 2 года назад

I don’t own a home, I have roughly £9000 on credit cards and £6000 left on a loan. I can make they payments but I’m paying out around £600 back on repayments. I’ve been discussing an IVA with a company so my payments would be £100 I’m worried that after I finish paying it I wouldn’t be able to get a mortgage. Or that if I started earning more it would effect me?!

@repairman4068 2 года назад

Very helpful

@ishsheik2745 2 года назад

Hi pal. Thanks for the video. I made one of payment for my IVA after completing 3 years with my IVA practitioner. Can I know am I eligible to apply for a mortgage now?If I get a mortgage,Will it be any problem problem after completing 6 years?If I own a property do I have to pay back remaining of the debt? What’s are the mortgage rate will be after completing IVA early?

@VTD_Daily 3 года назад

I don’t think there is any insolvency practitioner can make up policy where they don’t do go after a specific asset or else they can be criticise for this. You can however leave certain assets out of the IVA proposal. I believe you can also take credits out if you get permission from the IP

@MoneyNerd 3 года назад

Useful information, thanks!

@GCWF1 Год назад

What if I die during an IVA?

@Barbarapape 2 года назад

Having lived with debt for a number of years, and every annual review they try to persuade me to try for an IVA, but i always say no. Who can predict what your circumstances will be over 5 or 6 years, then have to pay another loan if you own a property after the IVA finishes. My DMP is due to finish in 4 years, and i hope to complete it and live long enought to enjoy a few debt free years. Please think very carefully about what can go wrong with an IVA.

@pnklady3788 Год назад

thank you for this Alan. I am thinking of a DMP rather than an IVA, (Trust Deed in Scotland) and you have just confirmed that thought!

@Barbarapape Год назад

@@pnklady3788 Glad that i could help you decide. IVA's are far too risky in todays uncertain times, unlike a DMP they are legaly binding and very difficult to change if you can't keep up with the payments.

@pnklady3788 Год назад

@@Barbarapape Yes! I have a mortgage which I don't want to risk and just want a solution. I feel my situation is truly temporary and don't want to risk too much and feel the DMP is far easier to manage, especially as payments can be increased/decreased!! I almost went with a Trust Deed (same as an IVA in Scotland pretty much) and have now decided against it and now feel much better about having made a decision! Thank you again and I hope your situation has improved also! :)

@Barbarapape Год назад

@@pnklady3788 I think you have made a wise choice. Best of luck with your DMP amd i hope yopu can be quickly debt free. My annual review is due in April, and will hopefully i will be debt free in another 3 years.

@lachuks4 10 месяцев назад

Hi, question: If I am a guarantor but i am under IVA and personal to whom i am guarantor is falling to pay: do i am still liable for debt?

@MoneyNerd 8 месяцев назад

Hi @lachuks4! This sounds like a tricky situation. I'd recommend getting expert advice from a professional, such as StepChange www.stepchange.org/ or Citizens Advice www.citizensadvice.org.uk/ Good luck!

@sbrenaissance9 2 года назад

It's definitely not for me after seeing this. Thanks for sharing.

@repairman4068 2 года назад

Same here , not for me. But happy i found this video.

@johndosh6832 2 года назад

Same not for me either.

@MoneyNerd 8 месяцев назад

Hi @sbrenaissance9! It's my pleasure. @repairman4068 glad you found the video helpful.

@razhaider7943 2 года назад

When your 5/6!years come to end there is no way you can release equity or take out a personal loan due to your low credit score and income!! So iva is the best choice and you can always end your iva early by offering the creditors one of payments!!!!

@MoneyNerd 2 года назад

good points

@modular7060 2 года назад

Is that 6 years after you're IVA has ended that your credit score will be pretty bad?

@cwtcoldwatertherapywithcra4778 Год назад

6 years from when your iva finishes

@HurrikaneWales24 10 месяцев назад

Can I save money for a holiday with family while in an IVA? Can I save £200 a month into a savings account while in one?

@jamiewarriner7735 10 месяцев назад

Yes you can, i am in one just starting now and asked same question

@jamiewarriner7735 10 месяцев назад

As long as it comes out of your budget

@minniethomas6206 4 месяца назад

Youre fab

@MoneyNerd 3 месяца назад

Thank you! You're fab too ☺️

@AndreyaWryght 2 года назад

My iva company always request my bank statements every 3 months, not one did they mention this week I took it out and they expect to see transaction, it wasn't a huge debt to start with. Now it's a year into it they want to see more bank statements, p60s and wage slips. I feel this is too intrusive. Is anyone else having the same issues.

@repairman4068 2 года назад

Thanks for sharing.

@johndosh6832 2 года назад

Are you still having these issues?

@AndreyaWryght 2 года назад

@@johndosh6832 when it came to a years review I phoned them and they said they didn't need my bank statements every 3 months, that the system was sending out messages by error, I was fuming, had a go at them at I sent the statements and they never acknowledged or said anything. I'm 18 months into now and mum is going to pay it off for my birthday next year, so hopefully that will be the end of that we

@anthonylangford7797 2 года назад

That's odd. My iva had an annual review where I had to give my bank statements from last 3 months.

@anthonylangford7797 2 года назад

Just read your last message!

@AndreyaWryght 2 года назад

ANYONE WANTING TO TAKE ONE OUT, PLEASE SEEK ADVICE FROM STEPCHANGE, DON'T GO THROUGH A COMPANY, THEY TAKE MOST OF THE MONEY THEMSELVES ARE INTRUSIVE AND NEVER GIVE STRAIGHT ANSWERS. PLEASE SEEK FREE LEGAL ADVICE

@umeshvaghjiani Год назад

Thank you for being honest, it’s very difficult to define the fees of an IVA and online leads you the companies that look great but are a subsidiary ( which means the service is not free and you may end up paying more😅 Why is it banks prefer to work with and agent than directly with the customer? I am diagnosed with ADHD and find it extremely frustrating when contacting a bank . You have totally got me to evaluate my debt and I feel supported by watching your videos 😍🙏🏼😀I have been paying over £640 on interest on my overdraft of £1500, which I started to use during Covid. I started to pay extra £100/month to reduce the overdraft and the bank keeps telling to consider other advice to pay of my overdraft. It’s amazing how banks can loose billions and then get bailouts which are loans from the government who take out loans from banks . Anyways thanks 🙏🏼 😊 stay awesome 👏🏽 👏🏽👏🏽👏🏽🫶🏽😊