BE AWARE house owners, before taking out an IVA...........!!

Even though DFD are helpful and give good advice helping you decide whether an IVA is for you, depending individual circumstances!! BE AWARE they do not tell you before! accepting the IVA, that in the 4th year of your agreement, you could be forced to remortgage your home or even forced to sell it!! if you have more than 5% equity in your home......to pay off the remaining 50% of your outstanding debt.I personally was not informed of this!! WHY wasn't I!! This is very important and should be highlighted before you consider an IVA. I only found out by new terms & conditions that came in the post recently!! so when I inquired about these new terms! I was told that this is the review 4th year reference old terms but only with your existing lender! So i asked what are the new terms then?? the reply was new side emerging companies (mortgage brokers) that can help with remortgaging your home on the 4th year without your exsisting lender being involved.I personally do not need another remortgage!! that's why I turned to an IVA program to avoid more debt.I was lead to believe that the IVA was an agreed sum arrange by the IVA and lenders/debtor!! but this is not quite the case!! as I am now thinking in my 4th year they could technically turn my life upside down after 4 years of almost seeing light!!! MY advice do not trust anyone and check all terms out before agreeing as no body really gives a damn!! If I knew what I know now then bankruptcy etc might have been an option, a lot less painful. Remember the IVA companies are in this for profit!! Make up your own mind to WHY they don't tell you at the beginning of opening your IVA!! I'm lead to believe,You may possibly have to pay the whole outstanding remaining debt back that you owed in the first place less interest of cause................... IF you cannot pay the remaining 50% off at the end of the 4th year hence no equity in your property!! you could be forced to pay for another year into your IVA program making this 6 years instead of the 5 years you were hoping for......not taking into account an extra year of non payment after the IVA finishes! as it will not be off your credit file until then!! so could take all of 7 years before DEBT FREE with all this disappointment put to you after 4 years of hardship and then......... thrown to the lions!!! think before you sign. I hope this helps.

The biggest GREY area of IVA's..........................................

DFD, I will be seeking legal advise reference the new terms & conditions, will post soon for an update.

Regards