3 IVA Downsides to Watch Out For

[@MoneyNerd]

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

[@lucjan24yr]

Hi. My Iva will finish November next year . What should I expect? They will review last 5 years. ? And what if my wife don't want take remortgage. Thay can force her. Iva is only on my name. And I still will have fixed rate on morgage. Thank you.😊

[@mikewilkinson7802]

Hi Scott, I’ve just come to the end of my IVA 6yrs and have just been told that I owe an extra £15k and that I have to arrange a payment term to get rid of it. I don’t own a home so I have no way of raising that kind of money. Do you have any advice, thanks

[@grannysvids]

Hello, did you resolve this issue in the end? I can only imagine you must have had some extra income that you didn't declare during your IVA. Any extra income, less 10% then 50% of that will have to be paid into your IVA fund to go towards your creditors.

[@nomanikram4305]

If I cancel my IVA and go for bankcorroupcy. How does that work out as I don't have any assets or mortgage etc. Thanks

[@MoneyNerd]

Hi Norman, you're best speaking to NationalDebtLine or StepChange - they will be able to give you some specific advice. Good luck with it all.

[@grannysvids]

If you cancel your IVA, you will probably have to be the fees that are normally covered by your usual IVA payments. An IVA is a contract like any other, when you breach that contract, you could /might have to pay some fees.

[@grannysvids]

I've been watching a few of your videos and they are very negative towards being in an iva. I'm about to end my 5 year iva this April ( 2 months' time) it has been the best thing I ever did. I'm going to be uploading some videos on it in the next few months to explain my experience. I had £15,000 of debt in 2018. I now have money in the bank in savings. Every month, my earnings are mine, and there are a lot of things in your videos that are not correct.

[@ALCAJOLIC]

I agree with you. My IVA has been very helpful and my Iva practitioner has been very supportive and flexible. I’m In my last year and learnt how to budget correctly, with money in my savings along the way. I still have a car and luxuries. Not as scary as the video makes it sound.

[@grannysvids]

@@ALCAJOLIC Yes, mine is now finished. My last payment went out last month. Right now, I have about £2300 in savings, I never ever had savings before entering my IVA. I will be uploading a video about mine soon, there was a lot of questions I had when I started mine but not much on youtube with specific questions so I will go over some of those in my video. I'm so glad I'm out of debt now though.

[@ALCAJOLIC]

@@grannysvids that’s amazing! And congratulations to you for finishing it.

[@mrwinks8390]

I need to get an IVA out but iv been building Mt credit score for years for when I'm ready to buy a house.. if I get one out it's going to take me back to square one and moat likely never get accepted for mortgage?

[@grannysvids]

@mrwinks8390 hello, yes, once you take out an iva, you will have a zero credit score until you have finished the iva, then you can re build your credit score. If you need an iva, I imagine that you have created a lot of debt through credit and borrowing and if you are behind on payments, this can reduce your credit score anyway. I have found that since completing my iva, I am able to save every month, and now I am investing in stocks and shares and my money is now working for me. Being debt free opens a whole new world for you. I'm even getting free money from my bank. Nationwide awarded me £400 this year, just for having savings in my bank. They also just offered me 8% interest for the next 12 months on a new savings account. This is why cash rich people get richer and people that borrow and get loans pay through the teeth for their money. I hope this helps

[@mrwinks8390]

Will getting an IVA out effect my chances of a mortgage? Iv spent years building my credit score to where it is now?..

[@MoneyNerd]

Hi Mr Winks! Getting a mortgage while in an IVA may prove to be extremely difficult, not to mention your credit score will be negatively affected. Here's an article that can serve as a guide for you: moneynerd.co.uk/iva/mortgage/ Hope this helps!

[@nadiarahman9189]

Hi the company that set up.my iva showed my salary as low so my monthly iva will be low? So i will have extra cash that i want to save will this all go towards the iva and their fees?

[@asadnaqvee5638]

No they can't do that , as per IVA rules the fee isn't charged from customers.

[@grannysvids]

Any extra cash you have every month is yours to keep (up to 10%) anything you earn over your set salary is worked out like this: If you earned, lets say a £500 bonus in any given month, you get to keep £50 of it, the other £450 is divided by 50%, which is £225. Your IVA will have £225 and the other £225 goes to you to do what you want with. In my case, I earn about £2000 bonus every december, I automatically keep £200 of it, the rest is divided by 50%, £900 goes into my IVA, the other £900 goes into my pocket. so out of my £2000 bonus, I get to keep £1100 of it.