IVA's - equity release in 4th year

http://myvesta.org.uk/forum/technical-iva-questions-f16/missold-iva-t2310.html

Okay it is a LONG read but read it all, as the last paragraph may say an awful lot to people wondering should they go into and IVA, this has been written remember by someone professional in the IVA industry.

I found this very good reading, and again think I was missold mine.

I also think that may be one of the sites being talked about here, although it does not seem to be PRO IVA to me and what I have read so far over there.

I agree with others here and have to say I would NEVER have entered into one had I had this site and taken better advice than the pamphlet simply handed to me at the CAB as they were too busy to see me!

If you stand to lose your job due to not being able to work there if you got BR okay, your credit rating with IVA and BR is shot to hell and one thing I do know is no one has a crystal ball, 5 years is a long time, anything can happen, and with BR the day the judge stamps that BO you are free of debts. It cannot fail 3 months down the line if you are paying into and IPA and lose your job, which would happen with most IVAs.

I have said it before, every case is different, but read that link as I think he puts it very well as to who should and should not consider an IVA. Which from reading it, is the majority of people.

Perhaps one of the many reasons why I chose not to go the IVA route. I have just under 5 years left until I pay off my mortgage which has always been affordable. I didn't want to release equity in my property to put me into debt again and take me into retirement (yes, I am that old - although I was only 20 when I got my mortgage so that makes me feel better, sort of!)

So to me, it just seems having an IVA is not necessarily the "quick fix" that they make it seem. You may be unsecured debt free but are saddled with probably a high interest mortgage for 25 years.

I also believe that your credit file is almost as bad with an IVA as it would be for bankruptcy and you will be on the Individual Insolvency Register too.