Has Anyone Had Any Success With Iva

skibadee

I have my second telephone appointment with CCCS tomorrow afternoon re., an IVA. Currently on DMP with Payplan.....which is going to take 23yrs to pay back...probably more infact as some creditors are still adding interest despite numerous requests to freeze it.
Had first telephone appointment with CCCS 10 days ago, went through I&E and was adviced IVA best option....have recieved paperwork/information pack and have read Martins IVA guide.
I'm inclined to proceed with IVA and was wondering if anyone has had success with IVA?

iwannabefree

Hi, Me and OH have had our IVA for 2 years now and so far it is going ok. It's not easy as they only let you have the money needed to get by on each month. The rest of your money goes on the IVA towards paying your creditors. You really have to budget, but as long as you can do that you'll be fine. Some months for us are better than others, but thats just us.

Good luck anyway

tigerfeet2006

The BR board is probably not the best place to ask that question as it is full of people who have been mis-sold IVA's and are now have gone/are going BR. You might have a better responce on the DFW board.

EDIT: Looks like I was wrong

fermi

It might also be worth having a read through the IVA forum HERE.

Tigerlily31

Hi Skibadee,

This is just my take on an IVA, I started out with one and am now BR. My IVA was kind of mis-sold. Be aware that you will be expected to pay a large chunk of your income into the IVA and that it lasts 60 months. It works for some- those with homes and businesses and much disposable income but for me it was a nightmare!!! I never really had the funds to pay the monthly amount and when my circumstances changed and I became ill, I was left with no choice but to go BR last month.

I was so scared of BR originally but to be honest I had nothing to lose I rent my home, have no assets and no car so it was what should have been suggested originally.

That's just my take on things, no one can predict the future but I could have saved myself a lot of money and stress by going BR in the first place. Could be different for you?!

Tigerlily x

zoe2008

I have an IVA too and am looking at BR!!
i THINK YOU SHOULD BE REALLY REALLY CAREFULL OF IVA'S.
If you do take one be ready to give up all you money for the next 4 - 5 years with the possibility of losing any equity in your home on year 4.
Good luck with your choices just make it an informed one and dont get ripped off like me!!!

skibadee

zoe2008
Who did you do your IVA through?

zoe2008

Hi Skibadee
It is with Debt Free Direct and they are being B******s about giving us the info so we can go BR.
Please be carefull about these things, myself and OH were frightend and S***ing it when we recieved a call from them. We are £40,000 in debt with no equity in our house and a very young family. They made it all sound so easy and were very reasuring. Stupidly we followed there advice with out any other advice and are now, (after asking for a reduction in our payment which was rejected ) going to go BR.
According to the national Debt Line we should never have been sold an IVA!!!
Again i can not stress enought look at all you options and be carefull there are too many out there will to take advantage.
Zx

Deep_In_Debt

Hi.
If CCCS have advised an IVA then it probably is the best option for you. They don't recommend them to many people as they are only suitable for a small percentage of people. CCCS were horrified that I was recommended an IVA by a certain company already mentioned; I'm now on a DMP with CCCS and due to clear it off in the same time that an IVA would have taken and won't be homeless or bankrupt as the IVA would have left me. Good luck in whatever you decide.

Ionic

I took out a lumpsum IVA a year ago. It still isn't complete, mostly due to the tax office not putting in their claim. The other creditors agreed to 25p in the £ last August. I paid £14000 into the IVA account which I can't get back.
In the mean time I'm now £12000 in mortgage arrears and due to be repossessed on the 19th July.
The IVA company tried every reassurance so I didn't choose BR, now I'm beginning to wish I had.:( If the house doesn't reach the outstanding mortgage amount I might have to go BR anyway.
Hope you have better luck.
J

oliviarosejackson

Hi, i am currently 12 months in to a 5yr IVA with Blair Endersby. And to be perfectly honest i am not sure if it was the right decision for me personally.

I have a 5yr old daughter and i still live at home with my parents, have no assessts what so ever - as my car is in my mothers name due to insurance.

But 12 months ago i was ver naive about my debts and had not heard about this site (how i wished i had now thou). I just wanted the quickest way out of the mess that i was in, as i was getting phone calls off my creditiors everyday. So i rang a phone number off the internet. After going through my I&E, i was told that an IVA might be my best solution (not sure why now thou, as IVAs are usually for people who have assessts). But there is alot of stigma with bankruptcy and i was scared to go through that. Am beginning to think it may have been a better option now.

Up until this month, i was paying out £311pm for my IVA and am only getting £1000pm and that has to cover rent, food, etc... As children do not come cheap and with the rising cost of everything at the moment, it has become even more difficult to keep up with. So i have spoken to the person in charge of my case and he has reviewed my I&E and after working this out i only have £150 left after everything is paid out. So i am now waiting to see if my creditors agree to it, as i cant cope with paying out £311pm for the next 4yrs.

All i can advise is if you dont have any assets the BR may be a better option for you, as from what i have read in the past few months BR & IVA are the same things really. Your credit rating is affected the same too. Although with an IVA your name is on the insolventry registar for 5yrs after the IVA has finished, whereas with BR you are discharged after a year and you name is off the insolventry registar after 5yrs from when the BR started.

Please someone tell me if i am wrong about that.