Considering an IVA Beware!

FiremanSam_2

Only enter into an IVA agreement as a last resort. They don't always reduce the amount you owe, though they stop interest accumulating. Look into the IVA provider carefully as there are a lot of cowboy firms out there such as SPWCA dot co dot uk who charge extortionate fees, all of which are added to the repayment total. It is important to check carefully what fees will be charged, this is something you can overlook as it is just a relief to be free of the harrassment but sneaky insolvency practioners can add in fees without making it clear to you and in my case extended the term of the agreement by a year without telling me. Glad to now be debt free, repaid all lenders in full and enjoying life as a MoneySavingExpert fan.

Hope this helps

mother_hen_2

Well done for being debt free and thankyou for your advice.