iva advice

madandsad

hi all new to this sort of thing just after some advice on ivas do you think i should do one as i am struggling with about 20k of debt 3 loans and 2 credit cards, and not a very good wage to pay them i am managing to pay them at the mo but for how much longer i dont know, and the other thing i am worried about is we are planning on moving in the next few weeks would an iva stop me from getting another morgage

RAS

Hi

IVAs are very rarely a sensible option, despite what those debt cmpanies tell you. CCCS reported that they were appropriate for about 3% of the people who contacted them. What they do provided is loads of fees for the IVA companies, not a lot for the creditors and major issues for the debtor if their circumstnaces change.

So if you are convineced that your circumatances are absolutely secure for the enxt 5 years, talk to one of the debt charities about an IVA.

If you want to re-mortgage, having an IVA is a bad as being an undischarged bankrupt, so please get proper advice before you do anything.

madandsad

thanks for the advice looks like everybody wants to make a quick buck then! will try to bat on a bit longer thanks again