IVA or DIY? Advice please

my_responsibility

I stumbled across this site when I used google to look for one of my creditors address. One thing that caught my eye was a statement about it being illegal if companies come at you for debts over 6 years old, on my credit report it says that my files with each creditor have been updated until 1/2/09, but with these companies the latest I went into default with them was late 2006, a bit of me thinks that rather than go into an IVA should I just try to run away for another 4 years than my file will be wiped anyway. What are peoples thoughts on this action? Then after reading the guide on here about IVA's, it would appear that by the time I have paid the fees any saving I make by entering the IVA would virtually be wiped out. Again what are peoples thoughts?

I know 1 person who took care of their own debts, he contacted his creditors directly, and negotiated a settlement figure, 2 figures that he mentioned were - 1 creditor he owed £500 settled for £350 and another who he owed £18,000 is agreeable to settlement of £5,000. He didnt go into the details, but does anyone know if this route is advisable? And also does anyone know if when a settlement figure is arrived at, is it possible to pay monthly or just in a lump sum?

hiddy7

I wouldnt' suggest running from your debts, but if you go through a debt charity they should be able to put you in touch with an IVA company that won't charge you any set up fees.

As for doing it yourself, absolutely if you are a skilled negotiator because it's worth a try. The likelihood however is that your creditors will want to make it legally binding, which an IVA is, so they can rely on you to make repayments. You have nothign to lose to contact them first though and then seek the guidance of an IVA company. Like I say, check out the CCCS first or CAB.

RAS

Please start by talking to a debt charity listed here http://www.moneysavingexpert.com/loans/debt-help-plan#help

And then come over to the main debt free wanabee forum and post up your statement of Affairs.

hiddy7, you are not permitted to put links in your signature.