Scared - IP appointment next week

Trude

I've got a telephone appointment next week with an IP through CCCS. They have recommeded an IVA (I have £40K of unsecured debts, through divorce and trying to rob Peter to pay Paul).

I'm terrified quite frankly. Is an IVA a good or a bad thing? I have no assets and live with my boyfriend but as I pay him rent, I've been told that he may have to raise equity through his house. It's not his problem, it's mine and I will not benefit from the house as it will be left to his children.

Are IVA's scary or should I stop panicking? I can't sleep and am worried sick. Please, can anyone help?

sieve

Try not to worry too much. Whether you end up doing an IVA or going bankrupt, it is one step closer to a debt-free future.

If you seriously have no assets, do not dismiss bankruptcy either. When I was in your position I was advised to do an IVA by CCCS (goodness knows how they came to the conclusion they came to as all the figures were wrong) so I ended up petitioning my own bankruptcy instead.

But whatever happens, you will be alright - and as your boyfriend's house is your boyfriend's and you have no legal title to it, they can't insist that he raises equity for you using it.

Nargleblast

Don't be afraid of speaking to the IP - his/her job is to talk to you about your situation and assess if an IVA is a workable solution or not. If it is, they will go through how it all works and what is involved. You are under no obligation until you sign the final papers which will be some time further down the line. I would suggest you contact other companies as well and discuss different debt solutions. In the end it is up to you to make your mind up as to what to do, based on all the information you have obtained. Do not let any company pressurise you into doing anything, it is your debt problem and you have to take the solution that feels right for you.

Nargleblast

It may be that an IVA was suggested because, if accepted, Trude could be debtfree in 5 - 6 years whereas, with a debt management plan, it could take 15 - 20 years to clear the £40,000 (depending on disposable income and whether creditors freeze interest and charges or not). I have heard of people having IVAs without being property owners. Anyway, it would be interesting to see what the IP has to say - please keep us posted, Trude, and don't feel obliged to go with the first company you call, you can always get a second or third opinion from other firms then make your mind up.

Trude

Thank you. I've read all the replies on here and I'm feeling a bit calmer now (although I still keep waking up at Stupid O'clock thinking about it). My appointment is looming so fingers crossed I can get some answers and subsequently some sleep. Thank you again, everyone on this site is so friendly and supportive, it makes such a difference.