Iva?

alfie571

What are the pros and cons of an IVA. Is it a good idea. I'm at the point where I cannot afford to live on my wages and getting chased for a LOT of money. What are the future consequences?
Thanks for reading!!!!

james32_uk

A DMP is a voluntary agreement between you and your creditors for them to accept a lower repayment. Idea is to get them to stop interest and charges and pay them a set amount that you can afford each month out of your income.

An IVA is a legally enforceable financial agreement bewtween you and your creditors where you work out your surplus income and offer that as a payment every month for 60 payments over 5 years. After this time your debt is wiped free. This is one step away from bankruptcy and should not be taken lightly. Failure to make your payments will result in you being made bankrupt.

I'm on an IVA and I posted a while ago going through how it works. Check it out here http://forums.moneysavingexpert.com/showthread.html?t=237135

Give CCCS or Payplan a ring. They are great and FREE of charges (outside of IVA charges) and will give you great impartial advice.

Mike_St_Helens

James is the best one to let you know how his experience was as he says, he has just come through it... Im just diving into bankruptscy... No decision is and easy one, but im sure there are plenty people on here who will help and give advice. You can make your own decision then !

I second the Payplan thing...They are great.