i.v.a are they good

woody2234

are individual voluntary arrangement any good or are they companys that rip you of and make things worser than they was, I get paid 1500 a month but my rent + 3 loans (unsecured) comes to 1350 a month for the next 6 years so 150 a month to buy food petrol and utilitiy bills, last month i had £8 pound to last the last week, i sometimes wonder in im better of bankrupt

Numpty_Monkey

Martins article about IVA's helps
http://www.moneysavingexpert.com/loans/pdf-iva-guide.pdf
most times an IVA is not suitable, and if
contact one of theese Non-profit Debt Counsellors' List

More often than not its a change in budgeting that can help

hth:A

Tixy

Hi woody.

IVAs are suitable for some people, but for many people that are alternatives that might suit them better. Principally one of the main reasons for considering an IVA over bankruptcy is it allows you to hold on to your assets, which obviously can benefit homeowners in particular. It is true that IVAs generally cost a lot in fees.

It may be that there are other less drastic options that could help you have a reasonable standard of living.

Usually a good starting point is to draw up a statement of affairs and either post on here for people's feedback and suggestions or contact one of the recommended charities for advice.
This is the link to the statement of affairs http://www.makesenseofcards.com/soacalc.html and numpty has given you the link for the charities.

From the info posted so far it would be impossible for us to say which option may be right for you.

Nargleblast

As the others have said, try doing a Statement of Affairs so we can help suggest adjusting your budget to help with debt repayments, then try phoning a debt counselling firm like CCCS or Payplan (you could do CCCS's online debt remedy which tells you whether a debt management plan might be the way or not). If you consider an IVA or bankruptcy, then hop over to the Bankruptcy and IVA forum for help from people who have been in that situation and can give you the benefit of their experiences.

BigCraigJohn

And dont forget to see if there are any charges and or mis sold insurance policies you can reclaim as these can really make a dent in your debts. With interest some older fees add up to more in interest than the original fee itself.