IVA's please help are they OK

fiona_barchard

Hi, I am a newwbie and trying to work out how all this works, hopefully I have managed it now, I am thinking of doing an Individual voluntary agreement, IVA, I have been trying really hard to get out of debt but I can't, my outgoings are more than my incomings and I have done all the swopping cards, cheaper loan etc etc that martin recommends, what's next apart from getting deeper and deeper in, can anyone tell me if IVA's are worth a look or not, Thanks, Fee

trevor_john

Hi I successfully completed my iva a year ago.It ran the full 5 year course with no problems.In hindsight i wish i had gone bankrupt as i had nothing to protect and it would have all been over a lot quicker.

If an iva is your only route them make sure that you use an insovency practitioner whos firm does not charge UPFRONT FEES .You must never ever pay these vultures as a decent I.P. will take his fees out of the monthly iva payments thus not making you further in debt as you might otherwise be.

Take a look here (its easy to register)

http://www.debthelpuk.co.uk/cgi-bin/yabb/YaBB.cgi?board=;action=logout

This is a good site with good people who will answer your debt questions and not judge you.Whatever course you take good luck.

CLAPTON

an IVA depends upon your individual circumstances

so post a statement of affairs, i.e. details of income, spending and debts (include the minimum monthly repayments and APRs) also some information about your personal circumstances...OH, children, rent or buying if buying how much is the the house worth and how much the mortgage, do you have PPI on your debts (should consider cancelling) plus anything else of significance

fatbelly

Or get in touch with CCCS or Payplan and see what they recommend.

A lot of people seem to jump (or are pushed) into IVAs when a dmp or bankruptcy would be more suitable. Note what Trevor John has said about his IVA.

There's info on the National Debtline site if you want to do some resseach yourself.

james32_uk

Hi Fee. Agree strongly with the above. Speak to Payplan (or CCCS who although dont offer IVAs will give you great advice if they would be good in your situation). These companies will not charge you upfront fees and will give you your best choices rather than what would make them the most money.

See my post here about how an IVA worked for me.
http://forums.moneysavingexpert.com/showthread.html?t=237135

If you need any private advice then drop me a PM.

Good luck!

fiona_barchard

Thanks to all of you who answered me, your advice has been really helpful, I am going to call payplan and CCCS and see what they suggest, Fee