Iva

LydiaSophia

Hi

I was wondering if anyone else has done an IVA? I have landed myself in trouble and owe a very large amount of money.

I ahve been advised to go through an IVA. I am in the process at the moment but am still very very worried about it.

They have left me with enough (they think) to live on each month. The thought of being skint for the next 5 years is causing me sleepless nights.

Has anyone else got themselves into this ghastly mess?

I just want to cry every time I think about what I have done - I don't even have anything to show for all this debt!

rog2

Hi Lydia and welcome to DFW,

There are many people here who have chosen IVA's as a solution to their debt problem, and you will get some good advice.
May I ask who advised you to go on an IVA? If it was a 'debt Management Company' can I suggest that you speak with one of the debt charities, such as CCCS or PAYPLAN before agreeing to any IVA as IVAs do involve fees and there may be an alternative solution for you.
Why not post your full SOA (Statement of Affairs) listing Income, Outgoings and your debts, then we can give you more specific advice:beer:

LydiaSophia

I went to a Debt Management Company and I didn't choose to go through them as they put together a plan that would have taken me 11 years to pay off!

The IVA just seemed to me the best thing to do at the time. I spoke to the Citizens Advice and they also agreed.

I owe £35,000.......... I feel so ashamed to write it down. The trouble is I think I have now gone to far to stop the IVA.

I am going to be apying back about 42p of every pound I owe and it is going to take me 5 years!

james32_uk

Hi Lydia. I'm on an IVA and they certainly offer a quick way to get debt free for the right person. However, be aware that they are legally binding and if you default you coudl be made bankrupt. Also, the 42p in the pound is the MINIMUM you will pay. If your pay increases or you get any windfalls then your IVA will eat most of that up. You can even end up paying more than 100% if you get loads of inheritance or something.

I strongly advise you talk your options through with CCCS or Payplan who are charities who will not charge you for advice.

taplady

Hi Lydia! I'm in an IVA too! was advised that this was the best thing by CCCS who put me in touch with an IP. It is daunting living in a tight budget for 5 years but there is light at the end of the tunnel - I'm 15 months into mine now:j I always try to think that everyday that passes is a day nearer to being debt-free!:j and at least I'm going in the right direction and not getting into any more debt.
Good luck!;)

madduck

Hi Lydia

I took the DMP route to my debt problems. I owe quite a bit more than you and it will take me nearly 10 years to pay it off. It is a long time and through that time money will be tight. I suppose which ever route you take that will be the case.

I do take heart from the fact that I am reducing my debt for the first time in my adult life. I keep thinking of the day that I'm debt free. I'm so much better at budgeting and saving now - what will I do with the extra money!!!

LydiaSophia

Thank you for the responces. I have to say that I am not going to get any inheritence or anything like that in the next 5 years.

I am scared of what the next 5 years will hold but I cannot see that I can do anything else. I have spent to long worrying about my debts.

I am furious with myself of having put myself in this position but at the end of the day I spent it so I have to pay it back!

iolanthe07

Only having to pay back 42% of what you owe sounds a good deal to me, I think you've got off lightly, after all you did spend the money. - go for it.

LydiaSophia

Only having to pay back 42% of what you owe sounds a good deal to me, I think you've got off lightly, after all you did spend the money. - go for it.

Believe me - it isn't a simple procedure and it isn't a get out clause - it does have reprocussions for the future!

I didn't have a couple of mad years buying what I wanted when I wanted!

scootw1

iolanthe07 wrote:

Only having to pay back 42% of what you owe sounds a good deal to me, I think you've got off lightly, after all you did spend the money. - go for it.

A bit of sympathy wouldnt go amiss

scootw1

LydiaSophia wrote:

Believe me - it isn't a simple procedure and it isn't a get out clause - it does have reprocussions for the future!

I didn't have a couple of mad years buying what I wanted when I wanted!

Quite right. I have an ex-friend who thinks that way and I tell him it isnt easy but he wont listen