Iva

continualdiamond

Can i have peoples opinions on this, those who have had one, do have one, or have anything to share about them.

Partner and i are considering going down this route as we just make payments on our debts now. Partner approached a company today who told us current payments of just over £500 would be reduced to £219 and take 5 years to pay off, paper work etc is coming in the post for us to look over more clearly.

So please post thoughts, thanks

pania

bump bump! ....

Limana68

Hi there
Who is the company you have spoken to? Just make sure they are a decent company and arnt charging you extorniate fees!
Have you spoke to one of the charities?( cccs etc)
We had an IVA back in 2001 and managed to pay it off 2 yrs early, thanks to our creditors agreeing, and its only this yr that all our defaults have 'dropped off' our credit report, so it has been 6 long yrs.
However we owed 43K and paid back 19K in total.
I would say go for it but when you do all your expenditure forms make sure you account for everything as you willl be on a tight budget once you make your payment to the creditors.

Hope this helps
L

continualdiamond

Im not sure about the company, but thanks for the info. We just can see things getting worse, at the moment we manage to make all the payments, but do not want to get to the stage of letters arriving demanding money cos we can't make payments etc.

So where looking into the future a bit sooner to try and work something out.

Dr_Hook

Hi CD!

Looking at your sig, you say you'll be debt free in 5yrs doing a DMP/snowball yourself anyway. I know that's based on £500 rather than £219, but I still think you'd be better off avoiding the IVA for now - reason being that IVAs aren't as flexible as they're hyped up to be. If something changed and you could no longer meet your IVA payments, you could end up being made bankrupt - presumably something you wish to avoid. If you stay outside the IVA, you'd still have options if your circumstances changed.

I'd suggest you talk to the CCCS or CAB to get some professional, independant advice before you commit yourself to anything.

Best of luck whatever you decide & keep us posted

CLAPTON

whether an IVA is appropriate for you depends upon your specific circumstances.
If you would like to post a SOA then we would be able to give you informed advice.
So we need details of your income, your spending, full debt details (amount, minimum monthly payments, APR etc) and whether you own or rent and if own the value of house and size of mortgage. also add general personal circumstances..OH, children etc.

In any event seek further advice from CCCS or Payplan who will provide advice for nothing.

As you know any debt management plan, IVA etc will trash your credit rating for 6 years so you need to think carefully before embarking on this cause of action.

anyway first thing is to post that SOA.