Applying for an IVA in the end!

amyjaj

Talked to an IP today to see what other choices I had other then the DMP that the CAB advisor recommended. I'm applying for a IVA! The other choice was bankruptcy. Paying £750 each month out of my £883 a month official income couldn't continue.

UpToMyNeckInIt

Hi amyjaj,

The charity sector does tend to advise DMP's over IVA's, and with the best intentions I am sure.

In my case it was a similar choice to you: 15-20 year DMP (as advised by a debt charity), or 5-6 Year IVA (as advised by the private sector).

After several months of research I weighed up the options, and here I am nearly 2-Years into the IVA.

Out of interest, why did you go for the IVA in the end over say going BR/DRO? (Having read some of your other posts, I recall that your total debt was around the £15K mark).

Regardless, as long as you have properly researched all your options, you should be OK.

Best of luck with your IVA.

amyjaj

Looks like I was going round in circles in my debt! Would have taken forever to have got it down to a safe level with interest to be accepted!