Best Place To Start

Bill78

Hi Folks,
Im sure you people get sick of being asked this, but im going to be another pest, Now for a while i was terrible with money, and ive suffered what normally happens and got in to debt.
It spiralled out of control after the failure of my wedding last year...just before wedding day, so i was saddled with paying off some of the bits and pieces that needed to, but when that was done and then sold them on to pay off the debts, i found myself going out of control with money,

Roughly i owed:
Ulster Bank Bank Account overdraft : £400
Ulster Bank Visa :£1300+
Capital One Visa : £1400+
Egg Visa : £1100+
Ulster Bank Loan : £6500
Welcome Finance Loan : £2000
It worked out with charges,late payments,etc,etc i owed over £19,000

To cut a long story short i was recommended an IVA by a reputible company here in Northern Ireland, and in december i will have been in it a year, and im on it for 5 years and also im paying £220 a month to them, and i also rent where i live at the moment.

I just wanna ask you people, whats my best advice now? as ive herad bout people saying IVA`S are not worth it, and some that have them and then failing the IVA to go bankrupt?

Im really confused, and i dont know what to do now? and its starting to affect my work life and what small social life i have.

Many Thanks For What Advice You Can Give

jo1972

Hi there Bill, I have no idea about what you need to know but just wanted to say welcome to the board you are in the best place!

I hope you get loads of advice now from all the bods on here, they're a helpful lot, no judging just good sound advice.

Good luck, look forward to watching your progress

Jo.x

fermi

Hi Bill78

Not all IVA's are bad.

If they suit your situation then they can be a very good thing. The problem with them has been IVA companies pushing it as a solution so that they can get the large fees that go with it, instead of advising what is in your best interests.

The really sad thing is that if the legislation had been properly thought through they would have been a great idea.

You listed your debts which is good, but did you have any assets to protect? For example home/mortgage with a large amount of equity?

The IVA versus bankruptcy is always a fine line to tread so the more info you can give us the better.

Did you seek independent/impartial advice before signing up to the IVA?