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IVA for beginners

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Concerned75 Posts: 296 Forumite

31 January 2018 at 11:53PM

At £65K and no other option, an IVA, would be the best solution. That said, be very sure that you can commit to being locked into a fairly strict financial agreement for 6-7yrs+ with the last year of waiting to receive your completion certificate, credit file updated and all the other processes that your name will be against for this amount of time.
I don't want to sound like doom and gloom, but having been through it, the years inside one can be stressful, and very draining. From my own personal experience, it was very easy to sign me into one, but in my opinion, an over drawn out process to get out of one and I only owed £24k with a long term health condition and no equity in my property from the start.
It is a very serious long term commitment, so not only will you have to keep a closed purse, so to speak, you also need a focused strong mind. Best of luck in what you decide to do.

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IVA for beginners

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