Payplan IVA

Faceup

Hi I'm new here and i'm looking for advice.

I faced up to fact that at around 50K in debt with credit cards & loans I can't repay these anymore.
After looking through a few sites and reading reviews, I spoke with pay plan & have gone through all my monthly outgoings etc & they have suggested an IVA that will last upto 6 years, but will involve me paying around £110 a month/ 8K back in total.

What are peoples thoughts/experiences with pay plan & IVA's in general?
It seems like a good deal as was prepared to try & pay every penny back

Thank You

mitch2509

Before going with payplan I would give step change a ring and see what they say.

elainehen

Having some experience of Iva/bankruptcy etc

I will always suggest bankruptcy, never Iva
6 years is a long time
It could be years longer- take a look on the Iva forums
Before you take your next step

If I had my time again or know what I know now
And I had to choose from these two options
An Iva would not get a look in :cool:

I really wish you well for the future

DorisTrousers

IVA's are rarely looked at for 6 years unless there is property involved.

If that is the case, you need to think very carefully about whether you would want to risk assets by going Bankrupt.

Faceup

I've got property and a small business that's why I think bankruptcy isn't an option.
It's taken me a while to get my mental state something like and to admit I have issues. Loosing my house and possibly my business would defiantly knock me back down.

sourcrates

Faceup wrote: »

I've got property and a small business that's why I think bankruptcy isn't an option.
It's taken me a while to get my mental state something like and to admit I have issues. Loosing my house and possibly my business would defiantly knock me back down.

In that case IVA sounds suitable for you.

All IP's charge for setting up an IVA, make sure your IP has a good reputation, look online for reviews etc.

DorisTrousers

Most I.P's these days will NOT ask for funds in advance of an IVA, if you find one that does then my advice would be to look elsewhere.

You should only make payments to an IVA once creditors have approved the deal, and even then you should get up to 1 month after the creditors meeting before you have to start payments.