Is Doing An Iva A Good Idea ?

Hi ! this is my first post.We have debts of over £40000 due to illness over the last 5 years(hubby had 2 heart attacks and triple byepass op) but is now in good health.I have consulted the CCCS who were great and was advised to go for an IVA.This is being prepared at the moment.I would like to know of someone who is also doing this and if its a good idea.I dont want to go bankrupt and this really seems the best way to get debtfree!Any comments most welcome! :j
Do what you love :happyhear
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Comments

  • topcat0000
    topcat0000 Posts: 32 Forumite
    I got an IVA about 6 months ago and I am really pleased....

    I was very generous with my expenditure figures and this has now left me with enough cash to live off comfortably and in the knowledge that I will be debt free in less than 5 years. I went through the cccs too and have found the whole thing an easy process and not having to deal with out of control payments means my life is considerably better than i could have imagined 6 months ago.
  • Debt_Free_Chick
    Debt_Free_Chick Posts: 13,276 Forumite
    Combo Breaker First Post
    As CCCS is free & independent, there's no reason to doubt their advice. If they've had full details of your finances, I would follow their advice.

    HTH
    Warning ..... I'm a peri-menopausal axe-wielding maniac ;)
  • davebrown
    davebrown Posts: 70 Forumite
    It seems they recommend IVA's very often.
  • brackem
    brackem Posts: 10 Forumite
    I entered a Trust Deed (Scottish Equivalent of an IVA) a couple of months ago i had debts of over 50k , And it is a great weight off my mind it was all dealt with quickly through the cccs and i now only make a monthly payment of £180 for next three years and that will be me with a fresh start.
  • zAndy1
    zAndy1 Posts: 244 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    Blimey, wish I lived in Scotland! £180 a month x 36 months = £6480. And you have debts of over £50k, you really won't have to pay anymore than that back, can they get their hands on any house equity or anything? As for CCCS recommending IVAs, I wonder if they are as impartial as they used to be, seems to me the CCCS and debt free direct have a good little deal going on here, or am I being overly suspicious?
  • brackem
    brackem Posts: 10 Forumite
    zAndy1 wrote:
    Blimey, wish I lived in Scotland! £180 a month x 36 months = £6480. And you have debts of over £50k, you really won't have to pay anymore than that back, can they get their hands on any house equity or anything? As for CCCS recommending IVAs, I wonder if they are as impartial as they used to be, seems to me the CCCS and debt free direct have a good little deal going on here, or am I being overly suspicious?

    There wasnt much equity in my house that was worth chasing so its just the 36 monthly payments which are based on what i have left over after all my outgoings are deducted from my wages
  • fatbelly
    fatbelly Posts: 20,440 Forumite
    Name Dropper First Anniversary First Post Cashback Cashier
    zAndy1 wrote:
    As for CCCS recommending IVAs, I wonder if they are as impartial as they used to be, seems to me the CCCS and debt free direct have a good little deal going on here, or am I being overly suspicious?
    I wrote to CCCS about this over a week ago, following a similar thread. Of course, I have had no reply. You'd think they would issue a firm denial, wouldn't you?

    It stinks.
  • taplady
    taplady Posts: 7,184 Forumite
    First Anniversary Combo Breaker First Post
    thanks to everyone.I feel a lot more positive now, and hopefully soon to be a lot less stressed out!
    Do what you love :happyhear
  • bytp
    bytp Posts: 2 Newbie
    zAndy1 wrote:
    Blimey, wish I lived in Scotland! £180 a month x 36 months = £6480. And you have debts of over £50k, you really won't have to pay anymore than that back, can they get their hands on any house equity or anything? As for CCCS recommending IVAs, I wonder if they are as impartial as they used to be, seems to me the CCCS and debt free direct have a good little deal going on here, or am I being overly suspicious?

    I had similar debts of £50,000 and my trust deed was setup for £550 a month for 3 years, it has just finished and has been a great weight of my mind, everybodys circumstances are different.
  • doelani
    doelani Posts: 2,576 Forumite
    First Anniversary Combo Breaker
    CCCS recommeded a IVA for me £100k debt, payment are £565 for 36months then £875 for 24 months (when hp for car paid off ) and we have to release £24k from equity in houe.

    Can honestly say it was the best thing we have ever done and wish I did it years ago.

    CCCS did not recommed Debt Free Direct to me. I know a lot of people are recommend IVA's and they are expensive but if it is suitable why not? We have the presure of our heads and we will be payiing back at least 52% of what we owe and with paying 50% of overtime etc probally as high as 70%.

    In the last 6 weeks alone we have about £600 extra to give our Supervisor towards IVA as hubby had bonus from work and plently of overtime.
    TOTAL 44 weeks lose. 6st 9.5lb :T
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