Personal experiences with an IVA

Jeanj21

Hi there, 

I am in quite a lot of debt - £24k on credit cards and overdrafts. 

I spoke to someone recently re an IVA and I was contemplating it, however after reading through info online I think I was told wrong information - I asked if the IVA was paid off before the term ends if it would be removed from my credit score and the advisor said yes - but I don’t think that is correct? 

I have looked into loans to pay the debt however it would be around £500 a month and I cannot afford to live on the money I have left after the loan and bills. 

Please can you let me know your experiences of an IVA? 

I have a house and we are due to remortgage? Do I remortgage for the longest fixed rate term and take the IVA out? 

Thank you  

Grumpelstiltskin

Hold on, who did you speak to one of the free debt charities or an IVA company?

If it was the latter do nothing until you have spoken to one of the charities.

IMPORTANT - Where to seek professional impartial advice about your debts. — MoneySavingExpert Forum

Go over to the Debt Free Wannabe board and read the stickies on there.

Jeanj21

Thank you, it was a company. Will do thanks 

sourcrates

As a homeowner, you only have the choice between IVA, and debt management to deal with bad debt.

If you decide on an IVA, at least go via stepchange, as then you will be getting the best advice from someone with nothing to gain from giving it.

fatbelly

The IVA  stays on your credit record for 6 years from when it started