entering IVA

marzyt77 Forumite Posts: 1 Newbie
hello all, i m looking for advice/ personal experiences with entering IVA.
 is it very restrictive, like can t savefor holiday or emergencies., do they thoroughly comb through ur ins/ outs ?....how did you find it the good and bad. 
i have big debt.. paying 150 month  into DMP and it ll take me up to 60yrs old to complete it..
in meantime   we are private renting and on UC
i m worried that if we have to move again.. with Iva it ll be even harder. it took me over 6 months to find our current place , most LL didn t want HB  and council not too helpful.
i ve been on DMP  6 yrs already... an IVA  would be just 5 more, i could afford the 150 month   if  they d keep payments same.
i m very bad at budgeting too
help please


  • RAS
    RAS Forumite Posts: 31,925
    Part of the Furniture 10,000 Posts Name Dropper
    IVAs are sold by introduction agents for Insolvency Practitioners who charge large fees.

    They can be good for people who own a house with lots of equity or have a Rembrandt on the wall.

    You are renting; how much do you owe?

    Who is currently managing your DMP?
    The person who has not made a mistake, has made nothing
  • sourcrates
    sourcrates Forumite, Ambassador Posts: 27,644
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Big debts, no assets, 6 years on a DMP already, and you want to further extend that by another 5 years on a useless insolvency option that`s going to cost you more money and heartache.......

    No, don`t do it, how much debt do you have?

    If your only income is benefits, have you written to your creditors and asked them to write the debts off?
    Have you discussed bankruptcy?
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • fatbelly
    fatbelly Forumite Posts: 19,176
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    edited 24 September 2022 at 12:31PM
    Go bankrupt. Payments are three years. Even if your surplus goes down the bankruptcy stays in place and payments reduce or stop completely. On UC, it's unlikely you'd pay anything apart from the bk fee £680

    A large proportion (maybe 40%) of IVAs fail, and you're back to square one.

    *check if you qualify for a DRO first*
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