entering IVA

marzyt77

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

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?

sourcrates

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?

fatbelly

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*