How bad is an IVA?

deltofe93

fatbelly said:

Looks like a debt management plan to me.

Are those parking fines private parking fines? There is a whole board devoted to them and they would tell you not to make payment to them

no unfortunately they are from the Council and no matter how many times I try to appeal or split the payment I get told no! 

So what do I do moving forward? Ask credit fix to hold the IVA and contact each creditor myself explaining? Or speak to StepChange? 

I just worry if all I can pay back is £122 per month (I need the £160 in there for any other emergencies i.e. tyres gone flat or something) that this will literally take me 12 years to pay off rather than 5. 

RAS

deltofe93 said:

So what do I do moving forward? Ask credit fix to hold the IVA and contact each creditor myself explaining? Or speak to StepChange? 

I just worry if all I can pay back is £122 per month (I need the £160 in there for any other emergencies i.e. tyres gone flat or something) that this will literally take me 12 years to pay off rather than 5. 

Halt action via Creditfix, but do sort out those parking fines.

Stop paying everyone else. Until the debts are defaulted.

You don't have a house so an IVA will be extended to 6 years anyway. If you must do one talk to Stepchange as I understand they decided that if people wanted/needed one, they should at least charge the lowest possible fees.

Whilst you decide, put everything you save into an emergency fund.

Meantime has anyone explained full and finals? You don't do them immediately but a few years into a DMP, your creditors are likely to offer you major discounts to clear the debt. By that stage the debt will have been sold on, possibly several times, for peanuts. So getting you to pay 25-50% of the outstanding sum is very profitable for them.

fatbelly

You can get help with council parking fines on pepipoo

PurpleMouse5

halt the IVA asap, you can take a bit longer to decide about other options, creditors move very slowly. So you can halt the IVA now, then take a bit more time to look at your options eg DMP, DRO. You can also ask Stepchange to put you in 2 months breathing space if you haven't done it before - then creditors can't do anything about the debts in this time.