IVA best choice?

freedom90
freedom90 Posts: 8 Forumite
First Post
in IVA & DRO
I have debts over 40k , no assets,living with partner housing association. Work full time , debt spiralled interest etc
spoke with advisor about options not sure which is best! Currently planning on IVA not sure if best option plz help! 
Is it best to let creditors chase me and arrange a payment to them? 
«13

Comments

  • Grumpelstiltskin
    Grumpelstiltskin Posts: 5,243 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    If you don't have a mortgage an IVA is usually not the way to go.

    Have you stopped paying the debts?  Have they defaulted?
    If you go down to the woods today you better not go alone.
  • fatbelly
    fatbelly Posts: 22,515 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    edited 23 January at 12:51PM
    I agree. There would be no advantage to an IVA (where you pay your surplus over 5 years) over bankruptcy (3 years).

    However there may be other factors to consider. If you could complete a soa that would help us

    https://www.lemonfool.co.uk/financecalculators/soa.php

    It does not sound like your adviser has explored things very well with you. Which organisation is it?
  • RAS
    RAS Posts: 34,891 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Agreed, really need to see an SOA to suggest better options
    If you've have not made a mistake, you've made nothing
  • freedom90
    freedom90 Posts: 8 Forumite
    First Post
    Grumpelstiltskin said:
    If you don't have a mortgage an IVA is usually not the way to go.

    Have you stopped paying the debts?  Have they defaulted?
    yes stopped paying and Iva has now been approved yesterday
  • Grumpelstiltskin
    Grumpelstiltskin Posts: 5,243 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Well with no mortgage we would not have recommended an IVA.

    Did you get advice from a debt charity? or did you just accept what an IVA salesperson told you.?
    If you go down to the woods today you better not go alone.
  • freedom90
    freedom90 Posts: 8 Forumite
    First Post
    Grumpelstiltskin said:
    Well with no mortgage we would not have recommended an IVA.

    Did you get advice from a debt charity? or did you just accept what an IVA salesperson told you.?
    it was money advice, told me options to me but wouldn’t recommend , Iva approved yesterday 
  • Grumpelstiltskin
    Grumpelstiltskin Posts: 5,243 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 7 February at 6:35PM
    'Money advice'   are you sure they are an independent charity?

    Add this company?  Money Advice | UK Debt Help and IVA Specialists
    If you go down to the woods today you better not go alone.
  • fatbelly
    fatbelly Posts: 22,515 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    fatbelly said:
    I agree. There would be no advantage to an IVA (where you pay your surplus over 5 years) over bankruptcy (3 years).

    However there may be other factors to consider. If you could complete a soa that would help us

    https://www.lemonfool.co.uk/financecalculators/soa.php

    It does not sound like your adviser has explored things very well with you. Which organisation is it?
    Repeating my post but will unsubscribe now
  • freedom90
    freedom90 Posts: 8 Forumite
    First Post
    It was the money people in the link 
  • Grumpelstiltskin
    Grumpelstiltskin Posts: 5,243 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    OK As long as you are happy with being conned by these people and you do realize you will pay them thousands in fees and pay them for 6 years not 5 then no problem.
    If you go down to the woods today you better not go alone.
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