IVA best choice?

sourcrates

OK, lets try to keep this civil, when so much advice is thrown at you, its hard to know who to trust.

OP, check your IVA paperwork, see if you have a cooling off period, you should have 14 days to change your mind, I`m just not sure when the clock starts on this.

If you were to fail your arrangement so early in the process, you may be liable for the IP`s fees, which will be several thousand pounds, if you can exit without penalty, brilliant, have a look and see.

If that`s not an option, then the main repercussion of a failed IVA is forced bankruptcy, which is rare, and you would have to own an asset of value to make that an option for them, which you don`t, so if you chose to fail this arrangement, the comeback would not be massive.

To be clear, if you went bankrupt, you would pay the same as what you currently pay to the IVA, to your bankruptcy, via an IPA, but only for 3 years, so basically half as long as the IVA would take.

ManyWays

check your IVA paperwork, see if you have a cooling off period, you should have 14 days to change your mind, I`m just not sure when the clock starts on this.
I havent come across a cooling off period after an IVA has been voted on by the creditors. There are no cooling off periods after bankruptcy or DRO applications. 

If you were to fail your arrangement so early in the process, you may be liable for the IP`s fees, which will be several thousand pounds, if you can exit without penalty, brilliant, have a look and see.
But if the best option for a consumer is a DRO or bankruptcy, any IP fees are just another debt that goes into another form of insolvency

sourcrates

ManyWays said:

check your IVA paperwork, see if you have a cooling off period, you should have 14 days to change your mind, I`m just not sure when the clock starts on this.
I havent come across a cooling off period after an IVA has been voted on by the creditors. There are no cooling off periods after bankruptcy or DRO applications. 

If you were to fail your arrangement so early in the process, you may be liable for the IP`s fees, which will be several thousand pounds, if you can exit without penalty, brilliant, have a look and see.
But if the best option for a consumer is a DRO or bankruptcy, any IP fees are just another debt that goes into another form of insolvency

Fully aware the fees would be covered by bankruptcy, I can`t mention every possible scenario in every post.

The cooling off period is pertinent before the creditors meeting, you are correct.