Can i have peoples experiences of an IVA please is it the right thing to do ?

alibambino

Hi everyone i posted ny SOA on here a few weeks ago, and i have learnt loads of things, swapping gas/electric supplier, spending diary,menu planning, quidco, pigsback,its been truly amazing, now i have done a SOA with cccs, i have had contact with clear start who have tried to get me to do a IVA with them. I owe £16,000 with Lloyds although this has gone to a dca and they collect £9 a month obviously this will take years to pay off, with the IVA after paying for 5 years the debts are settled, has anyone had good experiences with IVA i would really values peoples opinions, or should i just stick with a dmp, im just thinking the years that it will take to pay back.Thank you in advance.

poorandindenial

Hi alibambino

Have you read Martin's guide on IVAs??

http://www.moneysavingexpert.com/loans/pdf-iva-guide.pdf

As you have spoken to CCCS you will probably know all this anyway but just in case I thought it was worth a post

Good luck

alibambino

Hi yes ive read Martins info, but if im honest im just not sure what to do, it will take years and years to pay the money off, but maybe thats the way it has to be. Thanks for your help.

poorandindenial

The only experience I have is a friend who had one but she hadn't realised about the up to 75% equity of your property thing so her experience was bad but probably was not typical of how people find them (she never checks the terms of agreements)

fermi

I can only repeat what others have said.

CCCS or one of the other organisations can help you work out whether an IVA or alternative solution is your best option. They don't have any bias, or interest to serve.

As I'm sure you are aware, the IVA company itself stands to make large fees from your IVA contributions, so they are rarely objective with their advice and will be mostly thinking of their own pockets.

The bankruptcy board here on MSE is seeing quite a few people lately who have taken on IVA's that weren't realistic, and they are now looking at bankruptcy. Be very sure it is the best thing for you before you do it.

alibambino

Thanks for all your helpfull comments