IVA Dilemma - please help

mrskingandthescarecrow

Thanks for the info - will phone them tomorrow.

mrskingandthescarecrow

Thanks for the info -will phone tomorrow

pinkish11

Hi,

I know exactly what you are going through, and it is not a nice place to be.

I have been in an IVA for 4 years and it is the worst thing I have ever done. At first, I was in Debt Management Company and they persuaded me that this was my best option.

After being with the Debt Management company for 1 year, I transferred to the IVA all the money I had paid with the Debt Management Company had been a waste of time, as the new company put fees and other hidden costs on top of the original loan. My interest was not frozen and sending payslips every 3 months began to take its toll. My payment was £360 a month with additional add-ons due to increase in income.


Feb 2008 - I asked for a full total left to pay and to my horror they said I still owe nearly £11k now I worked out that only owed £5K (They wrote – “You have an outstanding balance of £10,845.00 This amount may increase due to future income reviews). I was almost in tears.

Last month, I made an offer to them of £5K, which was accepted, and I am just waiting for confirmation in writing that this is the final payment.

My suggestion would be to contact National Debt Line and see what advice they can give you. I wish had contacted my creditors directly when I first got in trouble instead of burying my head in the sand. I hope you get this resolved.