IVA is it a good idea???

shopaholic30

Hi, hope someone can give me advice, I am currently 37 grand in debt to 5 different creditors. I've started IVA proceedings but am worried about all the "stories" i've heard about them not being a good idea. don't want to do bankrupcy, as we own a house, and don't want to loose it. Hubby would not be happy if we had to sell it to cover my debt. (maxed out credit cards, got loan out to cover credit cards, maxed them out again, another loan, then remortgage, then more credit cards !!!!!) yep i'm crap with money.
I'm so annoyed with myself too, that i've buried my head in the sand for so long.
Thanks for reading.

LilacPixie

IVA's are only the best idea for a small percentage of those who have debt.

WHo recommended you go for an IVA?

shopaholic30

I phoned around looking for a loan to cover my debts because i couldn't afford my repayments on my debts and none of them could help, i was at the end of my tether, one of them suggested i look into an IVA or bankrupcy, so i searchd on line and found several companies. I also had advice from family members.
Money debt and credit are handling it.

beanielou

Just wanted to say hi & welcome.

LilacPixie

I have never heard of Money debt and credit but i've just had a little look at their website. The first thing i notice is that they are a fee paying company so in effect you are giving a % of your availible funds over to them.

Personally i would contact one of the debt charaties such as CCCS and Payplan for a 2nd opinion on if an IVA is the right thing in your circumstances.

caz876

Hi Shopaholic30,

Hello and welcome

I would advise that you take advice from one of the free charties first before signing any paperwork, as the company you have approached charges fees to put the IVA in place and monthly fees for running the IVA on your behalf.

I feel you should be made aware of all the options available to you before jumping in with both feet. Also as it has previously been stated IVA's are only suitable for a small ammount of people and can if not managed properly can cause people to go bankcrupt.

There is also a debt remedy soloution on the www.cccs.co.uk where you can enter all the information about your debts which tells you the best solution for dealing with your debts.


Good luck with what you decide

Caz

tasha999

Hi Shopaholic, we're in about he same position!! We owe more than you and spoke to CCCS, they were really good and have advised an IVA, I'm currently waiting to hear from them. I'm a little scared about an IVA too but I feel better knowing it was an impartial opinion, You should follow everyones advice, I did!