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(10 Posts)
Aliiiii Wed 12-Feb-14 18:45:44


Is anyone on an IVA? Looks like this could be my only option and wondering how others have coped?

TalkinPeace Wed 12-Feb-14 19:04:15

have a look at the seriously in debt thread and see if you have other options

Aliiiii Wed 12-Feb-14 19:50:10

Hi yes I have read through that forum but the IVA is the only option i have! Just like to see if anyone else is in the same position-would make me feel better about it all to be honest!

BrokenFairylights Wed 12-Feb-14 19:58:55

Be very careful of these companies that offer to reduce your debts by using an iva. I see it all the time where the iva is not sustainable over the length of time and inevitably fails but The companies don't care as they always get their fees which cam be in the thousands. you might be better considering a debt relief order if you don't have many assets, take a look at the insolvency service website for more info or go to the CAB. Good luck you can sort it out.

AuditAngel Wed 12-Feb-14 20:10:23

You could try calling an insolvency practitioner rather than using one of the companies who advertise. Speak to CAB.

TalkinPeace Wed 12-Feb-14 20:30:39

I have clients who have gone down the IVA route and they tend to regret it.
The ones who managed to self restructure their debts have done better in the long term.

Pop over to the other thread and spill the beans and lets all put heads together to think of options.

stokinfuel Wed 12-Feb-14 20:49:28

Get advice from one of the free charities, like Stepchange or National Debtline. I didn't find CAB that helpful tbh but they are very busy in our area and it takes ages to get an appointment.

Formal solutions to debt like IVAs, debt relief orders or bankruptcy can be a better option for many people, I went for bankruptcy last year and my credit rating had got so bad that it hasn't really made things worse. For me it was a better option than self restructuring my debts as I had a low income so I had no repayments to make, whereas getting into a debt management plan could have meant making repayments for 12+ years. This way I will be discharged after a year and it will fall off my credit rating after six years. But it depends a lot on your personal situation, whether you have assets, the type of employment you have and whether your financial situation is likely to change. You have to have debts below £15k for a debt relief order. Do your debts fall below that and do you own your own home or any other major assets?

I got most of my advice from Stepchange, they have an online help tool where you can complete your financial details and when you call an advisor they can access that information and give you personalised advice rather than general recommendations.

mummyof3monkis Fri 14-Feb-14 10:13:35

I have done an IVA and despite it being a very scary step it was the best thing I ever did. I am halfway through and find the company I am with are fantastic. I go on another chat page all about IVAs and there are some horror stories out there but I think the personal experience all depends on the company you are with.

My advice would be to look at a smaller firm that you feel you can trust. I have met my IP and am able to speak to an advisor whenever I need and they always know my case. Other people that I know are with the big firms and don't feel they matter.

My debts were really dragging me down but now I know in 3 years time I'll be debt free and able to plan family holidays and days out with my boys again!

Aliiiii Wed 19-Feb-14 23:17:27

Thanks for all your replies!

Mummyof3- could you let me know which company you used? Thanks!

mummyof3monkis Mon 24-Feb-14 14:20:21

Hi Aliiiii, I used a company called PJG Recovery, they have a website - not sure if i'm allowed to post on here? but it comes up oon Google. The IP is Melanie Giles, and the whole team are fantastic. If you Google her too you'll see how good she is.

Hope she can help you, even if its just to give you some advice - which doesn't cost anything smile

Let me know if you need any other help smile

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