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Original poster

Experiences of IVAs... the good, the bad and the ugly!

19 replies

TwllBach · 06/03/2019 23:14

The long and the short of it is that I’m in a hole that I’m struggling to get out of. I’ve been offered an IVA and I’m keen to go for it but my dad died on Thursday and another family member committed suicide a fortnight ago so I don’t trust my judgement not to be rash. Please tell me your experiences of IVAs because at the moment it seems as though it’s the answer to all my problems at the moment, short of necromancy, obviously.

OP posts:

Original poster

TwllBach · 07/03/2019 09:09

Bumping for the morning.

OP posts:

CluedoAddict · 07/03/2019 11:06

No experience of an IVA but we have just started a Debt Management Plan. I rang StepChange they were so helpful. I have many sleepless nights over debt. I can finally see the light at the end of the tunnel.

AlecTrevelyan006 · 07/03/2019 12:37

I’m sorry for your loss and hope that you are able to get the help, support and advice that you need.

BinaryStar · 07/03/2019 13:01

Who suggested/offere the IVA to you?

If you haven’t spoken to a debt charity who can also suggest other options (eg a debt management plan or bankruptcy) then I would as commercial providers may not give you the most candid advice. What is the best course of option would depend a lot on what you owe to whom and what your ability to repay is like.

Original poster

TwllBach · 07/03/2019 16:21

I clicked on one of the ads on Facebook that I now can’t remember The name of and they contacted me. They did discuss bankruptcy etc but said that it sounded like an iva was best for my circumstances.

I’m so annoyed with myself, prior to 2016 I never even had an overdraft for more than £400 but it all spiralled really quickly thanks to rapidly changing circumstances.

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JiltedJohnsJulie · 07/03/2019 16:26

Can I ask how much your debts are and if you own your own home or are renting? So sorry for your double loss too

TalkinPaece · 07/03/2019 16:38

@TwllBach
Pop over onto the money board and give us some details about your debts
as there may be much better ways to sort your finances

people advertising on Facebook may not be the best way to choose a financial advisor

Iwantamarshmallow · 07/03/2019 16:55

My dh had one before we got married i would strongly advise you not to do it. They took massive percentage of his wages every month for years and then he found out most of this was commission. It took years to get out of debt he ended up paying more than double and he was on the bad creditors list for ages afterwards.
When i was in debt my bank gave me a loan to cover what i owed them which i then paid off at 20 a month and i went to evey company i owed money to and set up an affordable payment arrangement it took a few years but i paid it all off . Please go and get some proper impartial debt advice.

Original poster

TwllBach · 07/03/2019 17:08

My partner owns his home but bought it before we got together so I’m not on the mortgage etc.

I have two loans that amount to roughly £11k. Just short of £1k on a catalogue and the obvious £1k overdraft.

I’ll pop over to the money board after bedtime.

I was feeling so positive at the start of the year, I was going to try and get a bit of a ‘side hustle’ to start earning a little more money etc. My loans are up in 2022 so it’s not even that far away, but I just don’t earn enough to break even every month and this month my dad died as I mentioned and had to borrow money just to try and get down to see him before he did so. Now people are arguing over how to pay for the funeral.

I’ve cancelled everything frivolous I ever used to have coming out of my bank bar Spotify, that I use almost four hours a day sometimes. I meal plan, I receive wtc. Last week I managed a food shop for the three of us for £45.

I don’t buy myself new clothes, I’ve needed new shoes (think holes and collapsed heels) for around three months. I just can’t think of a better option atm.

OP posts:

Original poster

TwllBach · 07/03/2019 17:09

Iwant that’s sort of it, I don’t want to not pay it off, I want to pay back what I owe but I’m struggling to just exist on what I’m doing so far.

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mouse26 · 07/03/2019 17:39

We've just entered into one. We had dug ourselves into almost 30k debt, we're now paying 300 a month for 5 years and then it'll be clear. There are other options that might be better for you, but an iva was the best one for us. Definitely contact step change for advice, make sure you know all of your options etc. If you and your partner live together his income and assets are taken into account for an iva, even if none of the debts are his, therefore an iva could be refused on the grounds that the house could be remortgaged/sold to release funds to pay the debt

Original poster

TwllBach · 07/03/2019 18:09

See, mouse that’s another thing that makes me think it’s a bit dodgy for me - he told me he would pretend he hadn’t heard that DP was my DP and that I was his lodger!

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PersonaNonGarter · 07/03/2019 18:12

Please be careful. This may cost you more money. Go to a debt charity.

nrpmum · 07/03/2019 18:16

Please speak to Step Change or National Debt Advisory.

Original poster

TwllBach · 07/03/2019 18:40

Is this the sort of thing that I should be looking at instead??

Experiences of IVAs... the good, the bad and the ugly!

OP posts:

JiltedJohnsJulie · 07/03/2019 19:05

A debt management plan seems a better option. I only get to see IVA when they've gone wrong. Ie when they're applying to make you bankrupt

Lost5stone · 07/03/2019 19:13

Ive just completed an IVA. I didn't have a negative experience however I was only 20 when I took it out and I think a debt management plan would have been much better for me, but at the time I was terrified and just took the first thing they offered me.

They were very good when I was 3 years in and needed a 6 month payment break as I was on maternity leave.

However I feel incredibly guilty that so much has but been written off and if I had gone into a debt management plan I probably could have paid it all off a couple of years ago as my wage increased by £10k. It's meant putting a house purchase on hold but I am lucky that DP owned the flat we lived in before we got together. Our next hurdle is building up at that credit score and from what I've read online we might really struggle with me getting a mortgage.

BinaryStar · 08/03/2019 00:03

Op that MAY be a better option. But stepchange would need to go through your situation. Don’t discount bankruptcy fully until you’re sure anything else is sustainable.

Don’t lie to creditors that Could end very badly.

Original poster

TwllBach · 09/03/2019 13:00

I wouldn't dream of lying to creditors - that and the pushy way he spoke to me on Thursday really put me off. I think I was panicking because it was the end of the month and reacting to my dad dying too, so I've decided to do none of those things.

I'm going to try and renegotiate my contract at work (not as crazy as it sounds) to similar hours over fewer days, meaning I save £50 a month on petrol straight away. I'm going to try and pay a few of my monthly DDs off in full and then redirect the money that I would be paying for those to paying off some of the other debt.

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