IVA?

[MyGhastIsFlabbered]

I'm horrifically, horrifically in debt - to the tune of nearly £30k when I earn probably half that per year. It's all my own fault for being bloody irresponsible, splashing out on things I don't need. I have an addiction to spending, plus numerous MH issues which don't help. I have spoken to 2 credit card providers and they agreed to let me stop making payments and freeze the interest but realistically I'm never going to have a chance in hell of paying them off

I've spoken to a debt solutions agency and they have recommended an IVA but DH isn't keen - he says they're for extreme situations (I think he's thinking do bailiffs knocking down the door). Plus the idea of changing bank accounts etc when I've had the same account for nearly 30 years is daunting.

I just don't know what to do. The idea of an IVA seems really unfair - I've run up these debts and I don't think I should get away with them being written off after 5 years but I've just been so, so stupid and maybe I need a short, sharp shock like this to make me face up to things.

Does anyone have any views?

I have an iva due to my ex leaving me with all debts in my name. It's not an easy solution but once I had it all sorted the relief was immense. I now like that I don't have any credit and spend within my means

I did an IVA through a specialist charity. I ran up unmanageable debts over several years after a series of events-redundancy, relationship breakdown etc. I'm the other side now and can honestly say it's the best thing I ever did. I was robbing Peter to pay Paul, so although you are left with a limited amount after monthly IVA payments and bills, I was actually better off. Your credit score is wrecked for a few years but mine is now good again and I'm living comfortably within my means. I managed to pay off most of my debt, excluding interest thanks to windfalls during my IVA.

When you talk about a debt solutions agency and IVA it sounds like you have spoken to a company that you pay to help you? They can over recommend IVAs because they get paid.

Speak to Step Change or CAP (Christians against poverty - although you don't need to be religious). These are charities that offer free help to find solutions and manage your debts. They will have a range of solutions for you and won't recommend an IVA to get money - only if it is genuinely right for you.

Don't pay for debt help. That money could be going towards your payments.

I’m in the process of setting up one now. It all seems very daughting at the start but I feel so much better about everything already.
i recommend getting in touch with StepChange. They have helped me so much.

A lot of people have been in your position and gotten out of it, you can do it too! The very best of luck.

I spoke with mum's with debt and they have helped me apply for an IVA with no upfront costs. I'm just waiting for it all to be approved by my creditors and go to court on my behalf. I'm praying it gets approved. My ex left me with £20000 worth of debt and I'm a single, disabled, mentally ill mum
No chance can I pay it off. As for your DH, if you're struggling then the circumstances are extreme enough to warrant an IVA.