IVA

[Sadiexox]

Hi everyone, just wondering if anyone has used an IVA to clear some debts, just wanted to know that if it's worth it. I understand it goes against me if I were to take it out but finding out that I'm pregnant again we will not be able to afford anything with a little one

IVA'a have a high failure rate, it might be worth talking to Stepchange to see if a DMP or DRO would be a better solution. MSE website is also fantastic for debt advice.

Whether an IVA is right for you depends on your circumstances and no-one can say without information about your household income and outgoings, amount of debt, assets, etc.

Alternatives would be a Debt Relief Order, debt management plan or bankruptcy and all have different advantages, disadvantages and qualifying criteria. You'd also likely have to make payments towards your debt for up to 6 years with most of these, so step one would be to put together a sustainable budget for all essential costs except your debt and see what you have left to pay towards it.

Have a look at:

www.moneysavingexpert.com/loans/debt-help-plan/

But don't commit to anything until you've had independent free advice from a debt help charity.

I'd second talking your individual situation through with a debt charity. I successfully completed an IVA some years ago and it suited me but they will look at other options with you which may well be better depending on your circumstances. Good luck, it's the best thing I ever did.

Agree that IVAs have a high failure rate and often cost a lot.

What you do should depend on what you own and how much your debts are.

Agree about talking to Stepchange or Christians Against Poverty.