IVA s

[fluffywhitekittens]

Has anyone taken out an IVA? How did it work? Was it a good option?
Thanks in advance.

i don't know sorry

Whether an IVA would be a good option for you will be totally dependedent on your circumstances. I recommend you get some advice from a free debt advice service and take it from there.

I can help you to decide if an IVA or a DMP is the best option for you if you wanted.

Make sure you go with a non profit company (maybe start with CAB) and not any of those charlatans who advertise on the TV.
MoneySavingExpert website has some good advice.
this leaflet is from there and there's loads more info.

Thanks for that link PaisleyLeaf.

An IVA is only suitable for you if you rent your home, or have less equity in it compared to the loans and debts value, otherwise you will probably lose your home in the 4th year of the IVA. It that is not the case then a DMP is much better and safer in the long term although the plan will probably last longer than an IVA. An IVA would probably cost more each month too. Any questions, fluffywhitekittens, then fire away, I will do my best.

If you go for an IVA and it genuinely is better for your situation do it through the CSA (Consumer Credit Counselling Service) as they are a charity the fees are very low as they don't run the IVA for profit.

A word of warning once agreed you must meet the repayments. If the IVA ails you lose what you have put in and are advised to file for bankruptcy in most cases. Normally for an IVA you have to able to meet repayments of at least £150 per month.

If you can clear your debts in 7 years through DMP than do that, it will work out cheaper if done through the CCCS or CAB and better for your credit file.