IVA's

[user1472149357]

I'm in about £25k worth of debt from credit cards etc which I was just about managing repayments for until I went on maternity leave, came back and lost my job 12 months after. I went on a token payment plan for the last 12 months and have just reviewed this and gone through the options, the one which has been suggested as best is an IVA.
This means I will be debt free after 6 years and the alternative if I go into a debt management plan is about 18 years. Either way it will take another 6 years before its off my credit rating so IVA looks like best way of doing it. Im 36 now. I'm not going to be earning what I used to earn for a long time, if ever, so making higher repayments anytime soon is not realistic.
However. I'm shitting myself about this as it just makes it all so real and legal! Does anyone have any experience, and was the overall effect positive or negative?

Are you talking to Stepchange? They are good, but be wary that some commercial IVA companies recommend IVAs because they make a lot of money out of them, not because they are necessarily the best solution for you.

Do you own or rent your house? If you rent, bankruptcy might be the best option, but you need advice on the implications. I wouldn't worry about your credit rating too much.

if you get your budget right within an IVA or bankruptcy, one benefit is that living without credit forces you to learn to budget properly (save up for unpredictable and annual expenses etc) so if you are disciplined and don't expect an extravagent lifestyle it is much easier to live without credit in the future.

Good luck.

Thanks for the reply. It's through step change that I'm doing it and I own my house (on a mortgage). There is some equity in it but I can't remortgage due to credit rating and lack of income.
I will welcome being without credit I think! Never again!