Debt struggles - overwhelmed!

[Tryingtobe123]

Hi all,

Firstly I’ve spoken to many financial advisors, insolvency practitioners etc but obviously they’re not allowed to give advice!

Basically I have been in a Sales job for nearly 5 years now, I’d say consistently taking how £2200-2500 after tax each month. I’ve now been on furlough from my job since last March for a total of 8 months, so I’ve barely been there to earn the same wage! I have been taking home less than half of what I’m used to and financially it has put me in a horrific position with money and paying my bills. I have been offered an IVA, which means I am able to pay off my debts in a reasonable time for a payment I can afford. My main question is has anyone on here ever had one? I have been researching so much but would like to hear some personal experiences if anyone were to have any?

Thanks a lot!

I've not had one no, but I've seen a lot go wrong.

If you own a property and get into a position where you start missing payments they'll go straight for bankruptcy and take the house.

Also, are they being really clear about what fees they will be charging?

I'd speak to Step Change or Christians Against Poverty before you sign anything.

There is a specific board on the money saving expert forum for IVAs so if I were you I would also post on there.

Sorry I can’t give you any other helpful comments but please do try MSE they are a helpful bunch.