IVA - help

[Deepdoodoo]

Hello everyone, I am considering entering into an IVA to sort out my debts. It’s not something I can really talk about to anybody in real life. Does anybody else on here have an IVA and if so what are your experiences? Has it been the right thing for you? My debts are in the region of 30 K, is that similar to others?

Why an IVA? They are notorious for failing due to changes in circumstances. A Debt Relief Order is more likely to be suitable.

I think that 30k might be too much for a DRO?

You should contact a debt advice charity like National Debtline, as they can give you advice which is tailored to your circumstances.
https://www.nationaldebtline.org/
As PP said, a DRO is often more suitable than an IVA, but see what they say.

£30k is the max but it's increasing to £50k in June.
https://www.nationaldebtline.org/fact-sheet-library/debt-relief-orders-ew/

There is a good summary of the options and their pros and cons at
https://www.nationaldebtline.org/fact-sheet-library/ways-clear-your-debt-ew/

is anyone else in
my position?

I took out an IVA, my debts were ALOT higher so it was either that or bankruptcy. Absolutely no regrets and mine was a very positive experience, but from doing research at the start I know not everyone has the same experience. Happy to answer any questions you may have

The limit is changing to £50k, and the £90 fee is being scrapped.

There’s a Facebook group which might be able to help you. I can’t recall the name but perhaps someone on here can help you.
They can help you find out if you’ve been missold loans /credit cards.

It’s this one x

https://www.facebook.com/share/8hsHf4ZJ69A2NJV1/?mibextid=K35XfP