IVA's

[ohsugarlumps]

Has anyone taken out an IVA? What did it involve and has it eased your financial situation?

my df has an iva and has done for 3 years , he has got about 2 1/2 yrs left.. It involved an iva advisor getting all the creditors round one table and sorting out a repayment figure, he currently pays £250 a month - he had debts of £23,000 +

If you are considering an IVA make sure you get advice from the debt charities. IVA's are usually only suitable for people who have no assetts to protect ie: a property.

CAB

NDL

CCCS

Be aware they are horrendously busy at the moment and you may have to sit with a drink and your finger on the redial button for half an hour or more. NDL are open tomorrow morning. CCCS are open to 8pm week nights and NDL to 9pm. You could try the CCCS debt remedy which will give you some idea of what you are dealing with and when you get through to them you can give them your number and they can access all your details from the Debt Remedy. Though I have to say there has been a couple of times where CCCS has given a bit of dodgy advice so getting a second opinion from NDL will not hurt.

Also post on MSE and have a chat with the guys there, start on the Debt Free Wannabe board and maybe the IVA board.

MSE

Meant to say

DO NOT UNDER ANY CIRCUMSTANCES GO TO A FEE PAYING COMPANY FOR YOUR ADVICE.

They are not impartial and will sell you anything to make money. I am talking about the ones that advertise on the TV etc. like Debt Free Direct and Gregory Pennington.