Considering an IVA - advice needed

[jonnyboyo]

Hi

I am considering trying to get an IVA - I owe 32k approx with HSBC owed 22k Egg 3.5k and the rest to MBNA

I'm 28 and was wondering what the reality of living under an IVA is like. I bearly can cover my payments and bills at the mo so I know i have to do something but I am worried what the impact will be for my future.

I would welcome any frank advice aboutwhat I should do and the restrictions I would comply with. I have contacted thomas charles and they are confident about if I procede with then the IVA it will be accepted

[northernmonkey]

The only bits of advice i could give mate is, consider ALL your options well, whether an IVA, Bankruptcy or a Debt Management Plan.

And make sure you choose your Insolvency Practictioner well (there are a few on here who are highly respected and won't rip you off), research them, and do not agree to anything you feel you won't/can't cope with for the duration of the IVA.

Good luck

[Hels]

Hi Jonnyboyo,

I can only go on my own experience and have been in my IVA for 4 months now. I agree with northernmonkey on only agreeing to what you can cope with. This is where finding a good IP comes into it, you don't want one who is going to change your expediture for a more favourable outcome. I spent a lot of time putting together my expediture and making sure I had everything covered. So far I have managed well and just take each month at a time. Be honest with what you can afford and don't try to make your numbers 'fit' to suit the creditors. If you do this, whether in a DMP or IVA it's a good start.

Good luck with whichever route you choose. The hardest step is asking for help, and you've done that and I'm sure you'll get some great advice from the forum experts, all the best . Hels

[jonnyboyo]

thanks hell's i was just reading your blog and it has given me a lot of encouragement. I favour the IVa over a DMP as it draws a line and stops me getting any more loans

[Adam Davies]

Hi
Tomas Charles regularly post on here and are bona fide so you are in safe hands
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[jonnyboyo]

thanks andy

They worked out my payment to be 40/£ offer are these likely to succed ?

[northernmonkey]

Mine was 32p to the £ and that went through all ok, don't see why 40p shouldn't but then again, i suppose it depends on circumstances?

I'm no expert by the way!

[iva.com]

Hi jonnyboyo,

Thomas Charles will refer you to an IVA firm to process your application. When they do you might find www.IVA.com useful - we publish a large number of client reviews of the services that IVA firms and IPs provide.

Good luck with your application and please let us know how you get on.

Kind regards,
Terry Balfour
IVA.com

IVA.com - The IVA Comparison Site
100s of reviews, All IPs and IVA firms rated.

Use our IVA firm comparison tool to find best IVA firm for you:
http://www.iva.com/iva_comparison_1.asp

[jonnyboyo]

Hi

thanks for helping everyone Julia has rung me back and gone through a budget plan and the likely hood of success and it seems like I will try to get the IVA [:o)] and try to get my life back on track

[aguise]

Hi Johnnyboyo
I can only agree that you should choose your Ip well and the biggest thng to get right is that your expenditure is enough for you to manage on for five years, mine is going well and i can see how so many fall into trouble because ther expenditure in reality does not cover their needs.
I wish you all the best.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[Maz]

Hi Jonnyboyo

I am no expert with IVAs yet! I have been in mine 2 months now and I wish i had read this forum before committing myself to this IVA as i would have learned a lot more but I was in such a mess with my debts that I considered the one proposed to me realistic and affordable. I am currently paying 50p/£. The thing is when you accept an IVA you do have to make lots of sacrifices and cut backs. Think of it as a learning to budget course while paying back your debts over 5 years and make sure you get all your neccessary living expenditure setup correctly with the IP. You can never take out any credit during the IVA then hopefully after 5 years or if you get lucky to pay all off before then you wont want to ever take out credit again.

I wish you well and good luck

Maz