You are right the client can't walk away, but you can complain I don't know if there should be alimit on conmpanies as to how many IVAs they can handle per IP it seems to me that there are so many people in trouble and going down IVA route they seem to be over stretching themselves. I wish I had found this forum before I started IVA might have gone the DMP way instead as it is we would only be paying for 24 months longer than IVA and we might have to add 12 months on to IVA if can't release equity due to age issues, I know they say you are not paying interest but the charges we will paying if manage to release equity won't be much less than the interest we would have paid!
Hi Wiz -- all circumstances differ enormously, which is why it is impossible to guide anyone in any particular direction without the full picture.
Your DMP scenario might have worked, on the assumption that all the creditors played ball and froze interest (which often doesn't happen, especially when debt is sold on).
In my case, as I was paying interest only on my debts, by the time I considered an IVA, I have actually saved over £60k in interest, over a 5 year term, and had £20k written off, so the £5k in fees is fairly insignificant. But, of course this varies from person to person.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I suppose it might work out because although we will have equity in house don't think anybody will give us a mortgage due to age I still might have gone the IVA route but would have maybe thought a bit harder about it and weighed up all options, 5 - 6years is along time and anything can happen with creditors, they could change their minds, this way I suppose we have peace of mind and know that in 5 if not 6 years we will be debt free and can look forward to retirement with not debt
In my case, not owning my home, I could just as easily have gone BR ( and saved a small fortune ) but I chose the IVA in an effort to pay back as much as I was able (rightly or wrongly). There would certainly have been less heartaches along the way ( and I might still be married ).
I was assured at the beginning that "goalposts do not get moved" ... if that was, indeed, the case the the pitch is moving instead !!!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Sorry to hear of marriage breakup, as I have posted previously like you I agree we ran up the debt and should pay back as much as possible the recession has a lot to answer for, we would not have had any difficulty in making payments only hubby lost job, luckly now in employment and we are managing quite well, I think the biggest thing is getting used to having to answer to somebody else about your finances, can honestly say in one way it has been a good thing as now I don't waste money, don't buy food and end up putting in bin, and for the first time in my married life am now living on a budget, if we had done this previously we would probably have thousands saved (but hindsight is a great thing!) anyway only another 42 months to go!
