iva better option than bankrupty

[kando]

Can you tell me the best companies to use when proceeding with an IVA as I have read through all the info on this site and this seems like a better option than bankrupty as my job will be affected by it and that will just make my situation worse. Thank you in advance for any help you can offer.

[kezza]

Hi Kando and welcome,

Try and speak to a few different advisors to get a feel for how an IVA works and whether it is actually the best option for you.

Try any of the companies who post on this site, and don't jump in at the first one, see what advise is given by each one and go with your gut instinct on which you will think work best for you

[go_4_broke]

Hi Kando

Beware of companies who make outlandish claims or those who ask for money up front without asking too many questions.

Fees vary substantially and this could be important in a marginal case as given a fixed monthly amount the higher the fees the lower the payout to your creditors.

The most you can expect to have written off is around 60-70% of overall debt, according to OFT figures.

-Best

'5 years sticking my head into the Lion's mouth of debt !'

[neverending]

Hi Kando

My personal advice,if I were to do it all again,would be to speak with several companies and then have a face to face meeting with an actual IP.Upfront PAYMENTS[not fees] are fine as long as you get an undertaking from the company arranging your IVA that they are fully refundable in the event that your IVA is unsuccesful.If they can,t give you this then use another company. You also need an agreed time frame that your IP will work to and make sure that you will have regular updates from them regarding progress.
The days of high fees seem to have gone now that "time cost" fees have been replaced with standard fees agreed by your creditors.Remember it is your creditors that agree to the fees and not you.
Your disposible income will be a major key to you concluding an IVA or not so discuss this in detail with your IP.Five years is an eternity with a tight and inflexible budget especially if you are unable to earn overtime.
Above all spend time reading through this site,it wasn,t about three years ago and I wish that it was,you will gain all the answers to your questions and will enter an IVA with confidence.
Finally why not speak to several companies on this site ?? they post regularly and all have proven to be a credit to the IVA industry.
Good Luck