IVA OR BANKRUPTCY

[john.jk]

Just waiting for all the paperwork to go to the creditors for a decision on our IVA application and the meeting etc !! However.... looking at the repayments over 5 years maybe 6 ??( very high) I am really on the verge of saying here is the keys to the house and the car TAKE IT....
I know i this is a pretty negative attitude and i know i spent it and i owe it...But is it really worth years of hell ! The only reason we thought about the IVA was to try and sort our debts /payments out and we will be paying £££'s back per month and will be no better off apart from not having the cards to help.. £pounds for this and £s for that emmm !!!

[Viki.W]

Hey John, you may be getting cold feet you know. Please make sure that you have been advised of ALL your options and you are 100% committed to the IVA before you agree to anything. Don't rush into it. Thinking of you, Viki X

[MelanieGiles]

John it is vitally important that you do not tie yourself up in a repayment programme which is going to be too expensive to service. This will be like jumping from the frying pan into the fire, and is likely to fail at an early stage. IVAs are not meant to be 5 or 6 years of hell - but unfortunately some creditors seem to believe that they should be with their frugal allowances.

[luluj]

IVA's are a great way of demonstrating your responsibility to your creditors by paying back as much as possible over a 5 or 6 year period - what's left is then wiped off and you have the opportunity to start again!
It's natural to get cold feet, but compared to the bankruptcy option, at least you can stand proud !

But as Melanie says, make sure your agreed income and expenditure is set correctly before you start and you can afford your IVA payments - there is no point in agreeing to something that you consider to be inappropriate before you start! IVA payments do increase over the years if your income increases - if your expenses increase then this is taken into account - think long and hard - but if you choose the IVA route then it will be a positive step forward and one that you can be proud of!

[Soulgrowth]

Hi John

I just wanted to say that an IVA, although a brilliant and successful way to address your debt situation can prove to be a bit of a chain around your ankle for the next five years, and you will be tied in to regular payments for the duration ... and so you have to be sure that you are aware of this ... it can affect your lifestyle and your life positions. You have to feel comfortable with the thought that you cannot change your job, for example, without a good deal of thought because it could impact the success of your IVA.

My advice would be to think about it carefully.

Debbie

[jo.a]

you said ... its very high .. what is the ratio in a pound ?????

[john.jk]

Thanks for your replies... and Also to you Melanie.. Bit more positve today as have had reviewed figures for the repayments ( your company melanie ) and thank you Hywel.... Hopefully these will be accepted as just want to start the repaymets and get things sorted..... Happy day's here we come xx I HOPE....

[MelanieGiles]

I think that your case is on my list of things to review this week John, so we will no doubt have a direct chat very soon!