Hi i am just in the application process of IVA but i am contemplating it. I am 10k in debt and got with new partner 6 months ago. I dont know how to tell hm, what to tell him or if i should tell him at all. Its keeping me up everynight. Im scared he will leave me if he finds out the extent of my debt
First of all unless your debts are unmanageable do not go into an IVA - there have been a number of posts recently where people did for this amount and they have regretted it.
We all have baggage in our lives and debt can be part of that.
Your debt might not cause your partner to leave but an IVA has been the reason for many a breakup because your life is not your own for 5-6 years and there are restrictions on what you can do.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Agree with lifenoteasy - is there any chance you could do a debt management plan instead of an IVA for that amount of debt?
Which company have you approached?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
At this level it does seem a bit drastic and if debt management is not appropriate you may even qualify for a debt relief order. Perhaps get some independent advice from the likes of the citizens advice bureau and possibly get a second opinion from another insolvency firm.
I would seriously consider a DRO for this amount of debt if you have no assets and you would be free of it in 12 months if your disposable income after all of your bills is less than £50 a month.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
You should speak to more than one. Andy Davie/Vincent Bond (details under the expert link on the left hand side of the page) will give you free advice.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
You don't have to go with this company if you're not happy. Until the creditor meeting you can pull out and speak to someone else.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
In agree with Lisa. Speak to someone expert on DROs and you could get your surplus down to below £50. You could then be debt free for £90 and not five years of repayments.
Viki Warbrooke who works for Vincent Bond is able to sort out a DRO for you.
You could also have pets for which you have insurance that will bring down your monthly costs.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
