I had debt of 33k and entered an iva on the advice I was given by one of the companies adviser I wasn't a home own and could afford the repayments, was told not to talk to my creditors and let them deal with it, out of 7 creditors only 3 voted which was 19k owed I've paid in near 30k into this now and have a yr left , if I ah just continue to pay my debt I would of been free last year but still will have at least 2 years this nightmare.
Regardless of how many creditors voted they are all bound by the IVA and will receive a dividend.
Just remember that if you had continued to pay your creditors as normal there would have been interest to pay as well so you are unlikely to have been debt free by now.
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
It depends upon the nature of your debt and the interest rates. I had debts of around £50k and was really only paying the interest every month, so, 5 years down the line, I would still have owed £50k even after making all the repayments!
You day that you have paid £30k, so would still owe £3k PLUS interest and, therefore, would not have been out of debt by now.
The fact that a creditor doesn't vote does not absolve you of that debt and they are included in the IVA in any case, when the arrangement is implemented.
You are almost through -- hang in there !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
We saw problems building up where we were meeting our commitments but certain cards were only reducing their balance by 2p per month.
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.
Hi Paul - I doubt you would have been debt free without the IVA unless you entered Bankruptcy instead.
Hindsight is a wonderful thing and there may be other factors why you were advised that an IVA was a better option for you, or decided you didn't want to go Bankrupt.
