So you think you need an IVA?

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OldAndBusted

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Post by OldAndBusted » Wed Jul 27, 2016 10:23 pm
Do you have children? own/mortgage your own home?
Are you in a stable relationship? or single? how much do you owe?
ALL these things matter as you will be signing up for a minimum 5 year term. You may well end up doing six years.
Taking an IVA will test you and your partner to the limit. Please take as much impartial advice as possible, speak to family and friends, find out ALL your options before you go down this road. Let me advise you as a seasoned veteran IVA slave, the "how much you can afford part" is not what you might think. Above all, don't ask advice from IP practitioners until you understand how the IVA game is played.

 
 

Michael Peoples

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Post by Michael Peoples » Thu Jul 28, 2016 9:15 am
To be fair we rarely offer advice as such. We will explain all the options to the clients and let them make up their own minds with knowledge of the full facts. Many opt for bankruptcy, DMP, DRO and only a small percentage of the calls we get actually turn into IVAs.

We complete and 'options discussion document' which must be signed by the client explaining all the various alternatives and why they were or were not viable. I appreciate that some firms operate differently and 'sell' IVAs but many do not.

I do agree that it is important to speak to more than one person and even speak to the bank funded organisations to see what they recommend. It is a big decision that needs to be considered carefully.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

Lisa Thomas

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Post by Lisa Thomas » Thu Jul 28, 2016 9:36 am
I agree with Michael.

I get many debtors coming in to see me asking for an IVA off the shelf and by the end of the meeting once I've assessed their circumstances I point them in the direction of Bankruptcy instead.

Of course debtors should research all their options first but a decent IP should go through all those options so the debtor is fully informed.

Too many people seem to be entering into IVAs without even having met anyone from the IP firm, let alone the IP themselves.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
 
 

hubert

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Post by hubert » Thu Jul 28, 2016 9:18 pm
Iva slave?

I get some of the sentiments of this post but can't say I have found the same 3 years in.

There are plenty of "best thing I ever did" on here though but yes divorces too.

But when it gets me down I think of what the alternative would've been. Still saddled with huge debt probably having paid little off maybe owing even more. Constant worry and stress. And significantly less disposable income!

Yes it's not for everyone and 5 years is a fair time but I think of mine like a big loan that'll gone soon. Not like credit cards that last forever.

It also teaches som very frugal habits and that credit, particularly credit cards is simply an illusion of wealth created to make us feel we can have anything we want. Saying "I can't afford it" is taboo these days unless you're talking of a private jet. We're conditioned to expect everything we want. An iva reverses that in my opinion.

Post iva I will save to buy the things I want. Faced with say 3 year car finance you could likely save the money far quicker than 3 years and buy the car outright.

Funny how "saving up for a car" seems so odd in this day and age and yet it's so sensible.

Anyway I ramble... I take it your iva hasn't gone well. Sorry to hear that but it's not typical.

Best wishes.
One pay-cheque away from oblivion!
 
 

paulaj8824

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Post by paulaj8824 » Thu Jul 28, 2016 10:56 pm
I agree with Herbert. My iva was the best decision for me. I completed my iva last year and I am now debt free. If I hadn't of gone down this route I would be paying my debt for 20 years plus. It was extremely hard at times, but has paid off in the end.
 
 

luluj

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Post by luluj » Fri Jul 29, 2016 1:44 am
The iva for me was a life changer - an opportunity to receive a huge slap and to come to my senses about living with my means ... i learnt a huge lesson in the five years of my iva and lost the trust of my family but have proven to them since that we can live and enjoy life on a budget ! In fact we have almost halved our income and are still living with only a mortgage as our line of credit. We have a credit card that is now managed monthly and is cleared at present and we only buy what we can afford ablnd what we need ... not what we want when we want it!
All in all for us the iva worked ... but recognise for others it may not be quite as memorable !
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"
 
 

kallis3

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Post by kallis3 » Fri Jul 29, 2016 8:07 am
I agree - our IVA worked for us and I no longer have to worry about the phone calls and letters from creditors. It was a tough six years but we got there in the end.
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
 
 

lifenoteasy

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Post by lifenoteasy » Fri Jul 29, 2016 8:20 am
It can work but unfortunately the practical reality is that boards like this are needed because it does not always work.
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.
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