www.iva.co.uk

are there any bad points to consider with an ivf,as ive just been offered one with no upfront fees.
i owe around 25000,and am told i will only have to pay around 250 a month and after five years will be debt free.
whats the catch ?

PROS
one monthly payment
nobody chasing you
debts written off at the end
No credit ( some may see as a disadvantge but I think its great)
No rotten letters through the door that you dont want to open. No fear of the postman.
I know how much we have to live on.
We get to keep 50% of our overtime before we had to use it all to keep our heads above water.
Found a great website like this and am able to talk to others who know what it is like and help those that are at rock bottom
There are more but I am brain dead at the moment

Cons
Living to a budget, it can be hard.
Equity release for those who own property.
Paying all of rises etc
windfalls all of it to the iva
insolvency register.

Thats all I can think of for me.
I am sure others will come up with loads more.


Empty pockets never held anyone back. Only empty heads and empty hearts can do that.

have a look here

http://www.iva.co.uk/guide_pros_and_cons.asp

Have a read through some of the posts on the forum and chat with some of the experts. They are really helpful and will answer all your questions honestly.

An IVA is just one solution that is available to you. The first step should be considering all options and deciding how much you can afford to pay each month rather than being told how much you need to pay.

IVA's have many advantages over other debt solutions, but they are not to be entered into lightly and require a large commitment on your part.


Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

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Hi therapy,

IVA’s are generally expected to be for a period longer than bankruptcy, i.e 5 years as opposed to 3 years.
The 5-year period is often required by creditors as a bargain for allowing the Debtor to avoid the consequences of bankruptcy.
If you fail to comply with the terms of the arrangement, your home and other assets are at risk if you have not been specifically excluded from the proposals.
If the IVA fails as a consequence of you not meeting your obligations under it, you will likely be made bankrupt.

Regards,
Michelle P.

Hi Therapy and Welcome,

I would advise that you contact at least 2 or 3 debt solution companies, this will bring re-assurance and can cancel out any ill advice.

An IVA is based on what you can afford to pay to your creditors, this is disposable income and is calculated by subtracting your monthly living expenses (not inc minmum payments to creditors) from your income.

Can you please post who your creditors are?



Best Regards. IVA Experts