I have arranged but not yet signed an IVA agreement but I am in such a financial mess this was a last resort option. I owe a total of £18k which includes council tax and car finance. I was wondering if you share your thoughts with me on my situation please.
Kind Regards
Kevin
Welcome to the forum.....you are not alone and your level of debt is relatively small compared to some of us on the forum.
If you are not sure the IVA is the right step, i would suggest you are not ready to sign the paperwork yet.
Have a look on www.iva.com for alternative firs, ring two or three of them for free advice...you will certainly get the feeling of comfort in doing this and will then have a choice of who to with.
A IVA is a five year journey that should not be taken lightly. It is a challenge but the end result is debt freedom, and a opportunity to start your life again.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
It is a daunting experience but one which can help you be debt free. Do think carefully about this - are you happy with the company you are using? Is there anything in the proposal you don't understand? Are the payments affordable?
You should have had all options explained to you when you made your initial enquiry.
Which company are you considering using? As Liz says, there are others out there so check out the link she posted to read some reviews and give one or two more a ring.
It is very daunting , it took me 18 months to even pluck up courage to speak to someone!
Do as the previous poster says, check out a few altenative IPs, you may just need some different advice. My debt was 3x yours and so IVA was best option but might not be only one for you.
Good luck x
Hi Kevin. As the others have said, check out a few companies. If you chose and IVA ( and it will be your choice) then you are going to share the next 5 or 6 years with this company, so it is best to find one you feel you can work with.
Everybodies circumstances differ and an IVA might not be the best route, so do discuss all options.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi and welcome to the forum. IVA isn't for everyone but it is an excellent debt solution. A good IP will discuss all options with you and there will be a solution for you. Once you've found a good company you will know when it's right to proceed. 60 months is a long time and a lot can happen so my advice is be 100% sure before entering into an IVA. Having said that i'm at the end now and don't regret it for one minute. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
There are days when I think "what the hell have I done", but the majority of times I know the decision to enter an IVA was the best solution at the time. Paying back as much as possible is good for the conscience and the creditors.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
Welcome from Me too.
As has already been mentioned, get advice from 3 different IP`s and consider everything very carefully.
Are you a howmeowner? as this will have a bearing on your proposal and dividend offered to creditors as most IVA`s for homeowners tend to include an equity release clause and restrictions could be placed on your house whilst in an IVA.
Whilst I`m sure you are worried about your debts, 18k is a relatively small amount, my debts were nearly four times that amount so an IVA was the only solution for me.
You mention that one of your debts is council tax, I know that local authorities are very helpful in allowing people to pay off council tax arrears over an agreed timescale, as I paid off a significant amount of arrears over a 2 year period with my local council.
Please make sure you fully understand everything in any proposal you may sign, as it will be a legally binding document that will have implications for you for a number of years.
"When the seagulls follow the trawler, it is because they think sardines will be thrown into the sea".
Has your IP clearly advised you on all of the options available, Kevin, and did you agree on the IVA as it seemed the best choice to you at the time? Other IPs would be happy to review the proposal with you, but are you starting to have doubts as to whether you have chosen the right solution, or indeed the right firm?
