Get expert opinion. This is the place for new questions to be posted.
-
Emma.2
- Posts: 4
- Joined: Tue Jul 12, 2011 3:32 pm
Thank you everyone for your advice. Melanie my original debt was 17k and under the IVA it has been knocked down to 11k and I was originally on a DMP but decided on an IVA because I didn't fancy paying back the debt for 10 plus years
-
plasticdaft
Forum Expert
- Posts: 9562
- Joined: Wed May 21, 2008 12:45 pm
- Location: United Kingdom
Carry on with the iva if you are happy to do so. Why didn't you go bankrupt to start with?
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
-
James Falla
- Posts: 472
- Joined: Fri Dec 03, 2010 5:07 pm
- Location:
Hi Emma
As has rightly already been said, if you are comfortable with your £195/mth payment and are not struggling to pay it each month, then the best advice is to continue with your IVA.
However, if you are struggling and there is a risk that you will not be able to maintain the payments, then bear in mind if you stop paying your IVA might fail. You could then find that you still owe a significant amount of the £17,000 origional debt. If you find yourself in these circumstances then I would say that considering bankruptcy could well be a sensible thing to do.
James Falla
IVA & Personal Debt Solutions Expert
