www.iva.co.uk

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What is worse!!!
Burying your Head in the Sand with Overwhelming Debt
Being in a DMP
Being in an IVA
Being Bankrupt
Redundancy
Repossesion

Either way ,most people i am speaking to now are experiencing 1 of the above options and times are bleak.

I opted for the IVA Route but like many others have had a Pay Freeze for all the Hard work i put in Last Year.

Although i am in an IVA , and i am 16 months in, i think i picked the best time to do it as there is No Credit for anyone ANYWAY!!!

Replies Please

Personally I'm glad I went BR when I did as I have had to take a pay cut. There's no way I would have been able to afford the IVA payments as they were unrealistic to start with, so I'd most likely be going BR now anyway.

I would say to anyone who is considering an IVA, make sure your payments are affordable at the start.

Having spent a number of years burying our heads, all I know for sure is that it doesn't go away or get better like that, in fact it just keeps getting worse.

P x

I would dispute that there is no credit anyway as my 20 year old daughter, who only works part time at the moment, has just been approved for credit for a new car.

It,s CRAZY!! kALLIS that your daughter has been approved credit for a car.
Talk about exploiting the young generation.
Talk her out of the perils of Debt and tell her to save up and buy.

Cars will be obsolete before she has enough money to buy another one!

Her old car is way past it's best and is starting to cost money and as she has to travel to Uni at Derby she needs transport so it's needs must I'm afraid.

As she has an excellent credit rating and can afford the repayments, I don't really see as it is crazy.

I don't see it as crazy...there's a need for credit at times. Its all about learning to control and manage it surley?

In an ideal world we'd save before we buy anything, but for larger items than are a necessity i.e. cars, then I would take credit if I had too.

Exactly Julie! She didn't go into this lightly, we spoke to her about it and so did her boyfriend and his family so it wasn't just done on a whim.

She knows she has to buckle down and work hard to pay for it.

Credit for a car or something else is fine provided you can afford to pay it back. I spent 15 years with loans for various cars, holidays, etc. as well as HP agreements for electrical items and always paid the loans/HP agreements off. It's only been the last few years that I have had financial problems and got into a mess.

Credit isn't a problem provided realise what you are getting into, making sure you read the small print and are able to make the repayments without over-stretching yourself.

Am I crazy or have we been down this road before on this forum, with the same thread title? Anyway to each his own I say, BR, DMP or IVA. You do what right for you in the end and move on.

If you know everything there is no point in learning or listening.

No, you're not crazy Lily, we have been here before - you've obviously got the same feeling of deja vu as me!

Jan, I completely understand why your daughter needs a car, and I don't think that it's crazy for her to take credit, I would do the same thing, and I know I will probably have to in the future.

Andrew, life isn't as simple as saving up for everything - for most people if they don't have a car they can't work, and therefore have no money coming in so can't afford to pay the bills.

Exactly!

Daughter's other car will give up the ghost sooner or later and it is costing her money so I would far rather she spent that money on a reliable car than keep shelling out for repairs on her other one.

As long as you are sensible, there isn't a problem with it. The cost of things these days it takes too long to save up for it.

OK, I have no intention of taking credit again, but for some people it may be a necessity.

Hi Kallis,
I apologise, i don't mean your crazy as mad or something.
Good Luck for your daughter in buying her car on credit and lets hope she will be comfortable with her repayments.
I was only trying to state that as your daughter is only 20 years of age , you wouldn't want her to have a future burdened with too much debt as one thing leads to another.

I appreciate that Andrew, and believe me she has it drummed into her about not getting into too much debt.

She knows that we are strapped for cash and has seen how it has affected us (no holidays abroad and not being able to buy what we want.)

I like to think that she has learned from our mistakes.

andrewgoodman121 wrote:

[:)]
What is worse!!!
Burying your Head in the Sand with Overwhelming Debt
Being in a DMP
Being in an IVA
Being Bankrupt
Redundancy
Repossesion

Either way ,most people i am speaking to now are experiencing 1 of the above options and times are bleak.

I opted for the IVA Route but like many others have had a Pay Freeze for all the Hard work i put in Last Year.

Although i am in an IVA , and i am 16 months in, i think i picked the best time to do it as there is No Credit for anyone ANYWAY!!!

Replies Please

Very good questions.

I believe the first is the worse - at least the next 3 indicate that a solution was implimented.

The redundancy is horrible and could vie with my first choice but there are possibilities to get sorted.

The last can only be if a person has allowed it to happen by not taking early enough steps to discuss with the lender and to try and sort out a way forward if one is possible - otherwise being made homeless is not something which is to be ignored but the local council can help (only as a short term solution).