www.iva.co.uk

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.

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.

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.

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.

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 !

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.

It can work but unfortunately the practical reality is that boards like this are needed because it does not always work.