www.iva.co.uk

Is five years a life sentence ? When you enter an IVA it can be a daunting prospect, looking ahead 5 (possibly 6) years. But, in reality ( and in hindsight for those that have been through it) it is a drop in the ocean for a second chance.

Five years ago tomorrow the BHS retail sore chain collapsed --- FIVE years ago ??? Seems like only yesterday we were browsing their sparkling lighting departments or having a quick cuppa in their cafes --- 5 years isn't that long at all!

By the way --- Donald Trump was elected 5 years ago and Brexit was born !

I looked at it, and advise others to do the same, as a loan - many of us have taken out loans over that period of time. At least at its conclusion the IVA is finished often we take out other loans to pay off our original loans - I know I've done that.

5/6 does appear daunting, but I agree with what you say, a drop in the ocean. Mine lasted 6 years and I repayed just under 50p in the £1. On that basis it would of been 12 years to get to 100p in the pound. Plus when you consider interest that would of continued for all that time, I might well of never settled my debts at all.

Set about it as if it were a loan .... breaking it down into bitwise chunks and you'll be amazed how quickly time passes