www.iva.co.uk

Hi. I am about to enter an IVA. I have read lots but I wanted to ask still especially people who are already on it,

Given a chance or if you could turn back time now that you know how it’s like living on an IVA would you still sign up for it?

I have this anxiety that 5 years is so long. Is IVA really worth it? Thanks.

My IVA finished in 2013 and, should I find myself in a similar situation again, I would sign up for another. But ... everyone's situation is different. I was living pay cheque to pay cheque, with no spare cash at all. My IVA payment was £460 a month ----- far less than my debt repayments and everything else was budgeted for. My standard of living and mental health both improved dramatically. But, you do need to manage your expectations --- no elaborate holidays or present giving at Christmas ( let's face it --- they were probably popped onto the credit card anyway) and careful food shopping is key. Live with the IVA, not against it.

True, they do not suit everybody and all situations, so do consider the alternatives fully. You also need to be very happy with your choice of provider and bear in mind that your provider could change, which is beyond your control.

Thank you Foggy.
So reassuring. I hope this feeling of overwhelming will soon pass as I really feel uncomfortable of the whole process.

Totally agree with foggy... Worth it albeit a very tightly managed period of time which we learnt hugely from.

In coming months I think alot of people are going to be seeking help - see an iva as a 5 year loan. Break it down into small increments and it quickly goes.

Ours finished in 2010 and since then we've got back on the property ladder and moved forward.

I agree with Foggy and luluj - taking out an IVA was the best thing we ever did. I used to dread the postman coming and also the telephone calls. I went from taking cash on my credit card and going straight into the bank to make the minimum payment. We both felt a weight had been lifted from our shoulders. I also agree that care should be taken with your choice of provider - the smaller firms are sometimes the best ones to use.