will you please give me some peace of mind

[david.h]

At 73 I know nothing about the income of an IVA.My grandson has recently has recently taken your advice. It is beyond my comprehention that it will not add further cost to him, will you please give me some peace of mind

[MelanieGiles]

Hi david and welcome to the forum

If you would like to post specific questions, then we can perhaps assist you further. There is also a lot of information on this site about IVAs generally which you may find useful to hunt through first.

[luluj]

Your grandson has acknowledged he is in debt. Over an agreed period of time with his creditors approval he will be able to repay some of this debt back to them, but without further interest having be accrued. His insolvency company that he has used to put this in place will charge him for this service over the set period of time, however it will not cause him to be any worse off than he already is with all of his debt plus the interest being charged each month.

He has taken the positive steps to resolve his debt issues, and he now needs the support and love of his family and close friends to help him through the time of his IVA. He will have been set a very close budget to work with, and some weeks / months may come looking for one nan's home cooked meals !

Be proud he has told you - and support him !