I am really scared to go through with IVA, but is my only way out

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luc
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by luc » Tue Sep 26, 2017 5:33 am
I am just about to complete an application for an Iva over 5 years. I am really scared to go through with it. I'm 30 years old with no children and no portage. I worry this will hold me back a lot in the future and that in the next five years a lot could change. What if I can never get on the mortgage lender. What if I get a slight pay rise but all goes on Iva. What if I get in more money trouble and I just drown. I am very concerned but know this is my only way out.
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bridgey
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by bridgey » Tue Sep 26, 2017 6:47 am
What’s the alternative? Genuine question. Think of the alternatives and then make your own decision.

If you go through with it, consider that it will teach you different things and you will become a different person with new buying / lending habits.

You will be debt free at 35 and chances are you will do all you can to not get in to this position again.

It’s right for some, but not all.
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Keith White
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by Keith White » Tue Sep 26, 2017 6:50 am
No debt solution is pain-free I'm afraid (with the possible exception of having a generous, millionaire relative!). You mention that you know this is the only way to sort out the debts - but your nervousness is perfectly understandable. Its a big step to take. And it is good that you are aware of the consequences - credit rating damaged for 6 years, any increase in net income will be made available to the IVA along with any windfall. But many thousands of people have successfully completed an IVA, and many of them get on to the property ladder soon after. So - as long as you have explored all other options, and still feel that the IVA is the best route for you - be assured, it really can work well.
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Foggy
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by Foggy » Tue Sep 26, 2017 7:00 am
We all go through the whole range of emotions whilst starting this journey (with re-visits along the way too) it is natural -- you are stepping into the unknown. Knowledge, in this case, IS power! Read and understand your proposal thoroughly .. ask questions .... put yourself in control. You are not alone and we will be here with you.

BTW .. if you get a payrise you will only have to pay in half of the increase, so you will still be a little better off.
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sheraz.butt
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by sheraz.butt » Tue Sep 26, 2017 8:15 am
Yes i agree with what has been said already.
There is always that initial worry and nervousness as it is a big financial change. There are pros and cons to each debt solution so it is best focusing on the positives if you feel it is the right solution for you. It will help you move forward mentally and give yourself a fresh start.

I have arranged many IVAs and can say most people have similar questions as you have - as long as you are getting the support with who you are dealing with so you know you are in safe hands, you can just put it down to it being part of the process for you to be debt free in a reasonable amount of time.

Wish you well.
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Lisa Thomas
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by Lisa Thomas » Tue Sep 26, 2017 10:07 am
For what reason have you discounted Bankruptcy and other options?
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kallis3
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by kallis3 » Tue Sep 26, 2017 11:40 am
Would your job be at risk if you did go BR?
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