I don't think the IVA I've just signed up for is the right thing for me to do.

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JustPlainStupid
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by JustPlainStupid » Wed Nov 22, 2017 4:39 pm
There's definitely some sharp practices! And the IVA system is inherently flawed in my opinion. Like someone else said, I think the day will come when we'll all be getting unsolicited phone calls from ambulance chasers helping us sue IVA companies for the return of fees! There's far too much money involved for the IVA companies and the others in the chain to make this an industry that is without any real regulation. Effectively, it's no different to a credit agreement and should fall under the remit of the FCA.

The biggest problem is the fact that you're locked in from the moment you sign up. I think there should be an exit mechanism if your circumstances change significantly.

I don't think most people are really in a position to understand the full implications of an IVA at the point when they're vulnerable enough to enter one. You've only got to look around here to see how confusing it gets.

For me right now, for example. I'm in a position where I'm paying back more each month than my original debt repayments and the fact that I'm in an IVA is possibly going to end up costing me £1000 a month because I can't get the liability insurance I need to set up a ltd company so I have to go down the umbrella route and pay PAYE. If I could turn back the clock, I definitely wouldn't do it.
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Foggy
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by Foggy » Wed Nov 22, 2017 5:18 pm
I agree with your first three paragraphs -- as for the last -- there's that crystal ball again !!! You might have decided no to the IVA and your circumstances could have gone pear shaped with no safety net you seem to have fallen onto. Not easy to call.
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JustPlainStupid
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by JustPlainStupid » Thu Nov 23, 2017 4:37 pm
Foggy wrote:
I agree with your first three paragraphs -- as for the last -- there's that crystal ball again !!! You might have decided no to the IVA and your circumstances could have gone pear shaped with no safety net you seem to have fallen onto. Not easy to call.


Ha ha! Trouble is, I've never been that bad at making money. I was just with someone who destroyed my confidence and deprived me of that ability. It's taken me 5 years to get my confidence back. Unfortunately, that was about 2 years too long.

Never mind... we live and learn!
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