Are you sure your debt is that figure and not just what creditors have claimed through the iva process so far ? What did your proposal document list as your debt figures ?
A debt relief order or debt management plan maybe more appropriate if the figure is correct.
If you fail the IVA now it will still be on your credit files for 6 years and will trash your credit rating. There is also the chance that your creditors will not co-operate in a DMP, especially already having agreed to one lifeline which you failed.
Weigh up your options carefully -- having got the IVA it might be better to now knuckle down and see it through ... at least you have an end date to work towards.
I personally think anything under 25k shouldn't be in an IVA, but another repayment mechanism. Effectly, it's a sum that some people might earn within a couple of years, or if enough family and friends, might be able to help with, instead of having your home under lock down for 6 years and potentially feeling that you're a prisoner for 12 years, because the completion part is only the first half of the sentence, so to speak.
What are the views of others on this forum? Out of interest?
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