I have been advised to apply for IVA but I am bit confused

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louise599
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by louise599 » Sun Apr 01, 2018 6:04 am
I’m thinking about applying for an IVA. I’ve been advised it would be the best option by national debt helpline and then Freeman Jones.

I’m quite confused by the whole thing to be honest. We have racked up a lot of debt (loan, overdraft, finance) which we have been paying on time always since we started. We have taken out loans to consolidate debts - so I suppose that shows that actually even though we look like we are in control, we actually aren’t.

I’ve got loads of by now pay laters on Littlewoods which are going to kill us December time financially - it is going to be at the point where all bills are paid but there’s only about £120 left for petrol and food for the 5 of us.

I don’t know what to do :(
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luluj
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by luluj » Sun Apr 01, 2018 6:09 am
Firstly welcome. An iva may be a solution for you although there are other options available depending on debt amount and your personal circumstances - homeowners or tennants? Income levels etc.

You are best advised to take professional advice from more than one company - we normally suggest two or three and then go with the one you feel most comfortable with.

You have taken step one in acknowledging you do need to find a solution and some help.

Let us know how you go and always remember the forum is here for support
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Foggy
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by Foggy » Sun Apr 01, 2018 10:59 am
What exactly is the source of your confusion ? What points can we help you with ?
redboxtree
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by redboxtree » Sun Apr 01, 2018 11:33 am
Also consider making any PPI claims BEFORE you might go into an IVA.

Anything that you may be entitled to might be enough to tip the balance.

If you go into an IVA you would be forced to undertake a review to see if any PPI could be reclaimed but you will not benefit from it.
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Lisa Thomas
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by Lisa Thomas » Tue Apr 03, 2018 8:42 am
When you spoke to the IPs did they compare IVA with the alternatives (Bankruptcy/Debt Relief Order) etc and weigh up the pros and cons of each?

My short video here might give you some starting points:

https://youtu.be/TgalT1vhn6M

Why did they say IVA would be better than say bankruptcy?

What assets do you have to protect?

Are they suggesting a 5 year IVA or matching payments in BKY to 3 years?
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