I am two hree months into iva but cant cant help thinking was the right choice I dont own nothing my depths was just over 5000 when I paid all my Bill's including iva left with 270 but got to get food clothers ect out of that would a dro of been better
If you fit the other criteria a DRO might have been better, but I suspect that you have too much disposable income to qualify. I think, unless there were specific reasons, that an IVA for a debt of £5k is using a sledgehammer to crack a nut !
After you have paid for eveything, having around £270 left for food and groceries is about right for a single adult.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Your surplus seems to be too high for a DRO which must be a maximum of £50/month. It does seem a simpler solution if you don't work in the financial industry so there are no adverse effects for your current and future employment. Another criteria for a DRO is to have assets of £300 or less.
Another option is asking a third party for you (to repay after the IVA if you want) to make to vary (by convening a creditors meeting) the arrangement in full and final settlement offer for a little less than the outstanding payments due. E.g £10,000 payments to make offer £8,000.
Without even knowing your circumstances I would bet a months salary you did not get advice from an accredited debt advice agency such as Stepchange or National Debtline, go to an IVA Company or an lead generation company for debt advice and there are many on facebook, you can be sure of one thing, you will get an IVA,
An IVA for £5000 of debt 15 years ago would be unheard of, £15000 was seen as the lower limit now too many marketing companies are selling these leads on to Insolvency Practitioners for hundreds of pounds without any thought to the poor debtor,
Remember the claims management companies selling accident claims to solicitors well much of the current IVA industry is built on the same foundations,
Just go to Google and type IVA miss selling you will be very surprised
