I'm just starting my journey and though I can see the benefits in the long run, it's still a scary start right?!
I'm £25k in debt and I've gotten to the point where I need to get it sorted. I'm the sort of person who keeps finances to myself, so even approaching parents with the simplest money worry is one of my worst nightmares! But I've been raised on that "If you got yourself in the situation, then you can get yourself out the situation.". Financial worries have always haunted me, and it doesn't help that I have Dyscalculia - basically Dyslexia but for numbers.
After doing some research into my options, I ended up applying and working with MLS on starting my IVA case, on which the guy handling it all has been so lovely on the phone. Constantly reassuring and explaining everything in simple terms.
I found this forum based on the blog posts as, as much as I don't wish to discuss these sort of things with my family and friends, I want to know from those who have been in this circumstances what to expect and how you coped with it.
I suppose to stop my waffling, I just want to know what advice you would give to someone who's started the initial steps towards IVA?
For starting out the biggest piece of advice I woud offer is to ask questions and ask again, until you understand the answer. When you get the proposal, read it through, have a cup of tea and then read it through again. Ask more questions .......
It is not an easy ride ... nor is it impossible. PMA is important (Positive Mental Attitude) ... see the IVA as a tool to debt freedom by repaying what you can, not as a means to pay as little as possible.
And communicate --- some firms see communication as a chore -- ride their backs, tell them of any problems and changes, ask them any questions and demand answers. It is your IVA, not theirs. Drive it and own it.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk