After being in an IVA for about a year I’m unsure it’s the right path now, I’m in 6-7k of debt from uni and at the time I felt like it was the right decision, now I don’t know if it’s suitable for me and just wondered if anyone had some advice for what I could do to help myself with getting out of the debt without an IVA?
An IVA is a heavy handed way to deal with a debt of 6 or 7K, but you are in it now.
You could let the IVA fail ( either ask the IP to fail it or miss 3 paymemts and it will be in breach). But this will allow your creditors to add back missed interest and charges, as well as pursue you for collection. So the debt will increase and you might find bailiffs at the door. On the other hand creditors might agree to a DMP ( Debt Management Plan) -- StepChange are the people to talk to about that, as they do not charge fees and have a good relationship with creditors. Maybe ring them and have a chat before doing anything drastic.
Also .... all the payments you have made so far will disappear --- they will have largely gone to IVA fees this early in the IVA. And the IVA will remain on your credit files for another 5 years regardless, so your credit rating will still be shot for a while.
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