I might have to go into IVA. How my day to day life would look like (from financial point of view). Would anyone control me over them 5 years or as long I’m paying agreed amount then there is no issues?
You will need to adhere to the agreement over the term and will need to be willing to be under financial scrutiny. Your IP will check both income and outgoings to determine and review disposable income and affordability. You will have to submit payslips, P60s and bank statements as required.
You will not be able to take further credit for the duration.
Your finances will not be controlled, as such, but will be under limitations and deep scrutiny.
This all sounds worse than it actually is and an IVA is often sought as a solution to head off deeper problems, such as bankruptcy, which has, potentially, deeper ramifications as to control and scrutiny. So YOU are taking the initiative, rather than having something you do not want thrust upon you.
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