New member. IVA question.

Hi jon!

Welcome aboard. Hope you find this forum useful and love what you said about wanting to be a better person in the future - we all strive for that and as long as we can stay off this evil habit.

With regards to IVAs I imagine that they are very variable. Although if they clear your debts in 5 years at a monthly payment affordable to you (and realistically affordable) then that's what they are for. A big company like debtfreedirect would probably be better.

This forum has lots of advice for people in a similar position - just do a search on IVA or start a new topic. They are very helpful.

http://forums.moneysavingexpert.com/forumdisplay.html?f=76

Good luck with giving up gambling - let us know how you are getting on!

Hi Jon

I did have bad advice with an iva but that does not mean they are bad for everyone--at the time I was ill and also desperate for a solution-indeed any solution!

Took out an iva which increased each year by £100 per month and at the end I had to pay 50% of the equity in my home!! easy to see now that this was bad advice but not so clear then.

Weigh up options available and seek advice from proffesionals who are recommended would be my advice.

Above all do not lose hope.

All the very best

Stumper

Hi Jon and all,

I have agreed an IVA with my creditors through Payplan. They have been excellent, albeit that it is a very slow process. If you cannot realistically repay all you owe within a sensible time (5-7 years) then it is a possible solution to get your life (and debts) back on track.

BUT it isn't just an easy way out. If you have equity in cars, homes, etc. for sure they'll want to take it into account. But a good company will try to agree a solution that is reasonable (e.g. if you need a car for work they might ask you to sell the Ferrari and buy a Focus).

My advice: speak to Payplan or CCCS. DON'T speak to anyone that wants cash up front, or that pressures you into a solution be it IVA, DMP, bankruptcy... Best wishes.

nnn

jon2 wrote: I have joined this morning and have just begun the first steps to slove the problem that has touched us all. I've been reading through the Forums and one thing that caught my eye was that a member said that an IVA company gave him very bad advice. .

I mean this is the best possible way Jon, but your first steps should be completely focussed around stopping gambling. The money is a sympton of problem gambling not really the cause.

However, Stepchange the debt charity are worth trying, but I wouldn't be rushing to do anything before you have taken all the appropriate steps to stop gambling.

K2 wrote:

[quote=jon2]I have joined this morning and have just begun the first steps to slove the problem that has touched us all. I've been reading through the Forums and one thing that caught my eye was that a member said that an IVA company gave him very bad advice. .

I mean this is the best possible way Jon, but your first steps should be completely focussed around stopping gambling. The money is a sympton of problem gambling not really the cause.

However, Stepchange the debt charity are worth trying, but I wouldn't be rushing to do anything before you have taken all the appropriate steps to stop gambling.

Dude, he posted this 13 years ago lol