Anyone got any experience of an IVA?

[NooNoo59]

As the title really, know someone thinking of doing this I had never heard of it before so wondered if anyone else had done it or knew someone who had

 

[NooNoo59]

bump

 

[mole]

just talk to your creditors and set up your own payment plans with them as an IVA company will charge you stupid fees for doing it. Use the free services of CAB and the CCCS if you are not confident when talking to your creditors yourself. You will only end up with more debt going to an IVA company.

 

[Archiepoo]

you can do it your self through the court -wont cost you anything and is very easy.https://www.gov.uk/options-for-paying-off-your-debts/administration-orders

 

[smellsofhorse]

Someone i know had one.
Its a way out if debt.
Your credit history is wiped at the end so you start from scratch so getting things like a mortgage can be affected.

I hope people learn from their mistakes though.
Its not just a simple way out then borrower more.

 

[Klix]

I agree with mole. Talk to the CAB or step change (formally CCCS) they will be able to evaluate your income, expenditure and the amount of creditors you owe and see what all of your options are. You may even me able to consider a DRO.

 

[Racergirl]

Get your friend to go on the moneysaving forum - there's a whole section on IVAs. It's not as simple as it appears,but with a good provider and support they can be very good. It's defiantly not the easy option people think they are.