i v a's

[mr.bungle]

Can anyone tell me how an I.V.A works. What are the long term effects of taking one out and would you recommend it?

[dot.hawkes]

yes, all interest stops, all harrassment stops, they have to leave you alone, it does not mean you cannot borrow again, but i would not try, it also means you get sorted within a specified time, usually 5 years, go for it. BUT, do not use a company that advertises, get one thru your citizens advice bureau

[mr.bungle]

Thanks dot. I think its the best way out. Icontacted a loan company to consolidate my debts and they suggested an IVA. They said they can arrange everything. Do you think it would be o.k to stick with them?

[dot.hawkes]

I wouldn't use a loan company, i would email your local CAB, give them a contact number and explain what you want to do, they will make you an appointment and then you will be given a contact through them that will not just pay off your debts as a loan and you end up in debt to them.

citizens advice bureau = CAB

[dot.hawkes]

http://www.citizensadvice.org.uk/

[themas]

Don't think that an IVA is the best solution for you just because a loan company told you so. They have a vested interest.

Do get free independent advice on your whole debt situation before making a decision. As dot.hawkes says, go to the CAB or - if you are unable to do so for any reason - contact CCCS (see their website).

IVAs are generally only suitable for people who own property and want to ensure they can keep it, and who can afford quite substantial payments for 5 years. For others, bankruptcy is often the better option provided there is no other reason (connected with job, for example) to avoid this.

[mr.bungle]

Thanks for your advice have made an appointment at cab