iva

[joe1]

Are they a good idea - have been struggling for years to keep up with debts.
Had enough!
What are the pitfalls - anyone please?

[hev]

They can be good but it depends on how much you owe and what your other outgoings are, I have been in an IVA for three years and it has been hard my mortgage payment is 815 and my IVA is 715 . The if you get any extra money they they take that too. I am in the process of trying to buy myself out of the IVA with a remortgage. If you have a house and you want to keep it the IVA is the best option you will pay each month a figure determined by your income and outgoing and then after 4years and 2 months they will ask you to remortgage for the remainder. If you dont own a house and rent then seriously think about bankruptcy as you can be discharged in 12 months but that of course is a big decision it doesnt have the stigma it once had. The one thing the IVA did for me was make me good with money I havent had credit for 3 years and I now know I can live without it.

[Solarjunkie]

Go and have a look at the excellent debt help on the independant site
http://www.moneysavingexpert.com

It's a brilliant site and covers every aspect of moneysaving.
Very supportive people on the forums too.
Best of luck.