Individual Voluntary Arrangements (I V A's)

[Eastender]

Has anyone used an IVA for debt problem solutions and did you find it helped.

[smudge742]

DON'T DO IT!

I took one of these out ages ago. I paid a lot of money towards my debts for nearly a year and then started getting letters from the people I owed money too, demanding money and threatening legal action. When I told them I had an IVA they said they hadn't received any money. The company I used wasn't forwarding it. I lost over �2500 and got into a worse state than I was in before. Now, 8 years on, my credit file is abysmal, despite settling everything I cannot get any sort of credit because of the IVA showing as failed (as I cancelled it) I can't even get a mobile phone contract. I wouldn't go near an IVA. Contact the people you owe money too and explain the situation you are in, offer a repayment scheme instead and ask them to suspend any action or interest. Good luck.

[anniebird]

Ask your local Citizens Advice Bureau - They can put you in touch with someone who will be able to help you without the problems smudge742 had.

[Hazel104]

I agree with Smudge742 they are not a great way for most people and they companies that set it up for you usually take their very generous fee BEFORE they start paying any money to your creditors. My experience of talking to people that do go for an IVA end up with more problem down the line.

I think you are much better off speaking with the national debt line. They are great really know there stuff and as they are a charity and not trying to sell you anything they are completely impartial.

Their website is http://www.nationaldebtline.co.uk/england_wale s/debt_advice.php

Good Luck!

[Kathyan]

Contact your local CAB or Payplan or CCCS. They all give free advice and will help you decide what is best for you. Steer clear of an IVA if at all possible. We had nothing but trouble and had to remortgage to pay off what we owed. We now owe twice what we did on our mortgage! The ads make it sound like a easy solution, but it isn't. If you don't have a home or job to protect, then bankruptcy seems the best option. Whatever you decide to do, good luck.