I am in year 2 of an IVA. At the time of entering the IVA I owed approx £23000, which has been reduced to approx £19000 over the 5 year term. I keep reading about 75% or 80% reduction in debt when entering an IVA, which I clearly did not receive. Can you advise me please if this is what I should have been entitled to, or is it an average figure?
That 75 - 80% is very misleading and should not be taken as read. It's about time they regulated these adverts so they don't make people think that they can do that.
Some people manage to pay back 100% of what they owe in an IVA, others pay a much lower amount.
As Viki says, it varies from person to person.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
They are regulated - firms are not allowed to say this any more, so I guess the advertisement this poster originally saw was prior to the OFT stepping in last year.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
tryingtogethelp wrote:
I have just googled and have found acompany that advertise it as writing off up to 75% so i think they are still about.
Would you happen to recall their name? I would be interested to see if they are breaching the OFT guidelines.
In response to the opening post, I might controversially suggest that an IVA is about maximising the return to creditors as opposed to trying to get away with repaying as little as possible.
There is no entitlement to a minimum figure. You pay what you can realistically afford.
There's loads still advertising writing off up to 95% of debt. some can be found on the google adverts on this site!
Pixie
'Welcome to where ever you are, this is your life you've made it this far, welcome, you've got to believe right here right now is exactly where you're meant to be'
IVA started may 07 ended dec 08
