I realise that but on a monthly basis I will be better off and back in control of my own money. I'm not against IVA's but I seem to now be in a worse situation than before. What are the consequence if I come out? What happens to the money I've already paid in?

I've just completed 3 years with another 4 to go. I know that payments go up as per your earnings however I'm paying much more per month than I was to creditors before the IVA. What will happen if I terminate my IVA? Can I revert back to paying my creditors myself?

Hi, would like some advice on coming out of an IVA early. As my financial circumstances have improved, I feel I'm in a position where I no longer need to be in one. My monthly IVA payment is now far more that what my creditors were asking for each month previously. Is it possible to come out of an I...

Melanie, thank you for replying to both posts. I feel a lot clearer on what has been requested and think there were just mixed messages yesterday on the phone which confused me. My proposed budget is certainly workable - the only issue is the clash this month where I planned to clear the remainder o...

Thanks both - feel better about it now. It probably is just miscommunication but it did worry me!

Viki x

Thanks both for your replies. I have a call with my IP Friday to finalise my proposal so will talk to her then. I want to clear my overdraft as I've budgeted the money and its one less creditor. It just would have been helpful to have advance warning that they would need an upfront payment and when!...

Hi Jan, Thanks for your reply. This was described as my first months IVA payment which I was surprised at as I haven't had the creditors meeting set up yet - in fact my proposal has yet to go to the creditors. I've already paid two months fees to the introducers. I don't begrudge paying the money bu...

Hi, I'm in the advanced stage of an IVA proposal and would like some advice on keeping your bank account. When I first started discussions, I was advised that as my overdraft was small, I could pay this off and keep my bank account - providing the overdraft facility was then withdrawn. I have contac...

Hi, sorry to resurrect this but getting very confused! I'm in the advanced stages of my IVA proposal and have been making payments to Northern Rock as normal (they are advised that I'm going through an IVA process). However have been advised not to make the full payment to them this month so that I ...

Hi, I have a Together mortgage with Northern Rock which means a % is an unsecured loan. I've applied for an IVA with Vincent Bond who have been very helpful. They advised me to keep paying Northern Rock as normal until the IVA has been accepted as they are my mortgage provider. Have seen some comme...

This makes for interesting reading. I have a Together mortgage with Northern Rock too and have been nervous how they'll respond to me going for an IVA. I've decided to go with Vincent Bond and have been advised to make payments to Northern Rock as normal until the IVA is approved.

Again thanks for your comments and especially your kind offer Melanie! Have had a lot to think about over the last few days but have decided on an IVA. I've been trying to get out of the debt cycle for nearly 10 years now and just going round in circles. I just want to draw a line under it all and m...

Thanks for your comments - been helpful. Yes it is indeed MBNA, seems they have a reputation for doing this kind of thing! Have had a chat with two companies yesterday and looks like I will be going down the IVA route - a bit scary but it will draw a line under it and I'll be debt free in 5 years. I...

I can't afford the minimum payment on one of my credit cards due to the company putting up my rate to 34.5%. They refuse to lower the rate and are insisting on me going on a payment plan with all my creditors, even though I'm able to pay them. They've accused me of not treating them fairly as I pay ...