www.iva.co.uk

1. Do not enter into an IVA unless you can afford the payments

2. Keep to a strict budget

3. Keep your IP informed at all times of changes to pay, overtime and other issues

4. Always bear in mind that until the IVA is completed you have not wiped the slate clean you are in an agreement with your creditors you have to stick to to the letter give or take some flexibility that might be in your own agreement.

5. Once in an IVA keep in mind there is light at the end of the tunnel now.

Sounds good to me Dominic

Point 4 for me is the most important a lot of people are getting sold IVAs as wiping of the slate when going bankrupt might be a better option for htem

In addition, make sure you research and chose your IP carefully.

Also bear in mind even in bankruptcy you may have to make payments for 36 months.

Make sure you IP is contactable as some aren't and you have to go through caseworkers and although this in itself isn't a problem for the everyday running, sometimes you may need to speak direct to an IP so do try and talk to your chosen IP early on to see if this is possible. My IP is always available above and beyond her call of duty.

Set a realistic living budget as part of your proposal setting a low one will not help you in the long run nor will it help to get your iva approved.

I disagree - a low one probably will help to get it approved, as as been demonstrated by previous posters on here.

However, it is not likely to help you see the IVA through to the finish and several posters have ended up going bankrupt because of this.

My ip told me that pitiching living costs too low could casue some creditors to reject a proposal, anyway thats what they said and i acted on the advice and got mine approved.

The lower your allowances, the more dividend the creditors are going to get, and we have had several posters on here who have cut back their allowances in order to get IVA's approved and then ended up having to go bankrupt.

It is always best to be honest.

being realsitic about your living costs is the best policy

We have always put down exactly what we spend, and this has never been questioned.

my real beef is people that are sold ivas which they cannot afford to service.

Unfortunately, you will never sort that. People are desperate and will grab at any lifeline thrown to them.

The one for me was point 3. Always let your ip know of anything that changes, and if you are worried just talk to them. They are there to help you - they are not monsters. Also, we have sturggled a few times, called DFD and they have helped so much with a few payment breaks.

HI Lesley....can you recommend a particular IP? I quite like the sound of yours being contactable & helpful.

Thanks
D