An IVA allows you to pay back as much as you can realistically afford without the stress of interest being constantly added.
You wont be left with a huge ammount of disposable income but enough to live a decent life for the 5 years.
An IVA will help you get back on your feet, you will pay less money to your creditors each month and have no hassle from them.
You will learn to live within a budget, which should help you once the IVA has finished. You should have a little money left at the end of the month, rather than it being the other way round and you won't be robbing Peter to pay Paul.
At the end of the IVA, your remaining debts will be written off.
I think it's worth it.
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
As a newbie to an iva, only approved last week, I can definitely say that for the first time in many, many years, I am in control of our finances. I know exactly what is in the bank, what is going out, and how much is left at the end of a month!
For us it was the best financial decision we have ever made after years of debt, and in 5 years I will be debt free.
Each to their own, but I am truly positive about the iva process.
i agree with sharon, iam a relative newby to this aswell, had iva agreed last month so second payment due next week. it is the first time in along time that i have got to payday and the account is in credit.(only by a few pounds) all bills are paid and everything up to date. post man must be relieved as well as no chaser letter or phonecalls either, first time in a long time i feel a sense of relief. dont get me wrong i know there will be months when we will struggle, but the stress previously trying to find the money to pay the credit cards was worse. i must say it is thing i have done
To answer whether an iva is worth it on not you have to work out where you would be in say 12 months time without one(moneywise)?? Most on here, its fair to say would be deeper in the doo doo. If you are having a short term cashflow problem then its possibly not the best idea,but you will probably know when you have had enough of the sleepless nights and juggling of debt,iots definately time to do something.
An IVA is a learning experience,and you will be in more control and at the end of it if you are wise enough,you will never ever get into the same mess again.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
We believe that an IVA helps to give back to you control of your fiances and you certainly learn to budget.
Most persons coming through the IVA process have become acutely aware of what they can and cannot afford and are much more carefull with their spending habits.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Too true David - we are much more careful with the money now and very frugal when it comes to shopping.
This will continue once our IVA completes - we've had our fingers burned and don't intend for it to happen again!
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
You certainly do learn to live within your means which a valuable lesson. There are times when it can feel neverending as five years is a long time, but since finding this forum I feel more motivated again and know I can always come here to perk me up a bit[:)]
DebtProblem wrote:
I'm also a new "IVA-person" (approved last week).
I asked myself this question,
"What do you want? Five years of budgeting with a debt-free conclusion, or many more years of minimum payments, paying one credit card with another and sleepless nights?"
A no-brainer, I thought to myself. [:)]
I'm so glad that I took my head out of the sand and made that call!
