HI and welcome Debtfreeplease, i echo the same as both Harpic and Foggy, going into an IVA isn't an easy decision and to have all the information to hand to make an informed choice is paramount, the first year is daunting as you are learning budget, don't have your plastic enemy to rely on and worry that something is going to go boom when you don't have the funds to hand. Please don't worry but i would seek advice on how you are feeling and perhaps write down the positives and negatives of being in an IVA that might just relieve your anxiety a little. Whatever you choose, the forum is here to offer support and advice should you need it, good luck with whatever you choose to do. xx
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
I have been in the IVA for 6 months, I can afford the payments, and its great to be protected by the IVA.
The regret that I have is that I am being charges an awful lot in charges, and if I had not of rushed in I could of achieved the same through the CAB.
There is a glaring positive to paying for the service, and that is the speed and the competent way in which it was handled.
Even as I write this response I know that I am on the road to recovery, and it feels good, but would of I felt better if I could of achieved the same out come through the CAB.
Hi again -- as Niobe says, CAB would have referred you on to an IP (and they all charge much the same these days, as the fees are negotiated with the creditors).
From your point of view, you might be paying a few thousand in fees (or, more correctly, your creditors will be getting a few thousand less in repayments), but you are saving much (much) more again in interest you no longer have to stump up.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The IVA companys earn their fees though .It cant be a bundle of laughs dealing with the creditors every day especially the awkward ones.And they do a great deal of work before they recieve any fees.I dont grudge the fees as they are helping us get sorted ,Everywhere you go now they land you with fees either high rate interests or bank charges their is no escape from it.I looked at one of our debts yesterday and it was £4,870 for some home improvement then by the time they had lumped interest on it was nearly £9,000 shocking really ..The IP fees come out of your payment so you dont really notice them and they do provide a service..A very good one especially with so many people struggling..
I think we all took a little while to settle down and for the mix of emotions to settle also.
No matter how much research beforehand there is always the question, "Have I done the right thing?" And, to be honest, many of us will never know whether another route might have been better ( or, indeed, worse ) having not tried it out.
What we can do, though, is to make the best of the choices we have made and get through the chosen solution as painlessly as possible. There are always people on hear to help, support and guide you, so make use of the forum and communicate with your IP throughout.
...... I think I have my "pompous" head on today !!!!!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
i nearly entered into an iva,but then decided i really did not have enough desposible income to finally carry it though,so bankruptcy was my only optionsome days i think dam how did i get here then other days i think only 11 months to go till im dischargedif my friend ask about it i tell them,they all seem to be living on the credit cards,one friend has £20,000 on 4 cards,i think generally most people are scared to enter into an iva or bankruptcy because they think they will loose their home,which is un-likely anyway
never cment on me speling its rubbish and i didnt go to schola lot okk
made bankrupt 1st august 2012 at 10.00am
now disharged so bankrupt no more thank god im free of debt now
I think it's wrong to say that anyone entering into BR is unlikely to lose their home. Without wanting to scare anyone it can and does happen. This is why anyone thinking of an IVA or BR needs to take professional advice to ensure they choose the best solution for their circumstances.
There is nothing wrong with having second thoughts, but I think you are wrong in thinking you would have got a better outcome if you had sought an IVA from the CAB, who would have had to refer you to an insolvency practitioner. What option do you feel would have been a better one if you were able to turn back the clock?
I do think that I have done the right thing, I have finally stopped going around in circles and kidding myself.
I think it is just the uncertainty about releasing equity in my property, or doing a sixth year, I still find the process slightly confusing, I need to relax I guess, see how much I can pay off my debts in 5 years and go from there.
Thank you for all of your responses, they are all very reassuring.
You should not be confused about the equity release - understanding this area is an extremely important part of the process and your own IP ought to have made sure that it was fully explaimned. I would get them to go through it with you again - which firm are you with?
