www.iva.co.uk

Does anyone ever regret going into an IVA - im really scared - not the financial committment but things that are not explained properly or me not fully understanding all the rules up front. After all its all done on the phone and with the best will in the world things get missunderstood. Someone please tell me its ok to do this and that im making the right decision xx

Do not rush into anything and never sign something that you do not understand. Ask your IP the same questions as many times as you need to until you are totally satisfied.

IVAs are not for everyone but do provide a valuable means of starting again while returning monies to creditors. If you feel that by everything being done over the phone you are not sure, ask your IP for a face to face meeting.You could go to their offices or if this is difficult most IP firms will arrange to have someone go and meet with you.

Only when you are totally confident that the IVA is the right way for you should you sign the proposal. If in any doubt enter a DMp for a while and carry out more research. Do not be tied to one IP and do not be afraid to ring another for a second opinion. Finally, any concerns can be answered on this forum and everyone does have doubts. Good luck.

I regret not doing an iva sooner. Instead i did a dmp for two years and got nowhere.

Thanks for the quick answer - you are a lifeline! We had previously looked into an IVA in depth (with the aid of laptop and internet) but it sounded horrendous - that whole re-mortgage thing put us off! But now having faced the absolute truth that something has to be done an IVA does seem albeit more committment than a DMP but a lot quicker to be over with. Do creditors always stop interest and chages. I read on another post that someone had to re-pay an bank overdraft of £2000 now even though they had an IVA? Its very confusing?

Have you actually spoken to the IP at the firm you have chosen to represent you? I believe this is an important part of the decision making process, especially as they have your finances in their hands for the next five years. Try and see if you can arrange for an appointment, because IVAs are certainly not horrendous, if you are committed to a repayment programme which sees you free from debt by a specific time.

All my creditors didnt stop charges but i picked a rubbish firm for the dmp. Now im with melanie.

I'm the same as WickerWish, I wish I had gone down this route earlier, but I didn't know about it, or rather I had my head buried in the sand.
Good luck wahtever you choose.

Interest and charges must stop by law when the IVA is approved and no creditor can change their mind later and demand more. If you have omitted a debt in error such as an overdraft and that creditor did not receive a copy of the proposal they are still legally bound into it's terms provided the debt was not massive and could have affected the outcome of the creditors' meeting.

There is a lot of misinformation about IVAs and I attach a link to a guide which is produced by one of the regulatory bodies. https://www.r3.org.uk/uploads/documents ... 202008.pdf

Hi Trottstar,
To answer you question, no I do not regret my IVA..not one little bit.
To think where I was at the beginning of the year, with the worry, stress and the horrendous feeling of being completely out of control of my own situation, and to look at where I am now, totally in control again and with a clear path ahead I have no regrets at all.

However, While i cannot tell you to do it or not do it, I can tell you that being scared is normal. If, like I was you are overwhelmed by your situation, it is natural to be scared. Scared of making a mistake that makes it all worse, scared that you have to own up to the frightening numbers, scared of,well everything.
But what I can tell you, with certainty, is that you can get control back. Just remember that you are seeking advise, the appropriate word there is "you". You make the decisions and sign the agreements and you should only do that if you are entirely happy with both the people acting for you, and the solution they offer.
Just remember, to take it at your own pace, and while you may feel pressure to be rid of the calls and letters from creditors, take you time to make sure all the facts are clearly explained and understood and that the outcome is one that you can manage and be comfortable with.
If you haven't already, check www.iva.com which will give you the chance to check a few companys and also see the reviews they recieve.

Best wishes

Caz

No regrets for one minute and it's been a rough journey for me up until now but I keep plodding on. I am 100% dedicated to the IVA and I think you need to be for it to be completed successfully. I won't lie to you that it's easy as it's not but it's the best thing I've done financially in a lot of years.

I agree with the above. I am 100% committed to my IVA and wish I had gone down this route sooner. Yes there are a few teething problems with communication but you have think back to all your stress and sleepless nights. I love the feeling of having a bank account in the black. I know exactly how much is going in and out of the bank and I now have enough money to pay the bills and eat. Before I was robbing peter to pay paul. However, it is not an easy way out and you do learn to save and prioritise but that is a good learning curve for when you come out the other end.

I personally think the worst bit is you think there is only you in this position but look at the forum and look at the news headlines. My biggest shock when I handed in the keys of my house to my bank and told the neighbours i was going was my neighbour admitted they had just finished an IVA!!! That relief of speaking to someone who knew what I was going through. Now I speak to people at work and I am NOT embarassed - in fact people actually ask me for debt advice.

Do what you think is right for you.

I cannot emphasise how important it is to speak to your actual IP ( not the admin staff) BEFORE you decide on an IVA. If you're IP is not accessible at the start, there's no chance he/she will be if any problems occur.

So, just make sure you're 100% comfortable with the IP and the IVA will run smooth.

hello trottstar and welcome to the forum.3.5 years ago i was £78,000 in debt,now i am debt free, that is how efficient a iva can be with a good IP,and administration.

Hi there and welcome to the forum, i have to second what everyone else has written and replied. Before my IVA i was worried sick and not sleeping, robbing peter to pay paul, using my credit cards to pay off other credit cards etc. The IVA avenue isn't any easy path and there will be some problems along the way but the fact that at the end of that avenue you will be debt free and be able to sleep at night is worth a look to be honest. Good luck in whatever you decide to do, take care and be safe.

good post orchid could,nt agree more.when your in that situation,you normally keep it private which adds to the stress,its important to get advice as soon as possible ,then you realise a problem shared is a problem halved.