www.iva.co.uk

For a long time I've suffered from depression, and my debt of £12,190 has added to this, and I made positive steps to try and sort this out.

Because of my mental illness, my work history has been very on and off. I have harmed myself and found it very difficult to cope, as I'm sure many people on here have felt, with debt.

If it all gets too much or if something should happen to me during my IVA like if I die, what happens to my debt? I'm 29 and own nothing but a moped.

I have my creditors meeting in two weeks and I'm struggling. I'm only starting out and the prospect of five years of feeling like this is awful. Will my family (parents about to retire, brothers both working) end up with my debt? Will they legally have to pay it?

I have no life insurance or anything from work to cover death.

hi there, you've made the positive steps and I would like to wish you well for your creditors meeting. Once this has been accepted (fingers crossed for you) I hope this relieves some of your anxiety. In the highly unlikely event of your death in an IVA i would have thought that your estate (assuming there is something) will pay your IVA and anything else is written off...just hang in there for someone in the know to come along but never feel alone just remember we're all here for you and most of us have walked the journey your're embarking on. x

Thank you.

You're more than welcome and like I said previous never be alone as most of the time someone is about. x

Should you die, as Lesley said, any debts will be repaid as far as possible from your estate, anything left unpaid will die with you.

Hopefully, as was the case with me and many others, you will feel a lot better once you are settled into your IVA --- it' not a bed a roses, but IS far better than juggling debt and worrying about creditors.

I agree with the others . I was worried stupid about my debt , not sleeping and all the rest of the anxiety that goes with both the debt and waiting for the creditors meeting . the night before the meeting I was climbing the walls with worry about them not accepting it .
When i got the call they had the feeling was incredible , like the weight of the world had lifted off my shoulders and I admit I was late for work next morning as I had the best nights sleep I have had in years .
Hang in there and you will see . It will be a weight off your shoulders and your IP will do whatever is possible to get it accepted.
Let us know how you get on .

Congratulations on sorting out your debt! You'll feel like the weight of the world is lifted from your shoulders when your proposal is accepted so stay strong for the next few weeks. x

Your debts are pretty low for an IVA. How much are you intending to repay on a monthly basis in through the IVA?

good luck for your IVA, as other s have said it better ones your it in.
You say you own nothing but a moped. have you looked into BR.
or talked it over with the company your going with?

Echoing other comments ... Life in a iva is far better than out. You have a budget which is based on affordability ... You will learn to adapt and appreciate things in life more ... No need to feel alone ..we are always here for you x

I may be wrong but I am sure that my IVA with Payplan has life insurance built into it and I assumed that was the same with all IVAs .

IVA's don't have life insurance built in and I wouldn't have thought the Payplan one would be any different - I have never heard of this before.

Melanie my proposal was for £100 per month but I'm hoping to get a better paid job to increase monthly contributions, and hopefully clear all I owe plus fees before the 5 years!

Thank you all for your help!

Hi there Murphy

Having read most of your posts now on this forum I think you are making a mistake in even thinking about an IVA solution to fix your debts. You do not need an Insolvency solution like an IVA to fix your debts especially as you suffer from depression, and work history being on/off, and debts of around £12000. I understand a Company has taken three hundred pounds off you upfront to do this, however I urge you to just talk with Step Change or Payplan tell them what you are doing or propose to do, and see what they say, if they agree then at least you will know you have taken the time to ensure what you are doing makes sense.