www.iva.co.uk

So my IVA application was granted.Not sure if I feel happy, relieved, disappointed in myself I’m part of a group on Facebook who seem to be against IVAs.It really worries me that I have made the wrong decision.

Some of the comments on someone’s post goes like this:

‘Ivas are not recommended as they plunge you into further turmoil’

‘IVA's are not recommended, they often increase the payments, and extend the length. Sone of the debts you have included may be to debt purchasers or possibly statute barred. Did you not apply to your suppliers trust fund for help with the bill?’

How can an IVA plunge you into further turmoil??
Does the length really get extended?

How you perceive a IVA depends on you and the way you treat it. If you look at it as a way to safely pay back as much as possible and accept that things will be tight for a while, it won't be so bad. If you research and make sure you understand what you are signing up for there will be no nasty surprises.

If you go into it as a means of paying back as little as possible and see it as you against the creditors, you will have a tough time.

Can it extend the time scales of debt ? Yes. For instance, you might have a personal loan payable over three years ... less than a 5 year IVA. But in the IV you are only paying back, say £30 to that creditor each month, rather than the £150 when repaying the loan before the IVA --- yes it takes longer,but, at the end of the day you only pay back a third of what you owed.

Relying on statute barring does not make a loan disappear, it only makes it uncollectable --- again ... do you want to pay back money you borrowed (or, at least as much as possible) or do you want to get away with as much as possible ?

I might add .... in some cases an IVA might not have been the best solution, but in most it works well.

There will always be pros and cons to everything we do in life.

Our iva turned our lives around and provided us with new opportunities and fresh start ...it was the best thing we have done

Just to add that payments will only increase if your circumstances change, i.e. a payrise. They can also come down if necessary.

You should relax now safe in the knowledge that creditors can no longer hound you and the IVA will be over before you know it.

The forum is here for advice and support every step of the way.