My IVA finished in 2013 and, should I find myself in a similar situation again, I would sign up for another. But ... everyone's situation is different. I was living pay cheque to pay cheque, with no spare cash at all. My IVA payment was £460 a month ----- far less than my debt repayments and everything else was budgeted for. My standard of living and mental health both improved dramatically. But, you do need to manage your expectations --- no elaborate holidays or present giving at Christmas ( let's face it --- they were probably popped onto the credit card anyway) and careful food shopping is key. Live with the IVA, not against it.
True, they do not suit everybody and all situations, so do consider the alternatives fully. You also need to be very happy with your choice of provider and bear in mind that your provider could change, which is beyond your control.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk
I agree with Foggy and luluj - taking out an IVA was the best thing we ever did. I used to dread the postman coming and also the telephone calls. I went from taking cash on my credit card and going straight into the bank to make the minimum payment. We both felt a weight had been lifted from our shoulders. I also agree that care should be taken with your choice of provider - the smaller firms are sometimes the best ones to use.
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