Written on: 18/09/2012
If you are struggling with major debts, please do read everything you can about how to get out of this difficulty, I was advised that the IVA was the best route to go down, creditors would accept the reduced payments and that after 5 years everything would be settled. Not in my case I was paying fees to a firm that only passed on a percentage to the creditors, I was still having to pay out every month the firm arranging the IVA and each time I gained extra money I had to declare it so this extra money could be used for the IVA. I did a year of the IVA then failed it on my own accord as I found out that the next years payment was to increase, AND the firm arranging it had taken more from my payments than the creditors actually received. Plus if you do suffer the 5 years of the IVA - and you have possession such as a house, car etc. they evaluate this at the end for a final payment - IVA total misery - My solution was self Bankruptcy, I am now debt and stress free after 6 months of the order, and now can start a fresh and manage new credit easily with offers from various companies. I did learn my lesson - and this is what creditors look for - I was ill advised at the beginning - was told bankruptcy was a bad thing with stigmas attached..but after a year of misery - bankruptcy is the easy hassle free way I dealt with it and it you don't have years and years of misery to endure - IVA is for people that have mortgages and property - not for the people with basic needs.