Hi all, I am considering taking out an IVA as I have debts over 15k before I go ahead and do it, I wanted to know if there is anyone out there that has already got an IVA and what your thoughts and feelings are on it. For example do you wish you hadn't done it, or what benefits did you get from doing it?

Please no time wasters, I want honest answers.

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I would seriously NOT even consider an IVA.

Me and my husband received bad debt advice. We owed a lot of money but are both working. We were paying our debts on time but just didnt have any spare money. We were told to go with an IVA. We did and it has just been a nightmare. I received quite a large bonus at work recently and had to give the whole lot up to the IVA. Also, I am due a pay rise at the end of this month which means the IVA payments will rise. Also, if you have a mortgage, they will stipulate that in year 3 or 4 of your IVA they have a right to MAKE you re mortgage your house to release the equity in it which they will then take.

We are in the process of re mortgaging to get rid of the IVA. We have only had it for 1 year but it has been the worst year of our lives.

I know people knock them but I think your best bet is debt consolidation and proper debt counsilling from an independant company. Your debts, in the grand scheme of things are not that big (they probably are to you but to me they are tiny!!)

Please do not go for an IVA, i can guarantee you will be on here telling everyone what a big mistake you made!!

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Are you wanting dept management...I can point you to a company that dealt with mine. Someone I know works for them I can pass on your details to a dept councillor to give a call back. You would have to have at least the following to qualify with them tho:

1. You must owe a minimum of £2,000.
2. You must owe to a minimum of 2 creditors.
3. You or their partner must be in employment.
4. You must NOT be involved in a debt management or IVA program with any other firm.

IVA is for the particular criteria of the debtor.Debt companies help those who fulfill such criteria.

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Hi - if you want any information feel free to private message me a bit about your circumstances with the debts - there are many advantages and disadvantages to an IVA however without knowing a bit more about your circumstances it would be difficult to say...

The best piece of advice that I can give you is to go and speak to a debt advisor where they will be able to aid you in the right direction - they are honest and helpful (which is what you want in a situation like this).

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