I have seen about IVAs on the internet, but the concept seems to be too good to be true. has anyone got any comments either way?
2007-03-15 03:41:17 · 6 answers · asked by scillybird 1 in Business & Finance ➔ Personal Finance
Be careful with companies that offer to do this - some charge a fortune for 'fees' that are added to your debt - so amounts you pay to the debt management company may go on their fees rather than towards paying off your debts!
The companies that advertise on the TV are not charities, they do it for money, and they get paid by you...
There are ways to get out of debt yourself - have a look at the 'Dealing with Debt' forum on http://www.fool.co.uk/
2007-03-15 04:22:46 · answer #1 · answered by mikeb 2 · 0⤊ 1⤋
my brother works for a company that deal with IVAs and they are 6th in the uk for being a good company. Anyway I know a little bit. IVAs are better than going bankcrupt as you can still get a bank account and things. They are very good I think my brother said in some cases they can write off certain debts for you.Also I think there is a tv show called beat the ballif that shows you how to manage your money better (week day mornings on one of the bbc channels) and I think its and Iva they usually get in the end (something like that). wish I could have been more help
2007-03-15 10:54:40 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you are in an absolutely desperate state with huge debts that you have no hope of ever being able to clear an IVA is the best solution rather than simply worrying yourself to death. Of course as you would expect there are problems but you already have a mountain of these already and this mountain can be reduced to a hillock
2007-03-15 11:31:42 · answer #3 · answered by trumps 1 · 0⤊ 0⤋
You need to be in £15,000+ dept before you can have an IVA and mortgages aren't included - an IVA is bascially making your bankrupt - you will struggle to get credit in future - I wouldn't reccomend one unless you are really struggling and are in that much debt
2007-03-15 10:50:36 · answer #4 · answered by Anonymous · 0⤊ 1⤋
my son is just going through one at the moment ,it seems OK but you do get hassled by your creditors via letter and phone calls .you have to just tell them your going through an iva ,apart from the paper work and hassle changing banks it doesn't seem to bad .if you want any info mail me and i will try and help
2007-03-15 10:50:53 · answer #5 · answered by dick19532003 5 · 1⤊ 1⤋
i am on it now and I'm all right . it just means that i cant get credit for 6yrs. and it gets u dept free so really its a good thing . in 6 yrs i will be able to go to the bank and take all my money for myself instead of giving it all to my creditors cant wait
2007-03-18 12:06:40 · answer #6 · answered by carly 1 · 0⤊ 0⤋