My husband & I decided upon an IVA after accruing a lot of unmanageable debt in our 20’s. After starting a family we found that the financial position we had got ourselves into was not going to get resolved efficiently if we carried on just trying to pay off the interest. Lots of income was spent on trying to manage the debts, and at the time we needed extra with a larger family, we actually has less available funds. Life became a constant juggling act with often the balls falling everywhere!
We made contact with a debt help company who advised us very carefully on our options and were always more than supportive throughout the process. They didn’t try to push into a set plan but explained all options open to us including managing ourselves with reduced payments. We also looked at bankruptcy following their explanation, but after careful consideration felt sure that an IVA was our best bet. Having then been passed on to a specialist IVA company, we were looked after by an advisor who has always been incredibly friendly, pleasant and kind when sorting out agreements and arrangements and looking after us throughout the process.
Having had all the bills and debt taken out of our hands, it was a weight off our shoulders and a means to an end. A tricky part of the IVA has been keeping up with providing half of any overtime earned over a certain threshold but the flexibility of the IVA has enabled us to manage it ourselves. It still meant that a good proportion of overtime was ours to keep and provided a more than helpful extra to cope with birthdays, Christmas etc.
Having our IVA was the best financial decision we took because we have no debt and a clean slate. If you are struggling and only just managing to pay interest on a huge debt you have built, then an IVA could be your perfect solution too! The reviews on some internet websites can sometimes be mixed, but I am sure there are plenty of people like us, who successfully complete their IVA without any fuss or major problem.