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Anyone done this/know someone who has? Did it solve problems or make them worse?
An Individual Voluntary Arrangement - IVA is a formal agreement between you and your creditors where you will come to an arrangement with people you owe money to, to make reduced payments towards the total amount of your debt in order to pay off a percentage of what you owe then generally after 5 years your debt is classed as settled. Due to its formal nature, an Individual Voluntary Arrangement - IVA has to be set up by a licensed professional called an Insolvency Practioner (IP)
Is that deemed a smaller amount?
My credit is fucked anyway. Think I will look into IVA.
Another question. If a bailiff comes a calling and I live in a fully furnished house and own nothing of value, can they take my housemates things if I can't prove they are hers and not mine?
I'm not a fan of this grown up stuff :(
she had to go to her CAB and she filed for bankruptcy, she had to pay £100 and then that was it - only problem is your credit is shot and no bank will touch for 10yrs!
A friend has just done this for what I'm assuming is a realtively small amount (I'm guessing less than £25000). He seems to think it's an ideal solution, but I'm guessing it may cause him problems in the future.
my friend had some how got into £15 000 worth of debt in 1 year, she went to a debt consolidating company who basically cleared her debt for her in one go - she now has to pay them a repayment of £150 a month with a huge interest, again her credit is shot but it's not as damaging as bankruptsy
i got into about £6000 of debt to a couple of banks which were eventually passed to debt collection agencies. i went to the CAB who said to speak directly to the debt colectors and ask them to freeze interest and arrange payments. they did it straight away, one agreed to £5 a month and the other to £10 a month token payment.
they reason at the least they go something where as before they got nothing. also if you get enough cash ring them and ask about full and final settlements. i got about £3000 knocked off for paying in one go. my credit rating is still gash but not as bad as bankruptcy or and IVA
but the monthly payments they wanted were still far too high :(
if not i dont think they can find out what you earn, so tell them your a student and that you no income, bills to pay, a dying mother etc etc
also in my experience the debt collection agencies were far more reasonable that the actual banks