Are you in debt and wondering if you should you take out an IVA? having successfully completed an Individual Voluntary Arrangement I will give you an honest account of what you can expect and share with you why I personally wouldn't take out an IVA if I had the chance to make the decision again.

Timestamps
00:00 Should you take out an IVA?
00:40 What is an IVA?
02:13 How do you qualify for an IVA?
02:45 What debts can and cannot be included in an IVA?
03:35 Can joint debts be included in an IVA?
03:59 How long will an IVA last?
04:19 I am a homeowner, will I lose my home with an IVA?
05:08 What happens with an IVA if I cannot release equity?
05:42 If I meet the criteria, what happens next?
06:27 What expenses can I put into my IVA?
08:28 IVA example calculation. What you might expect to pay back.
14:28 Can IVA payments increase or decrease?
16:43 What are the pros and cons of an IVA?
14:27 10 supposed benefits to an IVA and my thoughts.
18:46 5 Drawbacks to being in an IVA.
19:22 Alternatives to an IVA.
20:15 6 things to watch out for when speaking to an IVA company.
23:55 My personal experience of an IVA and why I wouldn't recommend an IVA.
28:45 Recap and alternatives to an IVA.

IVA companies will tell you anything to get you on board because they will make a lot of money from you if you take out an IVA with them. Believe me when I tell you, they are not advising you to take out an IVA to help you, they are doing it to make as much money as they can from you.

I understand how much you might be worrying about being in debt but before you commit to 5 or 6 years of being in an IVA, make your you look at other options, such as a

Debt Management Plan https://bit.ly/3tforM2
Administration Order https://bit.ly/2OQ3o3s
Debt Relief Order https://bit.ly/3vf9r2x
Protected Trust Deeds (for Scotland) https://bit.ly/30BPsNi
Bankruptcy https://bit.ly/3qHssHh

It may well be that an Individual Voluntary Arrangement is the best option for you but just make sure you shop around and don't be bullied into taking out an IVA.

Links

The Money Advice Service
https://www.moneyadviceservice.org.uk...
IVA Fees
https://www.stepchange.org/debtinfo/...
https://www.debtadvicefoundation.org/...
Expenses List and Restrictions
https://www.mccambridgeduffy.co.uk/ar...
https://moneynerd.co.uk/ivaspending...
IVA Client Care Booklet
http://www.moneysolve.co.uk/IVAClien...
Debt Free Direct Reviews
https://uk.trustpilot.com/review/debt...
Aperture IVA Reviews
https://uk.trustpilot.com/review/aper...

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