Author Topic: IVA advice  (Read 33395 times)


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IVA advice
« on: Nov 10, 2014, 10:44:39 AM »
Hi, new to the forum, hoping someone can give us a little advice....... we're in an IVA, paying a set amount per month and then 50% of any additional monies, guess that's pretty standard?  My other half was out of work this summer for 2-3 months unfortunately, and therefore has some arrears. We have no payment holidays to take and apparently these arrears cannot be added to the remaining payments to the end of the IVA's, lifetime (hope that makes sense?)

It would appear that our only option is to take further money from our 50% of the additional monies to pay off the arrears, but that means losing probably what amounts to 75-80% of the additional money on top of the set monthly payment, and with the shift work I do it feels as though I am working all hours for virtually nothing, and what's worse I can't pay for the little things that matter most, e.g. family bits and pieces.

We're just over half way through our IVA and its feeling like a real uphill struggle now, maybe its just me to be honest but with living in renting accomodation I'm wondering if we're in the best the IVA the right thing?

Don't know much about alternatives so can anyone give me some much needed advice?

Thank you


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Re: IVA advice
« Reply #1 on: Nov 10, 2014, 02:15:40 PM »
Hi Damien,

We are in a similar situation but on a debt management plan rather than an IVA. My wife had to go onto maternity for nine months and it meant that we got behind with our payments. It felt like everything around us was collapsing. We found a company called Th Financial Solutions who helped us to reset the plan and talk to all of our creditors. They also talked us through IVA options and were really helpful. Perhaps worth giving them a ring. Their number is 01772 641 146. Their website is

We are still considering an IVA but not sure after reading your post. It sounds less flexible than a DMP.