As the partner of someone currently in an IVA, I can say the flexibility of an IVA is unbelievable, you are showing your creditors that you don’t want to not make payments but that you want to try and pay it off but due to a change in circumstances you can’t. This means they then reward you with writing off a good chunk of your debt.

Payments then go for 60 months, you don’t lose your house, your car or your belongings, and you also liaise with someone who works out about buying things and for instance our car broke and had to get a new one so we had to use our 50% of overtime payments, this was not a problem they allowed this and as long as every month your agreed amount comes out then you are in a position to still enjoy your money without every person in town seeing that you are bankrupt.