- Friday, 12 June 2009One This is Money reader has called deciding to get an IVA "the best move I ever made" - and recommended the
IVA process to others.
Harvey, from Scunthorpe, explains that setting up an IVA helped him to overcome his fears about a £48,000 personal debt he had accrued.
Since deciding to get an IVA, he has completed the five-year
IVA process and is left with a modest debt of £5,000 on his mortgage.
Mortgages are typically not included in the list of debts which may be cleared with an IVA; however, Harvey reveals that having paid off what he owes elsewhere, he expects to be mortgage-free within a year.
He also has advice for those considering getting an IVA - try and safeguard one current account.
By getting one account into the black with a bank to whom he did not owe any other money, Harvey says he was able to continue banking after the IVA was established.
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