......and it has made me think about wether or not I have been wrongly sold an IVA, I'm 26, live at home with my parents and was in debt of around 20k, I started my IVA (with Wilson Phillips) in August 2006 and pay £250 a month. Was an IVA the wrong option for me? After reading a few posts on here i'm worried that after the proposed 5 year arrangment I wont be debt free, do I have any other options other than to continue making the payments every month for the remainder of the agreement?

i started in an iva for debts of 15K but after a few months i stopped paying into because i had went off the track for a bit. the iva company made me bankrupt after about 3-4ish mths (i think) i then was insolvent for 3 years and then debt free. i know it doesnt answer your question but i thought id share my experience....

Hi twist ---- Just out of interest read this older long running thread on the IVA Council, they are not what they make out to be.

http://www.moneysupermarket.com/community/forums/t/the-iva-council-12677.aspx

As to the answer for the other part of your Q.... I would speak to an advisor at your local CAB or the user friendly services of the organisations below.

http://www.cccs.co.uk/

http://www.nationaldebtline.co.uk/

http://www.insolvencyhelpline.co.uk/

Hi Twist.

The subject of the alleged misselling of IVAs has become a real hot topic over the last year or so and as a consequence there seems to be an increasing number of organisations who are contacting those subject to IVAs offering them 'solutions' which usually has some sort of fee involved.

Interesting that you ask if an IVA was the wrong option for you, did your IVA provider fully explain and explore all the options available to you, including bankruptcy?

As other posters have suggested it would do no harm in contacting the free debt advice agencies for an independent view.

Pincer