Hi
I currently go through a debt mgmt company for my debts of £76000 i pay £300pm but this is a short term plan as already creditors are asking me to up the amount i pay. I own my own home with equity (not much) and I really want to go to a long term solution. Am I suitable for an IVA and if so how much would i pay per month and could my house be at risk?
You could very well be suitable for an IVA.
You would however, be required to release your share of the equity (if any) during the 5th year.
Speak to an Insolvency Practitioner for advice on all the options available to you.
Have a look on www.iva.com for a list of IPs and reviews.
I think that you could very well be a suitable candidate for an IVA, and would suggest that you contact an insolvency practitioner for more specific advice about your circumstances.
Your current debt management programme will take you over 21 years to repay - if you are with a non-fee paying organisation, and more if you are paying fees out of those contributions. This does not seem very realistic if there is a better solution.
Hi
As long a you keep up with your mortgage payments your house will be safe in an IVA.
You would need to pay at least £410 to return a 25p dividend,the general minimum requirement.
Your case will depend on your overall circumstances and your mix of creditors
Regards
Creditors do not seem to be too worried about the 25p minimum dividend criteria any more Andy, largely as a result of the introduction of the IVA protocol, but I think a lot of IPs (not me!) still have this in mind as the minimum they will work to. As we know HSBC are the exception to this ruling with their 40p in the £ minimum dividend criteria.
