Hey Tina, Yes you can apply for a second IVA but the reasons why the first one failed would have to be addressed. Would you like to post a few more details, it'll help. X
It is possible to apply for a second IVA to be considered following the failure of the first. As Viki points out the reasons why the first failed to have to be addressed. Your creditors will have to be convinced that the second IVA will not suffer the fate of the first and as such are going to want to know how exactly your circumstances have changed and why you believe they should give you a second chance.
In answer to the second question you posed, no one can really say what a minimum contribution level can be. You have to consider your own income and expenditure and make the best offer that you can. Don't set out by asking what the minimum level is. You cannot 'fudge' your income and to some degree the same can be said of your regular outgoings, to come to a minimum figure.
i paid into an iva for 2 and half years and not one penny went to my creditors, the company said all the £234 a month I paid was their fees! I sought legal advise and my solicitor felt i was missold the iva and therefore I cancelled it under advice. I am still in the same situation but 4k in mortgage arrears as well. I have been speaking to another company who are willing to put forward another iva, can you put mortgage arrears part of the debt? I dont want to lose my house but they are taking proceedings for repossession, I have contacted my council who have said they cannot rehouse me and my children as I am making myself homeless coz not keeping payments up to date, I have been told that me and my children will have to live in a womens refuge? heartbreaking and I am really trying to keep up the payments, I am paying an extra 125 per month on top of the payments but the mortgage company want more! Any advice on any of my problems I would really appreciate, I just want people to stop knocking the door and ringing and writing to me. Thank you guys for your support, whoever invented this website deserves an oscar!
You will not be able to include mortgage arrears into a new IVA proposal, as these are secured on your house. Why did you stop paying into your IVA after 21/2 years, and if you felt that the first IVA was mis-sold why do you want to do another one?
I think that you have more urgent issues to deal with at the moment, rather than worrying about how to deal with unsecured debt, such as keeping a roof over your head and looking after your children. Is there any equity in your property, or would you be better off selling up and moving into cheaper rented accomodation?
