Are we Qualified for IVA

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muru

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Post by muru » Tue May 20, 2008 10:26 pm
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Dear sir I Have About £56,000 And My wife got £42000 loanand credit cards.
My we can esily afford £300 & 250 .
Are we Qualified for IVA. We have our own House which got a equity of 40,000. we want to live in this house. If we keep our payment up to date will the houseor equity get in to risk. Can I Come out from my depts after 5 years.

please let me know

best regards
muru
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kallis3

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Post by kallis3 » Tue May 20, 2008 10:30 pm
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Hello there Muru and welcome to the forum.

I am not an expert, but one will be along shortly to answer your questions
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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MelanieGiles

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Post by MelanieGiles » Tue May 20, 2008 10:37 pm
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Hi muru and a warm welcome to the forum

From the basic information you have provided it would seem that an IVA would be possible for you, but you really need to have a more detailed chat with an insolvency practitioner to explore this further and also learn about other options which are available to you as well.
Regards, Melanie Giles, Insolvency Practitioner
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size5

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Post by size5 » Tue May 20, 2008 10:40 pm
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Very difficult to answer your question on the limited info given, but I certainly wouldn't rule an IVA out under the circumstances described. What I would say is that, if you have realised that you limited cash available to pay your outstanding credit, you have already taken a massive step on the road to recovery.

Probably best to speak to a professional directly. Visit www.iva.com and make sure that you speak to at least 2 or 3 providers to get a balanced view.

Regards and good luck.
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