Can I choose what debts I include into an IVA

[mel.d]

1. Can I choose what debts I include into an IVA or does it have to be everything I have outstanding e.g. I can manage 2 of my credit cards well and do not have any arrears but it is my loan repayments that I cannot keep up with and have large arrears?
2. I have a mortgage with my partner. If I decide that an IVA is my only option how will this affect our mortgage e.g if we wanted to find a better interest rate, or if we wanted to get a mortgage with someone else could we still do this?
3. Once the application process starts how soon is it until the IVA is in place?
4. Am I able to save any money as my own savings while in an IVA or is that seen as if you have any expendable money that should go towards the IVA?
Thank you.

Also
If I was to calculate what the payments would be for the remaining time of an IVA and could pay all at once would I be able to do this and finish be out of an IVA sooner than 5 years?
Thank you

[MelanieGiles]

Hi mel and welcome to the forum

You have to include all your debts into an IVA. Your mortgage will be unaffected by an IVA, so you will need to continue to maintain the payments. You can move your mortgage to another provider if you wish, but any savings will be absorbed in increased IVA payments. An IVA ought to take about a month to put forward to your creditors, and you may have a modest amount of savings whilst in an IVA but only to cover things like car and house maintenance and other contingencies. You can offer an early settlement depending upon where the money would be coming from and the dividend you have offered to your creditors.

Hope this helps, but please post more information about your services if you require more specific advice.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk