Can I propose an IVA ?

[jimmyc]

Hi Folks,

I had been in an IVA that failed about two months ago. This was due to my circumstances changing - father took ill and I had to move back home and helped with finances. The IVA failed but no further action was taken against me as I have no assets for any bankruptcy value.

I am now in a better position where my home situation has improved and I am now able to make payments. My unsecured debt is approx £22,000 (to nine creditors)and my dispoable income is around £280.00 per month.

Can an IVA be proposed again even though last one failed only recently ?

I am looking for the best option available and know that I have to get things right this time once and for all as the whole thing is getting me down. Needless to say debt companies are now starting to contact me.

Any help would be appreciated.

[Adam Davies]

Hi
I can,t see any reason why you can,t propose another one.
You do have an option of bankruptcy and this would draw a line under your debts once and for all.
You really need to speak with an IP and suggest you use a company that posts on this site.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Oliver]

Yes on the face of it there is no reason why you wouldn't be able to propose a successful IVA.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[iva experts]

Hi Jimmyc,

Your IVA failed due to legitimate reasons so I don’t think there would be a problem with proposing another IVA. In saying that I would contact 2-3 companies just to make sure the advice given is correct.

With debts of £22K and a D.I of £280p/m, you could pay your debts off completely in 5years and 9months through a DMP (only if interest was frozen). That may be something to think about.

Best Regards. IVA Experts

[jimmyc]

Andy,

Bankruptcy isn't an option as it could affect my current employment. An IVA is my preferred option, although I know I have to make it work this time.

Thanks for replying.

[Oliver]

Be upfront and honest with prospective IVA providers about the reasons for the previous failure and make sure that your proposed budget is definitely affordable for you.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp