can i reduce my monthly repayments

[jimj]

can i reduce my monthly repayments for my loan and credit cards that can i afford? how would I qualify on this?

[Skippy]

Hi Jimj and welcome to the forum. I'm sorry, but I don't understand your question - are you asking if it's possible to reduce the amount that you pay to your creditors, or if it would be possible to enter into an IVA?

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[MelanieGiles]

Hi jimj

Well you can ask your creditors if they would be prepared to reduce your payments, and that may be possible for a short while. If you can post more details about your overall financial situation we can perhaps help further.

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

[iva_squirrel]

Good evening jimj,

To qualify for an IVA, your debt needs to be at least £17000 (there is no upper limit). Also, you need to be able to afford the monthly payments.

The amount of your monthly payments will depend on two things: how much you owe, and how much you can afford.

It is important to remember that from the Creditor’s point of view, you are agreeing to offer them as much as you can afford – not simply paying the minimum and keeping any extra money to yourself!

How do you qualify for an IVA?

You must have mounting debts of several thousand pounds or more.
The bulk of your debts must be unsecured
You must have a regular income
You are presently employed
You can supply verification of income
You have unsecured debts such as the following:-
Inland revenue
Vat
Credit cards
Hospital or medical bills
Charge cards
Mail-Order debts
Banks
Overdrafts
Finance companies
Personal loans


Regards,




Julia Simavi

Shortlisted for Best UK Debt consultant by Credit Show 2007

View my profile:
http://www.supersonicsquirrel.net/julia ... rofile.asp

Visit my website:
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[keh]

Welcome Jimj

Julia forgot to mention that you must owe to at least 5 creditors

Keith

The long and winding road will straighten out eventually....keep the faith

[iva_squirrel]

Good evening Keh,

Thank you for the post Keh however we have been successful on many cases with less than 4-5 creditors.

I would be interested to hear Melanie’s and other experts’ experience on these kind of cases.

Kind regards,

Julia Simavi

Shortlisted for Best UK Debt consultant by Credit Show 2007

View my profile:
http://www.supersonicsquirrel.net/julia ... rofile.asp

Visit my website:
http://www.supersonicsquirrel.net

[Adam Davies]

Hi
Just to add to the above in that there seems to be no set minimums/maximums on anything to do with IVAs
I guess thats the beauty of IVAs......"individual" voluntary arangements.
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