can somebody explain how a lump sum iva works

[Adam Davies]

Tres
Short term you could start an informal payment arrangment with your creditors.You would divide your disposible income up between your creditors on a pro rata basis,for example if you do have £250 spare each month then on debts of 60k you would pay £4 for each £1000 owed.
Once you decide the way forward then take advice from a company on this site and let your creditors know.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[MelanieGiles]

Hi tre

It is good that you are starting to thing more about household budgeting. This is the first step on the road to financial recovery, and you will feel much better when you start to see the results.

Taking the decision to sell a property is difficult, but if you effect this without recourse to an insolvency procedure, then you can start afresh almost immediately with the majority of your debts repaid. It has probably been some time since you have actually enjoyed your disposable income, without it being absorbed in creditor repayments, so there is much to look forward to into the future.

The very best of luck you you - and don't forget to keep posting.

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