Can we apply for IVA?

[liq]

Our situation is as follows:
I am getting jobseeker's allowance and my wife is getting maternity allowance but these two benefits will both end in Feb next year. Are they belong to the income now? I am looking for a job now but have not found one. We owed £35000 and had 3 creditors. Can we apply IVA? If we applied, will you sell our assets, like computers,TV etc? and will we need to move out our rented flat?

[Soulgrowth]

Hello Liq

I am not one of the experts here but I just wanted to so 'hello' and welcome to the forum ... someone will be along soon to answer your query [:)]

Debbie

www.babynamings.co.uk

www.soulgrowth.co.uk

[Adam Davies]

Hi
When you find steady employment then an IVA may be for you.If so you will not have to sell any assetts as mentioned above and you will not have to move.
Have you considered bankruptcy because you could do that now,draw a line under your debts and will not have to sell any household items or move.
Please post more details
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

[liq]

Hi Andy,
Thank you for your reply.

You suggested us to consider bankruptcy and we want to know more information about it.

We lost job at the beginning the June this year, one month before my daughter was born.I'm looking for a job and have not found one and my wife can't work because she need to look after the baby.We need to pay two personal loan about £770 a month and all the benefits we 're receiving is about £1000 a month and we need about £1000 for basic living a month. Our saving can last at most two month living from now.

Can you please give us more information in detail about bankruptcy? How to apply for it and what is the proceeding ? Is it difficult to apply and how long it will last? Will we really not need to sell assets and move ? Will it affect our baby daughter?

Thank you very much.

Regards,

Qiong

Hi
When you find steady employment then an IVA may be for you.If so you will not have to sell any assetts as mentioned above and you will not have to move.
Have you considered bankruptcy because you could do that now,draw a line under your debts and will not have to sell any household items or move.
Please post more details
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

[Skippy]

Hi liq, I went BR in March this year and although it was a stressful time I am glad that I did it.

To go BR costs £485 per person, although if you are on benefits you may be entitled to a partial refund. The best place to find out about BR (apart from the forum!) is the Insolvency Service website - www.insolvency.gov.uk. You can also find the details of your local court there and the BR forms, which can be completed online.

I have posted my BR experiences on my blog which will give you an idea of what's involved. Also have a look at Coco, Scaredkez and Zoe's blog.

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/

[Adam Davies]

Hi
Just to add to Skippy's advice.
Your bankruptcy will last for a year,sometimes less and you may have to make monthly payments to the official receiver for three years.This will be based on your disposible income and you will pay a maximum of 70% of this.
What sort of rented property are you in ? Council or private rented ?
You will not have to sell "assets" if these are normal household items.If you have shares or savings then you would have to declare these and they would be used in your bankruptcy.If you have a car valued at over 2k then this may be at risk.
Your baby daughter will not be affected at all
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