I have c cards MBNA £24500, MBNA £3200, Monument £2000, Mint £9400, Tesco £4200, Goldfish £5000, BOS £6000, AA Visa £3500, BOS £6500,Abbey National O/D £3000, Amex £2000. Tot £69000. Have secured a loan on my property, .most I could secure was £13000, as Valued at £150000 and mort £120000. My father has offered me £5000 so I can offer a lumo sum IVA of £18000 as I have no available monthly income and wodnered what the chances of this being accepted are.
Hi
It is possible,although a very low dividend,if you can convince creditors that it is the best offer available.
You will need to show them that you have no disposible income.
Speak to several companies to gauge their thoughts on the options available
Regards
Hi
It is possible,although a very low dividend,if you can convince creditors that it is the best offer available.
You will need to show them that you have no disposible income.
Speak to several companies to gauge their thoughts on the options available
Regards
Althought the dividend is low, I would certainly be prepared to put that sort of offer forward for a client. 20p in the £ has to be better in five months, over 25p in the £ drip fed over a five year period. Of course this would depend on knowing far more about your personal circumstances, and a full review of your income and expenditure.
How much are the secured loan repayments going to be each month?
Melanie is right. An IVA may be the appropriate solution. Discuss with an experienced IP - visit www.iva.com for a selection. Good luck and stop spending!!
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
