do you think an iva is a good idea

[p.wy]

do you think an iva is a good idea, ive tried to remorgage but im up to the limit, have approx 30,000 debt and sinking fast,would relly appreciate some help.thanxxx

[aguise]

Hi there and welcome
If you can post more info, what equity you have, income what you would have as disposable income after paying your living costs ( dont include the unsecured debts) then better advice can be given.

Ang

[MelanieGiles]

An IVA will just be one option available to you, and specific advice as to the others and the advantages, disadvantages and implications of each one can be carefully explained by an Insolvency Practitioner.

It sounds as if you definately need to do something, as you appear to be at your limit with regard to borrowings.

[p.wy]

il try to give you some detail.i have a 118,ooo mortgage, my house is worth 125,000 so no equity there.joint debt between me and wife consists of 3 credit cards all of approx 10,000 each and 5 catalogues of roughly 1500 all together.so its about 32,000debt, we have a joint income of 1800 a month,
outgoings
mortgage..730
elec ..80
gas..60
pol tax..100
water..40
car ins 60
life ins.25
shopping..400
petrol..50
think thats about it
tried to remortgage, but im only employed through agency and because theres not much equity, they wont risk it, so im stuck, finding it harder and harder to pay credit cards, and then having to take of them just to survive.hope this helps. thanks

[iva experts]

Hello p.wy,

Could you provide what your take home pay is per month? Really we need to know what your disposable income is every month, this is your income subracting your general living expenses.

[p.wy]

i take home approx 1300 a month and my wife 600 a month

[iva experts]

Based on the information provided your disposable income is c£355 per month. An IVA could be a viable option for you, why dont you contact a couple of companies to seek out which option is best for your debt situation.

[p.wy]

sorry to be a pain, but from reading through this forum,ive just had a thought, if certain debt is in my name and others in my wifes name, could we still put it all together . seperatly it works out about 20,000 in my name and 13,000 in my wifes, but we have a joint bank acount evertything just gets paid together.would we be able to get a joing iva

[aguise]

You can have joint and interlocking iva's they are seperate but ther is one proposal,one monthly payment and Income and expenditure is joint. Though they are in effect two iva's.

Ang

[iva experts]

Hi p.wy, this forum was set up so people can ask any questions so don't be sorry because the truth is if you dont ask other people with the same concerns may never find out the answer.

Just to make it clear, there is actually no such thing as a joint IVA. There can't be as an IVA is an Individual arrangement, however when there are couples etc there is such a thing called an interlocking proposal which means that the creditors still vote seperately but the disposable income is joined to both parties.

[aguise]

Sorry smack my donny, lol I did say joint and interlocking but they are interlocking as iva experts have said, and as said it is two iva's.
We have one just like it.

Ang