Hello, Im new to the site

[travis]

Hello,
Im new to the site but was wondering if you can help me, my circumstances have recently changed with my work and am now self employed. i have around £18k of unsecured debt am a private tenant with a wife and a six month old boy,i have had credit for years with no problems repaying, but am finding it hard to keep up the repayments now in my new job! would i have to move if i went into an iva? i have a car on hp would i lose the car? i feel it is just getting deeper as every month im useing my credit card just to pay the bills! any advice would be excellent Thankyou

[Adam Davies]

Hi
You would not have to move unless you are renting a mansion and paying ridiculous amount of rent.Your car would not be included in an IVA as it is hire purchase but once finished the amount that you were paying would go towards your IVA.
Speak to a few companies on this site as the fact that you are recently self employed will make your case less straight forward.
A debt management plan may be a better option for you.
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]

I agree with Andy - work out what disposable income you have presently, and do some financial projections for your business for the future to be sure that you can make affordable payments to your creditors in future. As a newly self-employed businessman, make sure that you are properly registered with H M Revenue & Customs for tax, and ensure that you set aside monies each month to meet your tax bills. Seek advice from an accountant as well with regard to financial accounts and tax planning.

It sounds to me as if you have a debt management problem rather than a debt problem, which some careful budgeting can probably address.

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]

Welcome to the forum.

I agree with Melanie- I suggest you look into Informal Debt Plan option with the level of debt you have.

An Informal Debt Repayment Plan is simply an agreement with your creditors to reduce the amount you pay to them each month so that the payments fit within an affordable monthly budget. The plan is known as “informal” because it is not legally binding on your creditors. It is simply a “Gentleman’s Agreement” made between them and you to reduce your debt repayments.

The amount you can afford to pay to your creditors each month is known as “Disposable Income”. This is calculated by taking your total monthly household income and deducting all reasonable living expenses. The money left over is called Disposable Income. This is the amount which is paid to your creditors each month.

An informal Debt Repayment Plan can normally be managed for you so that you are able to make a single affordable monthly payment which will cover all of your creditors. Using this solution will enable you to start repaying your creditors without having to borrow more and constantly “Rob Peter to pay Paul”.

Kind regards,


Julia


For more information about IVAs, please visit my website:
www.supersonicsquirrel.net