help im drowning

[missp12]

i owe nearly 23000 all getting too much now do you think an iva would be a good idea

[aguise]

Hi Missp and welcome.If you would not mind posting afew more details then everyone will advise. Things like what is your income, who creditors are, what you have left after your living expenses do not include any creditor payments just what you need for rent and living etc, also if you own peoperty and if there is any equity in it.


Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[missp12]

my gross income is 1049 pcm out goings aer approx 750 pcm my creditors are egg natwest citifinacial i rent my home from housing association

[Andrew Graveson]

Hello missp12,

Are you a property owner?

How much do you owe to each of these creditors?

Andrew Graveson
Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[missp12]

egg 2000
natwest 11000
citi fin 10000
store card 100
rent my home

[Andrew Graveson]

I'm sure that one of the IP's will be able to look at your case shortly and respond to you. I guess it will depend on the attitude of your two main creditors, Natwest and Citi Financial, as to whether an IVA is available and suitable for you.

Andrew Graveson
Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[iva experts]

Hi Missp12 and Welcome,

Could you provide what your Net income is? What is the total of your outgoings? (not including minimum payments to creditors), What is your disposable income (net income - outgoings)?

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[missp12]

rent 400
gas 35
elec 70
phones 55
internet 25
food 125
tv lic 20
wages approx 900 after tax
sometimes more if any bonus

[MelanieGiles]

I do not think that an IVA is viable for you, as you only appear to have £170 per month surplys income, and you have made no provision for contingencies.

If you have no assets of material value which would be at risk under bankruptcy proceedings, this is possibly your best option to be frank.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Andrew Graveson]

Bankruptcy does look like a good possible option. If you have personal or professional reasons to wish to avoid bankruptcy a debt management plan could be an alternative.

Andrew Graveson
Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[Oliver]

As a renter bankruptcy may be the best option for you. Your current D/I (excluding potential bonus) is c£170 and this includes a rather meger food budget and no clothes, council tax, or transport costs. You would likely need c£200 D/I in order to propose an acceptable IVA.

What are your feelings about bankruptcy?

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp