Hi all i have a few questions answered if anyone can help.
1)I can't decide on best option IVA, DMP or loan
2)Iva seems best and have been advised on this but how would this affect me after it has finished.
3)I only have spare money left to cover IVA so if i want to get extra work will this affect the IVA or will creditors want more money.
4)Is it worth going to creditors and negotiating a final settlement but having to get a loan for it worth considering.
5)Are family and separated wife bought into IVA.
6)In an IVA what would happen if i lost my job and could not afford the payments.
You should only choose the option of a loan if you have sufficient disposable income to pay this and the normal contractual repayments to your creditors. Sadly, the taking of further borrowing is rarely an option if you already have a high level of debt.
An IVA will stay on your record for six years from the time it is accepted by creditors, regardless of the duration. If our earnings increase during the IVA, you ought to be able to be allowed to keep the first 10% of those earnings, and then split the balance on a 50/50 basis with creditors.
If you lost your job during the period of the IVA, you would need to discuss this with your IP as to whether a break in payments ought to be negotiated with creditors or whether the IVA would need to be terminated. This would depend upon your circumstances.
Personal insolvency can often be a complex issue to deal with, and each person's circumstances are different from the next. I suggest that you take direct advice from an insolvency practitioner with regard to your options, and how they may affect things such as home and family life.
