I think that's correct, I'm sure someone will jump on me if I'm not. Don't forget that this disposable income is after all of your normal stuff has come out, including priority payments (food, mortgage etc.,) you wouldn't be making any payments to creditors, so I don't see how you can be in a worse situation.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I suppose it depends on whats classed as priority payments. For example it costs me £60 in transport costs to go and see my family. Does this count? And when I go back home, preumably they would not include money spent seeing friends while I am there?
I basically need £200 a month to maintain what I would consider a very basic social life.
With either an IVA or BR, you have to fill in an Income and Expenditure form. For the expenditure, you put down what you actually spend on things, and you include every little thing you can think of (haircuts, dentist, lunches for work, that sort of thing). It is then up to the IP or the OR, in the case of BR, to decide what they will allow and what they won't.
Neither of them are easy solutions, and you would have to pull your belt in. If you give someone a ring, they can help you out far better than I can on here, and they could hopefully put your mind at rest.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Ian - there is also a free debt analyser that you can fill in and submit on this site - click on one of the experts "To have me propose an IVA for you, please visit: etc"
This will be picked by one of the excellent team of this site in the first instance (or at least mine was), they are very helpful indeed.
There are CCCS guidelines for necessary expenditure which can also be taken into account.
Thanks for all your advice. Ive spoken with one of the expertsa s recommended and she was very helpful.
It appears that with my circumstances an IVA would not work for me, as would not decrease my monthly expwnditure significantly, so it looks like Im going down the bankruptcy route.
It will give you all the information you need about BR and you can fill the forms in online and do it yourself.
I wish you the best of luck, and please let us know how you are getting on.
Don't forget that we are here for support and advice whenever.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
IVAs may well be a possibility, and I would recommend seeking professional advice about all debt solutions which can be provided by an insolvency practitioner on a free of charge basis.
Just to cover Ian's concern, I believe 70% of diposable income applies over £500 a month, anything less than this is on a sliding scale, so 50% payable on £250 and so on.
For your own circumstances you do need a pro to advise you on which way to go IVA or Bankruptcy... It very much depends on what allowances you accomadate for, and what you can manage.
Both posters need to discuss all of their personal circumstances with an IP to see whether an IVA is an appropriate solution to their particular circumstances. Please visit www.iva.com for reviews on several IP's. Good luck to both of you.
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.
It has a table on there which will show the scale of the IPA payments.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hello again,
I have been reading through some of the FAQ and it does not look like bankruptcy is for me - I really would prefer another option. I have 2 young children and my mortgage interest costs are always met through my income support (so I am hoping no real threat to the house). I don't fully understand negative equity! Mortgage is 60k o/s and house value around 110k. I do currently have a debt consolidation loan of around 28k. Would this be included in an IVA?
All your help and guidance is very much appreciated. Steve
If you sold your house the negative equity would be the amount still outstanding on the mortgage which when added to your other debts would be what you owe and you could offer (if your circumstances are right) an IVA.
If you wish to continue with the mortgage the negative equity is ignored and all of your other debts can be brought into an IVA. Is your consolidation loan secured or unsecured? You should take professional advice and visit www.iva.com for a list of practitioners who receive favourable reviews. Good luck.
Last edited by David Mond on Sat Feb 07, 2009 8:33 am, edited 1 time in total.
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.
Good luck Steve, give one or two companies a ring, the advice is free.
We are here anytime you want any advice and support. Let us know how you get on.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
