They are Jan - but a lot of creditors these days will accept the pooling of resources argument, and the fact that this chap has £11,350 worth of debt does not prevent him from applying for an IVA necessarily.
The IVAs are individual, but they are often interlocked - and also the negative equity in this case ought to be valued and treated as unsecured as well.
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
With reference to the post regarding the IVA and only being in contracted work, if this contract wasn't renewed, how would you maintain your bills etc?
Obviously, you would be in receipt of JSA, would there be a sum left over, if not, then if you have no assets bankruptcy would be a better option.
A DMP may take longer to clear your debt, but if your circumstances are unstable, the creditors may not accept your IVA proposals. We cannot speak for the creditors of course, and cannot guarantee anything.
I would advise you to contact your case officer within Payplan and have a chat with them regarding the situation in full, maybe even ask to speak to a Team Leader.
Good luck with it all, and hope your contract is renewed.
I am fortunate enough to have no bills (except for credit card bills) apart from my rent as I live with my parents who have been more than generous to me in recent months. If I was to sign on in July they would need rent so bulk of JSA would be on rent to them.
Payplan today agreed that Bankruptcy would be the best solution due to unstable employment situation and lack of assets. I rate them for that as obviously with an IVA (if it was indeed possible to do) would make them money in fees and "did not talk me into it" and turned down business in favour of being honest to me which is very credible.
Am glad that common sense eventually prevailed here and you now seem to have given you some decent advice. No IP firm should ever put their own fee income before the best advice to a client.
Glad you have now Robbie1981 got the right advice.
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.
The forms are available to fill in online and it will cost you £495.
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
