How do I go about getting an IVA ?

[rh8]

Hi I have debts of about £50,000.I am self employed and earn on average about £750 per week.Myself and my wife own our own house(no mortgage) which is valued at about £200,000.
How do I go about getting an IVA to clear my debts(mostly credit cards)?

[MelanieGiles]

Hi rh8 and welcome to the forum

I am afraid that if you own an unencumbered property worth £200k, you are not insolvent and therefore would not qualify for an IVA. I suggest that you look at taking a mortgage out over the property, or selling and moving somewhere cheaper, using the money raised to repay your creditors.

Are you struggling with the repayments at the moment?

[rh8]

Thanks for your reply.Yes I am struggling with the repayments.

[MelanieGiles]

I think that you need to look at remortgaging the property - as mortgage payments are likely to be far lower than paying loans and credit cards.

[David Mond]

Hi, Visit a reputable IFA who can advise you on what a £50,000 mortgage would cost in monthly outgoings. In all probability far less than your committments to your credit card companies. Melanie is right - you are solvent and cannot propose an IVA.

[Viki.W]

Welcome to the forum David.[:)] X

[David Mond]

Why thank you very much.

David

[Skippy]

Welcome from me as well

[David Mond]

And thank you too

[Lisa2009]

Its good to see more technical experts joining the forum. David, im sure your contributions will be very valuable. Welcome xx

[David Mond]

Why thank you too. Only too pleased to give my help and advice.

[kallis3]

Welcome from me too.

I'm sure your input and advice will be most helpfull.

[David Mond]

Thank you too