how do i go about starting an iva

[261]

i would like to start an iva if possible im in 21,000 pounds worth of debt i have a loan with the bank catalogue and gas and electric bill that im in debt with how do i go about it

[Oliver]

I would advise that you seek some advice on this from some professional companies (the ones on this site are all legitimate). Have a chat with 2-3 and then make a decision on the reccomendations given. An IVA is just one of many debt solutions so you need to take some advice to ensure it is the correct solution for your individual circumstances.

[emma_t]

Hi there 261 and welome to the forum

Have a look on www.iva.com for reviews of iva providers written by the clients.

Insolvency practitioners also post on this site so post a few more details and they can advise further:
eg
ae you a homeowner
what is your disposable income left over every month after paying essentials and utilities (but not credit re payments)
who do you owe and how much to each creditor

The forum is a fab place for advice and support so keep posting
Emma x

[debbiw]

With 21k of debt, have you not thought of a DMP

[ianmillington]

A few thoughts so we can (maybe) point you in the right direction...

Would it be a realistic assumption that your gas and electricuity arrears and your catalogue debts are relatively small and it nearly all comprises the bank?

If so, which bank is it and have you attempted coming to an informal arrangement?

If you didn't have to pay the debts (have you changed utility suppliers by the way?) how much would you have left at the end of the month?


Ian

[261]

I HAVE ABOUT 400 POUND LEFT AT THE END OF THE MONTH AND IF ANYTHING HAPPENDS AT MY SONS SCHOOL I.E UNIFORM WE ARE LEAVING OURSELVES SHORT EVERY MONTH AND STRUGGELING X

[size5]

It is a fair assumption that if you are struggling to pay utilities, notwithstanding all the massive increases recently, it is probably because you are being overstretched by the other debts.

I can only encourage you to discuss all options with a professional, 1 or 2 very easy steps may make your situation very much more managable almost immediately. If you DO need expert help, then I can assure you that any reputable company you speak to will make sure that you have enough money available to cover those "every so often" expenses such as school uniforms etc.

Hope this helps.

[size5]

It is a fair assumption that if you are struggling to pay utilities, notwithstanding all the massive increases recently, it is probably because you are being overstretched by the other debts.

I can only encourage you to discuss all options with a professional, 1 or 2 very easy steps may make your situation very much more managable almost immediately. If you DO need expert help, then I can assure you that any reputable company you speak to will make sure that you have enough money available to cover those "every so often" expenses such as school uniforms etc.

Hope this helps.

[261]

i have herd somewhere that i can pay my debts of by haveing the interest frozen as i owe 21,000 i haveing to pay back 42,000

[261]

this is also i havent got my own house i live in a marital quarter

[261]

will this hinder me gettin an iva

[MelanieGiles]

Hi there

I assume that you or your partner are in HM Armed Forces? If so, then your living circumstances will not hinder you from being eligible for an IVA, but you ought to take advice from a licenced insolvency practitioner as to the options available to you.

If you have £400 surplus income and debts of only £21,000, I would not think that an IVA is the best way forward - but would also consider a DMP.