How much are you left with?

[j_s]

If accepted I dont expect to have bundles of spare cash but are you left up to the wire every month without being able to factor in Xmas, b'days, the odd day out, emergencies etc? What happens if you have a huge bill for say car repair for example?
I have just phoned my creditors and offered a nominal amount. Cancelled my direct debits and sorted out my bank account which has 92p in at the moment. How does it work if I don't get an IVA as far as my current credit / loans are concerned having not paid them other than a nominal fee this month?
Going for it as it is the only option but a bit jittery

[razamataz_]

Hi J_S I'm not one of the experts but have a fair bit of experiences.
I think you might find it useful to have a look at Insolvency.co.uk as well as here as there are other stages you could try to achieve first and there are some good draft letters on General Debt Advice that is good quality, as with Nationaldebtline.
[88]It's worth a look.

I have just achieved a suggestion from Halifax CC that is my largest debt and most is with them, anyway they wouldn't agree writing off debt but would accept a Token £1 payment this could be done either weekly or monthly depending how many creditors and income & expenditure of which you can download sheets from nationaldebtline as you need to put it all down in rough first then do a proper sheet. Have a look at CAB site too as they have info on whether there is a Specialist Debt Adviser near you and if you haven't make app't to see an Adviser or first have a phone consultation this helps you jump queue a bit towards the rest so you don't have to sit about waiting.

[:p]I do have several things in my tool box to use, chronic ill health of which i could prove and with unfavourable prognosis, near pension age too!, reduction in my benefits due to son coming home and him needing to reorganize his life and direction for future, him being at college and on low income, and in local authority housing that is secure, so no real assets to speak of except one thing a small car value of £3500 but needed due to living in rural area and this is in bailiffs laws to and can be considered a basic need just as other houehold items. So any threats of legal nature are fast melting away in reality. I am not happy to go down bankruptcy route until all other avenues have been exhausted and i've always taken my debts seriously.

did have CAB training before all this illness and the persistence and drive to research and to think what can i do next to try to solve the problem has never left me.
We are all guilty of taking our finger off the pulse and failing in our budgets but the world is a place of temptation too and thrown at us all the time.[:)] hope you can make use of this info-good luck.

Hey anything like Catalogue credit cannot be enforced as you must sign a credit agreement under the consumer credit act section 60 &61 this is on insolvency.co.uk

If accepted I dont expect to have bundles of spare cash but are you left up to the wire every month without being able to factor in Xmas, b'days, the odd day out, emergencies etc? What happens if you have a huge bill for say car repair for example?
I have just phoned my creditors and offered a nominal amount. Cancelled my direct debits and sorted out my bank account which has 92p in at the moment. How does it work if I don't get an IVA as far as my current credit / loans are concerned having not paid them other than a nominal fee this month?
Going for it as it is the only option but a bit jittery

[DebtDummy]

Hello j_s, Accumen(Accuma?) told you to get the documents returned to them asap. Good to see you have faced your debts(the hardest part for me) and are on the road to being debt-free. I am no expert j_s just speaking from experience. To answer how much are you left with do what I suggest to get a good idea of what you have to put towards an IVA.

Okay, when you fill in the forms be honest about income,expenditures,creditors and how much you owe each creditor.

Seperate your secure creditors from your unsecure creditors. Secured debts are loans you took out for a mortgage,consolidation,etc.

Unsecured loans are overdrafts, personal loans, credit cards,
storecards, etc.

Priority debts are included in your expenditures: council tax, utilities,telephone. These are the ones who have to pay each month or else they can shut you off from the services or as in the case of the
council, court summons.
Our cars were paid off before the IVA was drafted, so I am not sure where you place that figure.An expert will know.

Next do your expenditures, mortgage payment,council tax,utilities, food, clothing, etc., include emergencies/repairs, vehicle repairs (answer your question here ?)[:)].

So, take your income figure minus your expenditure figure. The difference is what you have to put towards your IVA. If it's lower than £250/month, DO NOT panic. Accumen will help you find the money in your expenditures because chances are you have used pre-IVA lifestyle figures. I had pre-IVA lifestyle figures not realising how stringent the amounts had to be [:)] To make my long story short, my SKY had to go. For others on an IVA they could afford it. Which brings me to my next point.

An IVA is just that 'individual'. It is based on your individual circumstances. Read the forum, learn as much as you can about them.
Remember it is a serious undertaken. You are obligated to pay your IP and your creditors for X amount of years with a possible remortgaging (if you own a house)at the end of those years.

Any modifications you may need over the life of the IVA will be performed by your IP. Any overtime or bonuses your creditors will get at least 50%. If you are being made redundant s/he must be informed quickly. If you are having your hours cut s/he must be informed quickly. Basically, if something changes your life and has a bearing on your being able to make the IVA monthly payments, s/he must be informed as soon as possible.

Good luck! An expert will be here soon to tell you in detail.

All I have left is my humour.

[j_s]

Thanks razamatas and debt dummy. Both very useful and will take advice on board