how much chance do you think i have for an iva ?

[pbeck]

Yes, I think in your situation you should try a DMP first, then only put forward an IVA if the creditors don't like the DMP or decline to stop interest and charges.

[leslie]

thanks pbeck, another question is my income cosists of wages, service charge and tips, which last 2 are variable. i can provide 3 years p60 to prove although they are varieable, they(p60 of wages and troncmaster) are over 1750pounds(disposable income). will this varieability be a problem, i mean, income not recognized by the creditors in a DMP or an IVA?

[indebtforever]

i think if you went the iva route it would be based on your actual wage and as for tips etc this would have to be split 50/50 and sent in at intervals

[leslie]

thanks, does it mean the tips and service charge will be discounted in 50 percent?

[MelanieGiles]

You should only base your income on basic wages alone, as it would be dangerous to take variables into account as they may change in the future. This could affect the level of your disposable income, again making an IVA possible. As you have already consulted a local insolvency practitioner, they ought to be able to advise you further on how to present your case.

[leslie]

in my case,they are half and half,it will not be enough by calculating basic wages only, but i can prove it with last 3 years p60 that they are sort of steady income.

[MelanieGiles]

You could then agree a minimum guaranteed level of additional items, if you feel that an IVA is a better way forward, but I am sure your chosen IP will be able to discuss this with you more fully at your forthcoming meeting.

[indebtforever]

what company are you talking to leslie?which ever way you go remember that some companys use intermediarys and charge upfront fees you do not need to pay anything upfront as in some cases of failure you will lose that money you have paid i wouldnt go to any company that charge upfront fees

[Soulgrowth]

I was just going to say the same! Make sure that you choose the right IP Leslie ... it's worth making a few phone calls.

Good luck ... and do stay in touch with the Forum to let us know how you get on.

Debbie

[leslie]

MelanieGiles is very good, she is recomended by lots of people, because i am in london, i will have an interview with Grosvenors who locates in london, they sound good as well, there is no upfront fees.

thank you all so much, i will stay in touch with you guys!

[MelanieGiles]

I know Mark Bassford very well, and he is an excellent IP. You are in very safe hands there!

[leslie]

dear MelanieGiles, thank you for answering me questions and helping so many people here, you are very kind!