I am not a home owner or a tenant. Would an IVA be possible ?

[mrloy]

I am not a home owner or a tenant but rent a room and share house with friends...I have debts of around 14k.I was wondering if it it possible to get an iva in these circumstances.presently interest payments to credit cards are crippling me

[Niobe]

Hello,

There are several options open to you, IVA, DMP, BR or DRO dependend upon disposable income.

Visit www.iva.com and speak to one or two companies from there - they will go through all of your options with you.

[Shining]

I agree with Harpic, talk to 2 or 3 professionals and all debt solutions can be discussed. There will be a solution for you and your housing situation won't affect these. x

[Broke of London]

Nothing you've mentioned rules out an iva. Chatting to a couple of professionals will help you decide what way to go. x

[MelanieGiles]

So you are really a tenant in that you pay rent to your friends?

An IVA is an option for you, but there will be other solutions as well which are worthy of consideration. I suggest that you arrange to have a chat with an insolvency practitioner who can explain all of these to you.

[Chris78]

As above, I think that you really do need an in-depth chat with an IP. (or possibly several - I know that different firms gave me different advice) There may be a more suitable path for your circumstances.

Don't forget that an IVA is binding for all parties, so if say your career progresses during the next five years, you could end up paying back the full debt plus fees anyway. This is because any pay increase, in isolation, means an increase in disposable income without an increase in expenditure. On the other hand, interest is frozen.

[Tina Shortland]

Hi Mrloy welcome to the forum.

To add to Chris78's info above, payments can also decrease if there is a negative change to your circumstances (depending on how much) and there is the ability to have protected payment breaks should an emergency or unforseen necessary cost come up.

As the others have said, have a chat with a couple of coompanies so you can be given the full details on all the options and make a decision on what is the right way forward for you.