Is it likely i wouldbe accepted for an IVA

[munchkin77]

Hi All

I am in the process of applying for an IVA... my IP is going to call me this week.

I have the following debt:

HSBC £1500 overdraft
Halifax 1 £9000 credit card
Halifax 2 £3000 credit card
Egg Loan £5000
Egg card 1 £3000
Egg Card 2 £3000
M&S £3000
AMEX £14000
Capital One £9000

I am really worried after reading some threads that i wont be accepted. Are any of the companies above tricky?

At present i earn £1200 per month and pay out £1700 and they have currently asked for £630 which would make my life so much better but am super worried it wont be accepted. I have been asked to take my money out when i get paid on Thursday and also cancel all my Direct Debits but am really worried that i will be making the matter worse if i dont get accepted.

I have unplugged the house phone as i cant stand it ringing and am just leaving the pile of letters!

Any advice is most welcome.

Muchkin x

[carlmcmullen]

Hi

I would say that you have a good chance of being approved as you will be offering a dividend between 60 - 70p in the £ which is acceptable by most creditors.

AMEX is your only problem creditor in this list, dont like to worry you but if you are a homeowner there is a chance they will reject and try to charge the debt against your property and as they have 28% of the debt this could prove difficult.

Carl

[munchkin77]

Hi

I am not a homeowner... technically o live with parents as my partners parents own the property and we pay rent to them every month as they live overseas.

Does that shed any more light on the matter?

[pbeck]

The amount that you are proposing would put your IVA well into the acceptance zone, so I can't see a problem. The creditors might ask for more money though if your budget indicates that you are spending on non-essential items or you are spending too much on essential items.

[carlmcmullen]

I would suggest in that case you have a good chance of being approved.

Fingers crossed. [:)]

[peppermint]

If classed as renting off family what would be exceptable as proof of how much you pay rent if you have no agreement in writing?

Would a letter from said landlord be enough?

[carlmcmullen]

A letter would normally be acceptable but how do you pay the rent ?

I would suggest evidence of the payment on bank statments would be better.

Carl

[peppermint]

carl... its cash im afraid and have no real proof on statements due to my gf also paying half

[carlmcmullen]

A letter in that case should be fine.

Carl

[peppermint]

thx carl

[munchkin77]

Yeah they didnt ask for a rental agreement etc when i started my application but they have now asked for a letter from my partners parents to prove we have a personal agreement which is being sent to them today.

I just feel so ashamed that i got myself into this much debt and other than this IVA i have no way of getting myself out of it. This really is my only option