Is it worth to apply for IVA

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fari

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Post by fari » Thu Feb 28, 2008 9:57 am
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Hi, i have financial difficulties. I am thinking of IVA, but i really don't want to get IVA. I need advice. My monthly outgoings is £1000, my monthly wage is £1250. So it leaves me £250 to survive whole month, i cant tell that's enough, but i can manage. Is it worth to apply for IVA, or shall i hold on another 4 years before i pay all my debts?
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ianmillington

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Post by ianmillington » Thu Feb 28, 2008 10:01 am
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Hi

When you say £250 to survive for the month what do you mean by that? Is your food etc included in the £1000 outgoings?

I am confused by your reference to 4 years. Are you saying they will take you 4 years to repay? If so, I don't see any benefit to you in doing an IVA.


Unless I've missed the point?

Ian
Ian Millington
Insolvency Director
PDHL Ltd (formerly Personal Debt Helpline Ltd)
www.pdhl.co.uk
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MelanieGiles

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Post by MelanieGiles » Thu Feb 28, 2008 11:53 am
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It is difficult for us to advise at all without knowing how much you actually owe to your creditors. Could you confirm this please, and also whether you are a property owner with equity.
Regards, Melanie Giles, Insolvency Practitioner
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fari

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Post by fari » Thu Feb 28, 2008 2:00 pm
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Hi,
I owe around £23000 to my creditors
I pay £464 per month for unsecured loans (3 creditors)
£302 mortgage
£112 car finance

£878 all together per month

I live with parents at the moment, so i don't have to worry about food expenses, and bills.

It leaves me around £250-£300 every month
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ianmillington

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Post by ianmillington » Thu Feb 28, 2008 2:04 pm
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Hi

Are the 3 unsecured loans part of, or in addition to, the £23k?

Also, I note you say you pay a mortgage. Can we have further details please eg is it on your parents house?
Ian Millington
Insolvency Director
PDHL Ltd (formerly Personal Debt Helpline Ltd)
www.pdhl.co.uk
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fari

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Post by fari » Thu Feb 28, 2008 6:28 pm
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Thanks for replay
I have £23000 in in unsecured loans,
and mortagage is on joint name me and dad, but due is my dad disable, i am the one who pays it-£302 per month this includes house insurance, £260 without insurance
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ianmillington

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Post by ianmillington » Thu Feb 28, 2008 6:34 pm
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I think it is worth your while being assessed for suitability for an IVA. Clearly a number of other factors need to be taken into account. I recommend that this be in a confidential discussion with an IP firm. Only when you have been properly assessed can you be told the right solution but an IVA does look a possibility.

Ian
Last edited by ianmillington on Thu Feb 28, 2008 6:36 pm, edited 1 time in total.
Ian Millington
Insolvency Director
PDHL Ltd (formerly Personal Debt Helpline Ltd)
www.pdhl.co.uk
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hymers

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Post by hymers » Thu Feb 28, 2008 6:49 pm
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I just wanted ro say why not speak with a COUPLE of IP providers to ensure you get the ultimate advice

GOOD LUCK HERE'S HOPING AN IVA IS FOR YOU THEY DO WORK
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