its playing on my mind!!

[r.t]

i have just sent clear start all my details regarding an iva. i am appx £39000 in debt to 8 different creditors.they worked out that my monthly contribution available would be £586. i was wondering what the likelihood of me being accepted was as it is playing on my mind!!


rtargett

[MelanieGiles]

Hi rt and welcome to the forum

Do you feel that this is an affordable amount to repay over a five year period?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[ianmillington]

Hi r.t

I would imagine you will be paying quite a significant dividend. On that basis there ought to be a realistic chance of its acceptance, but it's not quite so simple as that. For example, it will depend on a number of factors:

1. How your income and expenditure is made up. You can expect your creditors to look at this to determine whether in their view all items are acceptable.
2. The make-up of your creditors. Different creditors have different acceptance criteria.

I would hope your IP has discussed these issues with you, and any worries you have should be put to him before you commit to the process as you need to be aware of any deal-breakers from the start.

Hope this helps

Ian


Help is at Hand!

[iva experts]

Hello r.t,

My main concern is that with your quite a high disposable income, you could pay off your debts of £39,000 in a DMP in 5.5years. Creditors may see this as a better option as then they would receive all their money back.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[r.t]

hi melanie
my monthly expenditure is £1515 and my take home pay is £2090. my debt repayments are £700 per month. plus a large amount of that is 0 percent interest on credit cards which ends soon so therefore i will be paying interest forever. it just seems a large amount to be repaying even though it will be easier. rt

rtargett

[jasperyogi]

Hi there RT,
I just wanted to say that we all know how your feeling, will they, wont they, its like pulling petals off a daisy and doing the old he loves me, he loves me not (or am I the only one on here that used to do that [:D])But please have faith in the company, I'm sure they have put the best case forward for you. Try to put it too the back of your mind now, or to one side at least! you've done your best. Please let us know how your getting on....good luck!

Why spend life worrying...when you can spend it smiling!!

[r.t]

thanks for your words of encouragement and helpfulness to all that are replying
i will keep you udated on my situation and will hopefully soon be a little less stressed!!! rt...

rtargett

[MelanieGiles]

So the new payments are a lot lower than you were originally paying so it may feel good to accept the lower payment, but do make sure that you analyse all areas of expenditure to ensure that they are affordable, and that you have built in contingencies for emergencies, house maintenance, medical expenditure, car maintenance - and are simply providing enought to do the family shopping each week.

I wish you good luck and do let us know how you get on.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[r.t]

melanie
the breakdown of expenditure for the month seems to be ok and the iva payment is manageable. someone mentioned that because of a fairly high disposable income i have , a debt management plan maybe another option if the iva isnt accepted, is a dmp always available as an alternative option?
thanks rt

rt

[ianmillington]

Yes it is a possible alternative, assuming you are happy you can afford the payments. You can arrange it yourself or enlist the help of 3rd party. However, with 8 creditors it may be difficult to get them all singing from the same hymn-sheet, particularly with regard to ongoing interest. Certainly you are less likely to get any of the debt written off so based on your figures it will be 6 years or more to repay the debts. From what you say the IVA seems the right concept (although you don't say whether you own your home which might bring a remortgage into the equation). Also remember that whilst you have set a contribution figure the creditors might challenge some of the expenditure items with a view to increasing the contributions so make sure you know now where you need to draw the line in the sand.

Ian

Help is at Hand!

[r.t]

ian,
i dont have a mortgage so a remortgage is not an option and i dont think the expenditure figures are excessive, everything i listed is honest and truthful and what i pay on an average month. for instance, my petrol bill is £200 pm as my partners house is a round trip of 350 miles which i make once a week which is unavoidable, just hope the banks etc take things like that into consideration!!

thanks rt

rt

[MelanieGiles]

So long as you are happy with the payments, you seem to have the makings of a good IVA there. Do let us know the outcome when this is put to creditors at the forthcoming meeting.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[r.t]

melanie
thanks for your reply to my previous post. im glad that you seem to think i have the makings of an iva. another thing, i have just opened a current acct with abbey and was given a debit card, cheque book and a credit card. will these be taken off me if my iva i approved? i will probably decline the credit card anyway but was just wondering what would happen.

thanks so much


rt

[vic74]

Hi RT i too have just joined clearstart and how worrying it all is, the creditors are just catching on now so im beginning to worry even more as they are contacting me! i dont know how to broach the subject of token payments with them so if you get any advice please let me know! and vice versa. As for banks i have just got a very basic account from halifax nothing with them, that what the debt helpline recommended. Good luck

[carlmcmullen]

Hi RT

Ideally you should have a cash card but a debit card is not normally a problem.

Cheque books are fine but dont even consider accepting the credit card as your IVA will fail from day one !!!

Good luck with everthing i am sure it will go thorugh ok

Carl