IVA %

[MARK1882]

Hello.

Looking into IVA at present. Just took a big
drop in wages. Have approx. 90,000 debt but
now only have approx £400 per month for debt
payments. Would this be a high enough % in the
£ to get this through. ie 26.6% etc.

[Adam Davies]

Hi
You will deliver around 20-25p depending on the fees, your exact debt and exact payments.
You should certainly explore an IVA
Are you a property owner ?

[MARK1882]

Thanks for getting back to me. Yes I am a homeowner.
My mortgage balance is approx £91000 & my house is
now probably worth about £100,000. Any advice welcome.

[Lisa2009]

Take a look at www.iva.com
There you will find a list of IVA providers and reviews on each.
Give a few a call and go through your details with them. They will advis you on all options available to you.
If you decide on the IVA route, you will be required to release some of your share of the home equity for the benefit of your creditors.

[Adam Davies]

Hi
Well it will be in your creditors interest for you to go into an IVA.
In bankruptcy they will get next to nothing, in an IVA they will get around 25p plus the chance of more with their share of any overtime and commission that you earn.
If house prices go up in the five years they may also get a slice of your equity.
You are trying to pay over 2k a month in debt repayments with £400
A DMP will take you over 20 years to repay
Time to look further into a possible IVA
regards

[liberta]

Hi it does sound as though an IVA may be a good option for you. However it may not be the only option. An Insolvency Practitioner will be able to advise you properly once he or she has a full appreciation of all of your circumstances. The initial advice is usually free of charge.

The main thing is to get advice as soon as possible. You have recognised that you have a problem so do not delay in finding the right solution to you.