IVa's

[selina]

Just wondered what my chance are of being accepted on an iva, im a single parent who is 21 and live with my parents and are in around 22,000 of debt. Do i have the same sort of chance as everyone else????

Thanks

[angela18]

if you could put down how many people you owe the money to and how much disposable income you have.. an expert will be able to give you some advise.. sorry I can't help

[cfnc]

you should have the same chance as everyone else but need to speak to an expert.

Kirsty

[selina]

12 creditors

main ones are
welcome finance 3468.00
halifax credit card 1468.00
hsbc 6738.00

whats my chance

the rest are all small

[selina]

alliance and leicester 800.00
barclaycard 800.00

[Skippy]

Hi Selina, it depends on the amount of disposable income you have. You need to work out how much you have left over after you essential living expenses have been paid, but don't include payments to unsecured creditors. If you can post this, then the experts will be able to advise you.

[selina]

god i aint with it today,,, my disposable income is 300.00 per month

[selina]

my other creditors are littlewoods 2200.00
next 2398.00

[selina]

there are other creditors too could someone advise me please

[Lisa2009]

Hi selina

You would be better giving a couple of companies a call. You can find reviews of IP's on www.iva.com

May i also recomend a call to either Melanie Giles or Ian Millington who regularly post on the forum. Their details can be found on the "meet the experts" page.

Both are higly proffessional and extremely friendly

Good luck xxx

[MelanieGiles]

If you have debts of around £22k and disposable income of £300 you could almost pay off all of your creditors over the same period as an IVA if they were to stop charging you interest. To this end you may also like to look at a DMP as well as an IVA.

[selina]

so really i would have a good chance of getting accepted on an iva or a dmp??

[MelanieGiles]

I am sure that they would both work, but you might find creditors would be more receptive to a DMP than an IVA.

[selina]

to be honest melanie i would not mind doing either as long as i get my finances sorted out,

will this be discussed at the creditors meeting??

I have been so worried thinking that i would not have a chance of being accepted, just want to be sensible and get debt free...

So one or the other and i should get sorted melanie????

[MelanieGiles]

I am sure that you will Selina, because insolvency practitioners give advice on all debt solutions, and will allow you to choose the right one for you. The decision as to which route to follow will be made at an early stage of the process, and a creditors meeting will not be required if you plump for the IVA.