My husband and I are considering an IVA

[charlie]

Hello,
My husband and I are considering an IVA but are really not sure????
We have debts of 62k to 10 creditors no equity or assets, what would the likely IVA payment be each month???

[MelanieGiles]

Hi charlie and welcome to the forum

The payment into your IVA will depend upon the level of disposable income you have available to offer. Work this out by listing your income and then deduct all of your household and personal expenditure on a monthly basis - excluding repayments to unsecured creditors. If you can do this and then post the amount the experts on the forum may be able to advise you further.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[charlie]

Hello Melanie and Thank you for replying,

we will have left over after exp £418

[MelanieGiles]

Taking payments at say £415 per month, this would produce payments of £24,900, and taking account of IP costs leave you making an offer of approximately 28p in the £.

So long as you do not have debts with HSBC, which represent more than 25% of the aggregate debt, this ought to make an acceptable IVA - but you will need to take more specialist professional advice on this as an IVA is just one option available to you.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[charlie]

Thank you again, I will indeed get some advice.
Luckily I do not have an debt with HSBC.
i am finding this all very frustrating and scary, we keep going between Br or IVA and the latter is more appealing ie get to keep car etc.

[MelanieGiles]

Charlie

Make sure you carefully consider all of the options before making a decision. You may find an article on my blog helpful about choosing an advisor and the sorts of question to ask.

I wish you well in your search.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Skippy]

Hi Charlie, as Melanie says please consider the options carefully before making a decision, and please contact 2 or 3 companies (try ones on this site) for advice before making a decision. I wish I'd thought more carefully about things before I went into my IVA - I was so pleased that someone could help me that I agreed to something I knew deep down that I would struggle to repay. After 4 months I realised I wouldn't be able to manage for 5 years and petitioned for my own bankruptcy.

Please don't get me wrong, I am not slating IVA's! They are great but don't agree to anything you are not sure of.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[keh]

Hi Charlie and welcome

Look on www.iva.com

this site lists loads of IP's and people like Skippy and myself give ratings to our ip.

Pick an IP and then look at what the people say about them. But please think about who use choose, as i would advise to go for a small company like Melanie where she would treat you like a human being rather than go to a big company, where you will find your just another statistic on their books.

I'm not an expert but just my way of looking at it

Hope you do the right thing

Keith

The long and winding road will straighten out eventually....keep the faith

[charlie]

Hello Keith and Skippy,

Thank you very much for your replies. I will definately being "shopping around" as it were for the right choice before any decision is made.
I find this site a Gods send, you think you are the only one with a huge "done it to yourself" problem but your not and everyone is full of advice and tips.
Our budget is looking ok for now, I just worry about the future and if anything changes ie income goes down etc etc.
I have just had my third baby and she is eight weeks old, Gordon Brown is being generous at the moment but next year the tax credit will dwindle but on the flip side hopefully I will be doing some work to bring extra cash.
So much to think about all very confusing!!!

[redhead]

Hello Charlie
Welcome to the forum. This forum has been a godsend to me and i only wished i had found it years earlier i am one of the lucky ones my IP's are fantastic dont get me wrong its been a struggle but i have been treated like a human being and not just another one of their statistics. But it was right for me to enter an IVA which you must think of carefully for you. I agree with KEH small like Melanie and other IP's on this site are good please ignore the big advertising companies!!!!

I can just see in the far distance the light at the end of the tunnel hurray!!!!

[charlie]

Hi Redhead,
That is a refreshing bit of news, your IVA was right for you.
I know that everyone's circumstances are different but after reading a lot of blogs and forums on here I really was starting to think that BR is the only option (gulp).
This scares me because I am thinking of people coming to our house to take away computer and car ( this is about all we have worth anything with 62k of debt you would think we would have more to show for it!), I understand you can keep a car for commuting to work if public transport is not an option but when you have a Zafira (04) reg even though we have two small children and a baby and my Dad has put almost half towards cost of it they would still expect you to get a cheaper car????
I just hate the thought of that happening, I know in the grand scheme of things it doesn't really matter.

[ivoriva]

In BR this may well be the case, but if you could prove your dad owns a portion of it he might be able to buy out your share so that it doesnt have to be sold. But what actually happens depends on each indvidual case and some Official Receivers seem to see things differently to others. So there is never any guarantees in BR what will happen to it.

[MelanieGiles]

Hi Charlie

Please don't be put off the IVA process due to the posts you have read on the forum. The forum is available for people to seek advice if they need to about a whole variety of issues - and this generally occurs when something goes wrong, or they are confused about a process, rather than when people are happy.

The majority of IVAs run to a satisfactory conclusion, quietly and will little fuss - just the way that nature intended them to! And it the process represents the right option for you - and is in the best interests of your creditors - then give it a go.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[ivoriva]

As Melanie says, you do tend to hear the horror stories of IVA's but not too much of the positives. I think IVA completion rate is actually quite high (75%ish)- so it isnt all that bad! If you get a good company/IP, that presents a honest and fair proposal for both creditor and debtor, there is a very high chance things will run smoothly.

[charlie]

Hello ivoriva,
Thanks for the advice and once again melanie you too.
I have been looking on a few websites and my head is spinning but I am sure I will calm down and try to look again at this all logically.
Proving my dad's share in the car, bank statements of cheques he has given me would that work?
I also think that I can only try get a decent proposal for an IVA too as I said before our budget doesn't look too bad but I am just worried about future income decreases.
If I had a remote control some serious rewinding and erasing would be done!!!!