NEED ADVICE PLEASE HELP !

[rachellxx39]

My husband and i have signed up to do an iva . We owe £55,565 and our disposable income is £270 per month . I am ill at the moment due to stress over this debt. Can anyone tell me if this proposal is likely to be accepted and what happens exactly !

[Adam Davies]

Hi Rachellxx39
Welcome to the forum
With only limited info all I can say is that over 80% of IVAs are accepted and that an IVA will enable you to manage your debt and be debt free in five years.
If you are determined to live a fairly frugal life for five years then an IVA is an excellent vehicle for many thousands of people[over 40,000 IVAs are approved each year]
You need to be sure of all the ins and outs of an IVA so please post more details and we will try to help you
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[rachellxx39]

Hi thanks for reply .We are with CLEAR START . They are doing our iva ,im just worried about the figures and hope that the £266 per month is ok for the level of debt.

[couple31]

Are you homeowners and if so do you have any equity?

[rachellxx39]

We are not homeowners we are tennants .

[Adam Davies]

Hi
As long as you feel that the £266 is affordable hen you will be ok.
Clear start would not propose an IVA for you if they felt that it would not be accepted.
Do you have any creditor that is owed 25% or more of your total debt ?
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[rachellxx39]

Yes Natwest we owe £22500 loan £3300 credit card and £100 overdraft .

[Adam Davies]

Hi
Well Natwest are a very supportive creditor and have no minimum dividend requirement
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[rachellxx39]

Thanks so much im just so worried about it all. I hope our iva is accepted , we have three children and i just want a debt free life in 5 years time instead of struggling on as we have been .

[aguise]

Hi Rachel
I remember the worry whilst waiting for things to be sorted, and cant offer much more than to say stay strong, the main thing is that you are addressing your money probs and regardless you will sort it out, because you realise you have to and now want to. My only regret is that I didnt do it earlier we struggled badly for the last 5 years just to get the bills paid.
We now have an aim and that is to get through the next 4 years and be debt free, so that we can enjoy our hard earned money.
I wish you all the best and hope all goes well for you.
We are always here even if you just feel like a moan, or you have a bad day.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[MelanieGiles]

By my reckoning that returns a dividend of approximately 21p in the £ which is quite low, so it will be interesting to see whether this is accpeted by creditors. Your IP obviously feels that it will!

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

[rachellxx39]

That dosnt give me much confidence then if you feel its too low 21p in the pound . Feeling even more apprehensive now !

[Adam Davies]

Hi
ClearStart would not propose your IVA unless they felt that you had a good chance of acceptance.
We have seen IVAs accepted with dividends of 17p on this forum this year.
regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[rachellxx39]

Thanks very much for your support im just getting worried about everything and im upset about whats going to happen . We are desperate for it to be accepted . Are clearstart a good company to work with ? .

[sonyse2t5]

ClearStart is an ACE IVA company, part of the Debt Free Direct Group. I'll let you into little secret. They have successful IVAs with less than 21p to the pound....

They took care of me!

Good luck