new iva advice

[frazzled1234]

Hi,
I am 49000 in unsecured debt and dont own a house or car. So far I have been servicing this debt as i have been living with parents and only paying rent of 250pcm with the rest of my monthly net income of 1478 paying back my credit cards, loans and catalogue bills all of which are unsecured.
Unfortunately due my mother selling the house i am having to move into rented accommodation. I have worked out a budget for total living expenses as 997 leaving approx 481 a month to pay off debts.

if i arrange my own DMP it will take at least 10 years to pay off my bills which is such a long time and i would at some point like to have children etc so I was thinking about trying to get an iva. However I know that an IP needs to see bills such as utility bills etc so budget can be agreed on. As i am not moving out till next month and have to wait for bills can i get the ball rolling in the meantime because i cannot afford to pay my debts and live.

[2YrsIn]

may not be the help your looking for but im also in a similar situation, moved back home when i entered an iva - payplan accepted a figure of 450 rent being paid to the family as my rent outgoing inclusive off all utilities - didnt have to provide any utility bills at all

[aguise]

Hi there and welcome to the forum. There is no reason why you can not talk to a few companies and see what solutions are avaliable to you. They will tell you what to do about your income and expenditure of whetherr it would be better to wait. Hopefully Melanie will be along to give you an IP's view. Iva .com give reviews on all the companies, again I have to say Melanie and her team may be a good place to start. Initial advice wont cost anything, so do lopads of reading of posts and they will give you lots of info.

Ang

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

[frazzled1234]

may not be the help your looking for but im also in a similar situation, moved back home when i entered an iva - payplan accepted a figure of 450 rent being paid to the family as my rent outgoing inclusive off all utilities - didnt have to provide any utility bills at all

Thanks for advise but as the bills for my new rented place will be in my name I though that i would have to show them. I can estimate but that is always a worry!!

[aguise]

I dont think I was ever asked to show utility bills but then a lot was on my bank statement. I know what you mean about estimating them, things like water, you should, be able to get from the water authority, gas and electric may have to be estimated. The main thing would be to make sure you know what you are going to pay in rent as this could vary. Do you know where you are going to and what the rent is?

Ang

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

[frazzled1234]

I dont think I was ever asked to show utility bills but then a lot was on my bank statement. I know what you mean about estimating them, things like water, you should, be able to get from the water authority, gas and electric may have to be estimated. The main thing would be to make sure you know what you are going to pay in rent as this could vary. Do you know where you are going to and what the rent is?

Ang

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

Hi
Thanks for quick response. I have a place sorted for just over 400 and the rent is set, although the first tenancy agreement is 6 months shorthold - but hopefully no increases!! I did look for somewhere cheaper but as i dont drive i need to be nearer town to get the bus too work. Hopefully the water and electric people will be able to give me estimates - i just wonder if that will downplay the costs in order to sign me up as a new customer?

[aguise]

They should be able to give a reasonable estimate from the previous bills for the property. Just tell them you would rather a slight overestimate than an under.

Ang

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

[MelanieGiles]

This will not stop you putting forward an IVA, although your IP will need to veify the level of your rental and utility bills. It is generally fairly simple to estimate these items, and your prospective landlord will be able to help.

An IVA usually takes a couple of months to set up, so by the time it is being finalised you will be able to confirm these items a little better.

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

[Chris30]

I just needed a copy of my tenancy agreement but as I didnt have one they accepted a letter off my landlord and didnt require any bills ect..
As Melanie said you can estimate your bills as they are very easy to work out.

[james.c]

i was more or less in the same situation, but found were i was going to rent before my creditors meeting and signed the tennancy agreement and sent it through to my ip, with estimated bills, and this was accepted. I know why now i underestimated all my bills by about 12% on average, but luckily pulled the strings in and managed to pay everything

no matter how bad money gets, theirs stll alot more important things in life