Please let me know the next steps

[annie]

Please let me know the next steps I need to take to get an IVA.
Thanks.

[MelanieGiles]

Hi Annie

You should prepare a detailed note of your assets and liabilities, and work out how much surplus income you have left at the end of each month to be able to offer to your creditors. Most insolvency practioners will look for minimum monthly contributions of £250 per month, aggregate creditors of at least £15,000 and four different creditors or more, to ensure that an IVA is a viable option for you.

Good luck and I hope you will find a solution to your difficulties soon.

Regards, Melanie Giles, Insolvency Practitioner for 20 years.

[neverending]

Hi Annie and welcome.
List your income and list your living expenses[not including unsecured debt repayments].What you have left is your disposible income and the amount available to pay your creditors via an IVA.
When listing your expenses be realistic because five years is a very long time on a tight,inflexible budget.Speak with several companies before committing[SUGGEST USING COMPANIES ON THIS SITE]and make sure that you understand exactly what is required of you.
GOOD LUCK

[Oliver]

As Neverending rightly says, I would recommend speaking to 2-3 different companies before deciding which debt solution best suits your individual circumstances.

Best Regards
Oliver

Thomas Charles Ltd: Experts in all things IVA
www.thomascharles.com

[jamesfalla]

Hi Annie

There has been some good advice already given here. If you are considering an IVA, you must normally have unsecurred debt of at least £12,000-£15,000; a disposable income of c£250 per month and a minimum of 3-4 creditors.

The other thing you need to think about is property. Are you a home owner? If so, you can only do an IVA if the equity in your property is less than your total debt. Otherwise you are not insolvent.

The best thing for you to do is discuss your situation with an expert. They will be able to give you the advise you need as to whether you qualify foir an IVA or whether you should be considering an alternative solution. They will then be able to explain the next steps to you.

As Oliver has suggested, I would be inclined to speak to 2-3 companies and go with the one you feel most comfortable with

Good luck


All the Best
James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions, with extensive experience of solving personal debt problems over the past 10 years. I am regularly featured on BBC News, Finance Programs and Radio.