question about the IVA wizard

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jools

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Post by jools » Tue Feb 06, 2007 7:28 pm
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When asking about outgoings and disposable income in the IVA wizard, do I include the monthly payments already being made by me on credit cards and is monthly income before or after deductions. According to the wizard it can only recommend bankrupcy, I find this confusing when my payments to creditors are the main reason for having no disposable income. These three payments ammount to £660 per month, which I am managing to pay, but only just.
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123debtsolutions

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Post by 123debtsolutions » Tue Feb 06, 2007 7:56 pm
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Hi Jools

My advice is to call and speak to a financial advisor. They will complete a small assessment with you over the phone and then offer specific advice based on your personal circumstances.

Take expert advice from one of the companies on this forum.

Good Luck

Lee
www.123debtsolutions.co.uk
Lee
www.123ds.co.uk - 0808 22 22 123
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MelanieGiles

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Post by MelanieGiles » Tue Feb 06, 2007 9:33 pm
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Hi jools

You should not include the payments you are making to unsecured creditors ie your credit cards, and put in your take home income rather than gross salaries.

Do you have only three creditors in total? An IVA can be tricky to propose with so few debts. I suggest you have another go and see if it throws up a different answer.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
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