really struggling at the moment

[cleofigaro]

Hi

I am really struggling at the moment following the break up of my marriage. I owe about £36,000 and earn £11,000 take home. My job is secure but the costs of living on a day to day basis are just much too much.
What information is required to apply for an IVA?
I have always paid my bills but will struggle this month. Can I apply for an IVA if I haven't missed a payment?
What assets am I allowed to keep, car etc. and exactly what information is required to apply for an IVA?

[carlmcmullen]

Hi Cleofigaro,

Can you tell us a little more about your situation to help myself and other posters give you better advice.

Are you currently renting your own property and running the house on your own or have you moved into with someone ?

Also when you split from your marriage, was there any property involved at all - if so was there any equity.

Based on £11,000 i expect you to be taking home aroun £790pcm, which if you are now running your own house i suspect will leave you with very little disposable income after you have paid all your houshold bills and it may be that a DMP or bankrupty could be more suitable to you.

[Soulgrowth]

Hi Cleofigaro ... you are doing the right thing in anticipating that there may be a problem in the future and thinking about a plan of action now. When I first started going down the road of my IVA I hadn't missed any payments ... but I knew that it wouldn't be long before I did.

If you can do as Carl suggests and post some further details one of the experts will be able to give you some fuller advice.

Good luck.

Debbie

[MelanieGiles]

Do you have other income on top of your salary, such as child maintenance, benefits or tax credits? And how much do you feel you could afford to pay to creditors on a regular basis?

[shazzles]

hello! You have definately come to the right place as we will all help you in any way we can! [:)]

[cleofigaro]

Hi

In response to your request for further information.
I live with my Mum & Dad since the end of January and currently pay nothing. A situation that cannot continue. They are trying to help and pay one of my debts for me but, as I said, this cannot continue. I agreed to pay them £350 per month all in before I moved in.
My take home pay is £1,100 per month and I pay £200 for petrol, £50 car insurance, then there is car tax etc. My total expenditure before creditors is about £760 per month.
I own a small car I bought before my marriage ended for £3000 and is currently worth about £2500. I need a car to get to work.
To muddy the waters, last year I agreed to buy a building plot in France with my two brothers. I paid £3500 and they paid about £20,000 between them. I thought it would be good way to get into the property market. We have an agreement that the land can only be sold with 2 of the owners agreeing. The land is probably worth a lot less now because of the strength of the Euro.
I have no children and no other assets.

I hope this helps.