Recent debt

[simplesimon]

I have around £57k debt some on cards and some as loans.
My concern is that a coulpe of the loans were taken out quite recently.
One for (aa)£10,000 about this time last year, and one (mbna)for about the same amount in sept 2006.
Not sure how this would look, At the time I thought that it was ok and that I could manage and never even heard about iva's let alone wanted one.

Proposing iva next week with an offer on £15,000 one off payment + fees.
Your thoughts ?
Si

[MelanieGiles]

Hi Simon

Well I don't suppose the creditors will be too happy, but they take a commercial risk every time they lend on an unsecured basis, so the decision they will have to make should be based upon receiving a greater settlement than would be available in bankruptcy.

Do you have any disposable income? And can I ask what has happened since Sept 06 when you thought able to take on and service an additional lending on top of all of your other commitments?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[simplesimon]

Since sept 06 I lost a couple of major clients which resulted in my company going into liquidation. I have now set up again but my income from my new business will be less than before.
Not sure what my dosposible income will be , my monthly outgoings will be around £3600 when the IVA commences So I will need to pay my self that plus tax/NI So probably not much disposable at all.
I am looking to put forward a a lump some final settlement option 25p in pound because my earnings are not consistant. Ie I can only pay myself when clients pay me and this can cause problems.