This is great news Donna. Positive posts about IVA success help keep everyone's spirits up. Please keep us up to date with how you get on as your IVA gets up and running James Falla Expert in IVA, Bankruptcy and informal Debt Management solutions for over 10 years. For more information visit www.jam...

Hi Xen I think that if you can afford to pay £300 per month and you have £24,000 of debt, then you should be able to do an IVA. However, this will also depend on whether you have a property and if there is any eqiuity in it. Of not, then I agree with Accuma, Bankruptcy should be considered seriously...

Hi sdb To be realistic it will take about 6 weeks to get your IVA approved from the date that you first have a serious discussion with a representative from an IP's office. However, this could be longer depending on how long it takes you to get your paperwork together. This is always a worrying time...

Oliver is right. I assume that Halifax is one of the creditors in your IVA. If you are successful in claiming back bank charges, then they will simply deduct your sucessful claim from your debt. If you do happen to receive the cash, you would have to treat this was a windfall which would also go bac...

Simon I know that Andy and Melanie have both suggested that you have too much disposable income to undertake an IVA. However, I do think your situation is worth closer inspection. You say you only pay £50 per month in rent to your Mum. However, this is very low. I think as a 25 year old you should b...

Craig I would add here that clearly an IVA is a very serious matter. As such, if you are a homeowner and enter into an IVA you have a lot to loose if it goes wrong. If you do not maintain your agreed IVA payments and the IVA fails, then your IP must act in the best interest of your creditors. This m...

Hi Lee When you are speaking to your creditors, have you hammered it home to them that unless a settlement can be agreed, you will declare bankruptcy? I suggest it is worth giving this one more go. If they are not willing to play ball and listen, then (assuming you have no porperty) I suggest you sh...

Also I would like to add to Andy's comment Claire, you should try not to be too hard on yourself. Unfortunatley it is all to easy to borrow money and let your spending get out of hand. You are most certainly not alone. I would be most surprised if there were not other people actually at your place o...

Claire I deal with a fair number of bankruptcy clients and unfortunately in my experiance, your account will be frozen by the court whether it is a simple card cash account or not. Quite often I have come across instances where the OR says the account will not be frozen only to find that it happens ...

Hazel It is quite normal practice to settle an IVA early with money from a third party. As Melanie says, this would normally be positioned as a loan from the 3rd party. The proposal is then put to the creditors such that it is understood that the lump sum is in full and final settlement of the IVA a...

Nikky As Melanie says, if you are considering an IVA, all household income must be included and this means DLA for any member of the household. Your IP will normally offset this extra income with justified additional expenditure required to care for the person in need. The important point is that wh...

Tor It looks like your list of creditors are all reasonable creditors and would all accept a sensible IVA proposal. Based on the disposable income you say you might be able to offer, an IVA certaily looks possible. I agree with Melanie, it is likely that through an IVA, money in the short term would...

Hi Kate Welcome to the forum If you plan to pay an IVA based on monthly contributions then you will not be able to reduce the number of payments below 60 months. If you can pay 100% of your debt back in less than 60 months, then you are unlikely to be able to do an IVA The only way you can settle an...

Great news on your IVA Lesley This just shows that if the IP puts forward a sensible and reasonable proposal which covers all the points that creditors will require, there should be no reason for additional modifications. Believe it or not, I think that in many IVA proposal this does happen. We tend...

Dean I think this needs careful consideration. If you are able to settle your IVA but your partner's is still running, then they may still have a clause in their agreement demanding that they release equity from the jointly owned property. If your partner's agreement can not be varied to take out an...