You need to sit down and work out what you actaully spend on rent/mortgage,insurance,food,gas,elect,council tax etc etc. Only then will you know what you can afford to put towards your iva a month. It is a tight budget and scarey prospect living without credit cards but you will get used to it very...

Sorry I dont understand. If all my debts are wiped out then I would have my full wage. Would the IVA then take most of this and leave me with just enough to live/pay for essentials?

Thanks again and sorry for the stupid questions!

For info - The debt in the original post was my credit cards, i didnt realise that any loans are included. The full amount is 34000.

What I am looking for is a general idea of what I will have to pay and what I will be left with to live so will speak to an IP. I take home 2300 and have debts of 34000. Would they take 2000 for the IVA and leave me with 300?? Apologies for the vague question and suppose that no one but an IP would ...

If you are a failure Dw then there are plenty of us failures here too,but I dont think any of us are. We all have different circumstances surrounding our ability to dig a big hole and hide in it while our debts build up. By posting you are activiely doing something about your troubles. Cheers, than...

hi dw welcome to the site, you should contact melanie, she will put your mind at ease and talk you through everything. the pros defenitly outway the cons. good luck. x The more I read and the more stress I am having at home, the more I am thinking this is wise. I feel a bit of a failure having to d...

Just to understand, If i get 2300 paid into my bank and the IVA takes 1000. Can I do what I require with the 1300 or would the IVA take more?

Thanks again,

The one thing that worries me is that there will be a new bank account thats controlled by the IP? Does that mean they can remove funds whenever they please if they think there is too much in there and it could pay something off? How do you save up? Does that mean, if say, I wanted to go on a holida...

In terms of cons to an IVA. What would people say are the main ones?
Hope this question is not too intrusive!

Can people still get bank accounts, phone, store credit etc? Not that I would require these but just to get an idea.

Thanks again!

Thats great, thanks again to everyone. If I were to contact somebody, how long is the general application stage before the IVA comes into affect? I am thinking that the credit card companies wouldnt go for it as I am still making payments although going over the limit each time. I also have a bank l...

mrs skint wrote:

You are deffinately in the right place xxx

Thanks. To be honest the thought of it all (being "insolvent") scares me to death as this could really affect my future.

Thanks again, really appreciate the advise and information.

Hi dw78 and welcome to the forum. Your travel costs to London, are you able to claim them back from work? Hi, thanks. I can claim certain expenses back, however, I pay these up front and then have to wait 3 weeks. This then means my account pays other DD and bills out and I go overdrawn which I the...

Hi Mrs Skint,

If we were rid of the creditors the disposable would be around 500-600 pound.

Apologies if I am in the wrong place but I have been told about an IVA and am trying to get info and look into it.
Thanks again to all who advise.

Dw

Hi, Thanks for all your replies and advice. To claify, once the bills and credit card/loans etc are paid there is approx £150 left. This is then required to pay travel to london for work, food for the month for two people and the running of the car for a month. As you can see, it can't be done. This...

Hi, I have debts of 25000. I am currently ending up with 150-200 pound left after paying everything out and the credit cards (21000) are not coming down. I work away as an IT professional and need money to travel. Would an IVA be a viable option and how much would I have to pay per month (roughly?)....