www.iva.co.uk

Hi
I owe unsecured debts of approx £28,000 to 5 different creditors. My take home pay is £1430 per month. I am not a home owner, and after rent and living expenses i would have a disposable income of about £400 per month.
Would i be an acceptable candidate for an IVA, and could you recommend any IP's if this is the case
Many Thanks
Dan

Hi Dan and welcome

May I suggest you get in touch with Melanie Giles (on this forum) as she has vasts amounts of experience in dealing with IVA's. You will most definately be in "safe hands" with her.

Sue

Hi d.c
I,m not sure if you would be suitable for an IVA because your disposible income could repay your whole debt over six years,if all interest was frozen,and this would suit a debt management plan.
The problem with an IVA and your fairly low debt and reasonably high disposible income is the cost.Over a five year period you would pay in £24,000 but because of IP fees this would reduce down to about 17k,so your creditors will get about a 60p dividend,instead of the full amount under a debt management plan.
Are you sure about your disposible income ? Have you allowed for all costs realistically ?
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

Andy makes some good points - the who key to proposing an IVA is confirming affordability. Do make sure that you have provided for all unforseen expenditure such as car maintenance, medical expenses and contingencies. I have a form on my website which you might find helpful, as it includes most of the ususal expenditure categories and allowances.

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

Here is in no way a complete list of expenses but I thought I'd post it to give you an idea of what you need to budget for.

Rent
Mortgage
2nd Mortgage and other secured borrowings (provide statement)
Garage rent/fixed service charge on property
Council tax
Water rates
House & Contents insurance
Life insurance & Critical illness Insurance
Personal Pension
Endowment Payment (provide copies of agreements)
Electricity
Gas
Housekeeping (food & Toiletries)
Clothing
Child maintenance (through Child Support Agency or private arrangement)
Pet Food
Pet Insurance
Telephone (Land Line, internet and digital TV - NTL)
Mobile Telephone
TV/video/Washing Machine Rental
Sky TV
TV licence
Travelling (public transport)
Car petrol
Car insurance
Car road tax
Car maintenance
Car hire purchase
Other hire purchase
School/Nursery Fees/Meals/Travel
Child minding
Medical
Contact Lenses / Glasses
Contingency


Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp