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This question is on behalf of my wife . She is having debts amounting to £30000 approximately . This amount is from three creditors natwest, abbey and northen rock.She is paying around £ 815 per monthfor the laons.I am not employed and we have a baby,the earning member is my wife and her income is £1375/month. Now we are finding it really difficult to continue with the repayment.Our other basic outgoing expenses including our rent ,council tax, food and baby's expenses come to around £1000/ month . For the last few months we have being taking loans from our friends to keep the ball rolling.We cannot go for benefits from the gvernment. I would like to know whether we would be qualified for IVA. I would also like to mention that two loans from natwest and abbey is going to be over in 2009.
I am spliting the loans respectively
Natwest:£9800 loan +£ 3000overdraft+ £4250 credit card.
Abbey:£4400 + £700 overdraft
Thank you
Northern Rock:£6000 loan taken in feb 2007, has to repay £126 for 10 years

This probably will not meet Northern Rock current acceptance criteria, so your IP will need to secure positive votes from Natwest and Abbey to be sure of success. You will need to make minimum payments of around £250 to ensure that NatWest's minimum dividend requirement of 25p in the £ can be met.

Wish you all the best - have you found an IP to act for you yet?

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Hello sre and welcome to the forum. I am not an expert but based on your figures it looks like Northern Rock are 27% of your creditors which would be a problem in an IVA as they are well known to blanket refuse them. The loan from NR is only 8 months old and that too can count heavily against them approving an IVA. Of course, the answer is to approach a debt management company for advice or wait until tomorrow when experts will reply. There is always a solution! [:)]

Oops sorry Melanie I will go back to my proper job [:)]

The percentage is 21%!

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Hi Mel
quote"This probably will not meet Northern Rock current acceptance criteria"
I didn,t know that they had one !!

To sre
Have a chat with two or three companies about a possible IVA,you could start with the ones that post on this forum.
Good luck
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp