mine and hubbys was agreed as 23p in the £, and we had £107k of debt, but we did have mel as our ip.but as everyone has said it is on affordability. i initially went on the cccs website and did their debtcalculator, if you put in your details it will give you an indication of budgets etc, but as everyone has said , you need to put in what you actually pay and a good ip will give you an allowance for most legit things
The definition of being insolvent is not being able to your debts when they fall due - so if you cannot meet the minimum level of contractual repayments you are insolvent and can propose an IVA - but there will be other options worthy of consideration as well.
I shall look forward to discussing these with you in due course.
Or that your liabilities exceed your assets is the other definition.
Michael 2074 - you need to put all your facts about all your circumstances down on paper and discuss same with one or two IP's. Their advice is free and they will give you the appropriate solution to your particular problem and soley based on your set of facts.
Visit www.iva.com and see reviews on recommended firms.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
I like you deliberated for ages and spent long nights on this forum gathering all the info I thought would help. In the end it is up to you but like everybody else has said - get your info together and talk to 2 or 3 IP. I talked to more than one IP and certainly understood what people meant by you get a feel for which company you should go with. All the advice and support on this forum is great - sometimes its not always want you want to hear but its supportive and realistic. I know people who have chosen a company because they said "all the right things" but post IVA have turned out not to be how they first came across - that's not individuals or company's on here I must say.
Hi
You sound as if you are insolvent Michael, especially f you having to draw out cash to make ends meet.
90K of debt will probably be costing you in excess of 2k a month to service, leaving you 1k to pay for rent and all your families living costs.
Speak with two ot three companies as soon as possible
Regards
