Hello everyone.my wife and I have debts of around £60,000 to various creditors. I have calculated my income without the large amounts of overtime I have had to do,and after deducting all of my living essentials am concerned I will not have enough left to pay into an iva.I will have £200 or £250 if I cancel sky.is this enough? Is there a minimum amount? My wife does not work,we are applying for a joint iva will we still only pay the one payment the household can afford?
No-one can answer that until you contact an I/p
Whilst I will not recommend any of the I/ps on this site numerous people will
You cannot think anything on expenditure untill you do the I and E and dont forget these people are PRO's so they know it all
Be prepared to struggle for 5 years there is no easy way out
hi cardcutter i was £76000 in debt 4 years ago ,my iva was concluded in june with a f&f offer,my disposable income reflected my payments,ive never missed a holiday with my family because they come first so a iva done for me and santa turned up.
a iva if agreed by creditors is based on your disposable income and your circumstances are taken into consideration,there are no minimum payment requirements.
Last edited by MRBLUESKY on Fri Oct 16, 2009 7:12 pm, edited 1 time in total.
There are one or two firms who take people with a low disposable income, others will ask for more.
It will pay you to speak to a professional. Visit www.iva.oom for a list of companies and reviews. Give one or two a ring and you will receive free and impartial advice as to all the options open to you and the best way forward for your circumstances.
If you have an interlocking IVA (I don't think you can do a joint one as such), you will make just one payment per month.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Why not have a chat with an IP to go through your income and expenditure to see what disposable income you have to offer to creditors based on acceptable creditor guidelines. If your disposable income is lower than £250, there are a number of reputable firms who will take you on as a client - I usually recommend Cleardebt as I know their IP and they are represented on this forum by Size5 who is a thoroughly decent chap.
Definately worth a couple of calls if you believe that an IVA is the right solution.
