So many questions...

[crushingdebts]

I'm not trying to falsely inflate the figures. I honestly believe my circumstances will be a little better in a month or twos time and therefore I could afford an IVA. AT the moment I don't think I could.

I know I could continue with a DMP if an IVA was rejected but I still don't know the answer - can you only apply for an IVA once?

[Michael Peoples]

You can apply for an IVA as many times as you want but the IP would need good reasons to represent any rejected or failed IVA.

As an aside surely it would be better to go for the IVA now as you would benefit from at least 50% of any future payrise whereas if you wait the whole increase would form part of your income and your IVA payments would be assessed at this level.

I don't think you are trying to inflate the figures and you do seem to have the basis of a viable IVA. The vehicle is an issue as creditors would not allow you to repay family debt unless you could show the person who loaned the money would be able to take the vehicle from you if you did not maintain the payments. However, if you entered an IVA now based on the surplus with your father as a creditor, you could use your 50% of the pay increase to repay him if you wanted to. Worth a thought and certainly worth speaking to an IP firm.

[crushingdebts]

Thanks you so much for your attention in this matter, I will certainly speak to a firm, three seems to be the suggested number.

With the pay rise I was just thinking I might have to declare if I expect my circumstances to change.

If all debts are in my name would I have to include my partners income? She pays me £250 a month rent.

[MelanieGiles]

You can always start of the IVA with lower contributions and stagger them upwards whn you feel your circumstances will have improved. If you live with your partner effectively as a married couple, her income will need to be taken into account to ensure that you are both paying a fair share towards the shared household bills.

[crushingdebts]

I've got a lot of thinking to do, I'm having to move house too aswell as chasing up this pay rise at work so its all happening. I move hopefully 19th Feb, and Payplan have just confirmed they've recieved the first payment from the debt management plan and have sent offers to the companies.

Personally I think an IVA would be turned down with my current suplus, but the pay rise will mean its just over £200 I have to spare.

One final question for when I do pick up the phone which will be after 19th Feb, would a company give details for charges for an IVA?

You know like when you get a mortgage or other financial product they give you a breakdown of any fees. Morally I'd like to pay back as much as possible, but I also feel the fees would have a bearing on whether or not its accepted. I'll pop back soon to check this thread again, and also update on progress when things have settled down a bit. Thanks for all the help so far, this website it a mine of useful information

[MelanieGiles]

Your IP fees should have been clearly detailed within your IPs engagement letter to you - which should be sent at the earliest opportunity once they have accepted your instructions.