I am on a good salary, 45,000 PA, however due to the last few years of partying I also have 38k of unsecured debt. Which is costing me 1050 a month in repayments. With my monthly income at 2400 after student loan.
My current living expenses comes to 1200 for rent and bills etc. However I am struggling to get by with only 150 a month for everything else.
Would you recommend an IVA for a situation like this?
Thanks
An IVA is a possibility. However, I recommend that you speak to an Insolvency Practitioner who will explain all your options to you and advise you as to your best route.
If you visit www.iva.com, you will find a lot of companies on there with reviews.
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
An IVA could work for you if you are prepared to leave the partying lifestye behind and work hard under a relatively strict budget for the next five years. The upside is that you will be able to negotiate an affordable repayment with your creditors, which is likely to leave you with far more than £150 to live on.
As the experts have said an IVA appears to be possible, depending on your circumstances. We have been in an IVA for just over a year now and for us it was the right thing to do. It has given us a new lease of life - we now live within our means and whatever we spend it is because we can afford it - we no longer have the luxuries of life, but in a strange way that does not matter, and everything now feels more worthwhile and rewarding !
There are lots of options, but if you choose the IVA route than get a few IP's thoughts - don't go with the first one as they may be different - be prepared to be in a tightly controlled budget for five years, be prepared for no big holidays, or presents to family and friends - your money you have left at the end of the bills each month, is basically sufficient to live on and to maintain a vehicle if you have one. Any pay rises you get maybe subject to increasing your IVA payments each year and therefore be prepared for the initial agreed figure to improve.
At the end of the five years you will have the satisfaction of knowing that you have paid back as much as possible to your creditors !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Would need all the facts to establish that an IVA is the appropriate solution for you. Visit www.iva.com where you will find reviews on IP's who can help and advise you.
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.
