what do creditors look at?

[carlos]

Hello I ma just in the process of contacting a few companies for general debt advice before entering into an IVA (hopefully).

All of my creditors are banks (creditcards) totalling 16k.

Do the banks look at what the money has been spent on and does this influence there decision to except the IVA proposal? most of mine was spent on 'good living' in my early 20's and now I am 30 I need to sort my life out.

thanks

[666]

Hi Carlos
I think your spending is echoed across the majority of people (insolvent or not!) so you have nothing to worry about. I think creditors take a dimmer view of you maxing your credit lines out when you know full well that you are looking to go to an IVA/debt solution.
Make sure you get a good spread of debt solution advice rather than specifically targeting an IVA though, as 16k debt is on the lowish side for considering an IVA - but obviously your personal circumstances should be examined in line with that as part of the advice you receive.
Welcome and good luck

[Adam Davies]

Hi
Good advice from 666, look at all your options before deciding on a solution.
Creditors will look at the offer on the table alongside a background statement detailing the reasons for your insolvency
Regards