www.iva.co.uk

ive got roughly £45000 worth of debt owing 8 creditors and have today spoke to baines & ernst.
the outcome after an hour on the phone giving all my details is ive got £225 left over to pay my creditors.

they have told me 99% positive that i will definately get an iva approval.

im very sceptical though, surely i will not get approval.

Hey Shoxsboy, welcome to the forum. If that's all the disposable income you have then you can't offer any more. Are you a homeowner with any equity to contribute? You could always get a second opinion, if you go to www.iva.com you can read reviews there of IVA companies. Pick another two and see what they advise. Good luck and if you post some more details of your situation and who your creditors are then the technical experts can help further. X

In itself £225 is NOT enough to fund an IVA for £45k of debt, but there could be other factors, as viki has said, such as equity or, for example, if a car hp deal runs out and you can increase the payment when it does.

There is nothing wrong in getting a second opinion, as viki again says, but at least you have taken the first step in getting help and I wish you all the best.

Regards.

Hi
It is still possble to enter into an IVA with those figures,I have seen 17p dividend IVAs on this forum.Other factors may push up your dividend such as equity release,regular overtime or current HP payments ending and goung into the IVA pot.
As others have said it's well worth getting a second opinion
Regards

Good point Andy, but in reality the majority of IP's would have to look at a proposal of 225 for 45k very carefully before proposing it. As you know, some IP's won't even consider a proposal at a payment of less than 250 for example.

No harm in trying though.

Good luck and regards.

If it helps our debts were 42K and our payment is 285 but drops to 245 after the first few months and stays 245 for the remainder (reviews and changes permitting). So we are close to your figures I guess? With current housing prices it is unlikely we will be able to equity release anything at all and we have no finance deals ending, so probably if you have equity release or something else to offer you are not that far off? Like i said our is 6 years though so perhaps that is why we got approved so maybe you would have to do the same? Good luck [:)]

shoxsboy,

I have noticed that you have left your details on our site overnight, but your mobile number is a digit short so we cannot call you. You have been e mailed offline by one of my colleagues if you wish to follow this up and I shall also send you a courtesy e mail directly myself.

Regards.

I agree with Size 5 that this case as it stands would be very borderline - and in my experience the lower the contribution the more chance of the arrangement failing at some stage, but if there is an IP out there who is prepared to put it forward for you, and will not charge you any money for doing so, then I guess you have nothing to lose and everything to gain if it is eventually accepted.

Good luck!