www.iva.co.uk

Hi, a bit nervous here, so if i babble sorry, but just wanting to know how an iva affects me, ie what i am allowed to keep for myself, i have 4 credit cards, all approx 3500 on each and a loan for 7500 taken this year.I take home about 1250 month and approx 800-900 is on bills, this includes the loan and cards.
Can you give me a rough idea of monthly payments i would have to make?
also am i allowed to keep sky tv,broadband etc, also my wife has a car, will that be affected at all, and how would it affect my mortgage, will i be able to remortgage etc.
everyday i can feel the pressure piling on a bit more and have decided to try to do something about it, just need help with some of these points please, many thanks

Hey unbiased, welcome to the forum. If an IVA was right for you, and there are other options, then your insolvency practitioner would go through your income and expenditure,your disposable income, after paying everything would be your monthly payment to the IVA. Sky basic package and internet is allowed and if your wife can keep up the payments on the car and it is a reasonable amount then that shouldn't be a problem. Re-mortgaging is difficult for everyone at the moment but there are people out there who can scour the market for you and try and get a deal, even in an IVA, also your own lender may help. You're in a great place here for support so keep posting and I suggest you have a look on www.iva.com and speak to a couple of insolvency practitioners for advice. I'm with Melanie Giles and can highly recommend her and her team. X

hi, thanks for reply, the car is 2nd hand and paid for, but will i be allowed money for tax,petrol,insurance?
Also we get family tax credit will this be affected at all
and you mentioned other options, could you give me an idea of what they are and any links or places i can read about them
And finally (for now) the iva process, am i allowed to speak to someone, get ideas and payment options free or do i have to pay legal fees, also if i change my mind before its finalized will i be left with any bills, or even if its declined, will i have to pay the solitors?

how recently was the loan taken out,and can you tell us who your creditors are please,it helps to build a better picture from which to offer advice.

Hey unbiased, are any of your debts joint with your wife?

You will be allowed money for the car if your wife need it.
Your family tax credit will not be affected.
Depending on how much you have over each month to offer creditors there is a debt management plan, an informal arrangement and bankruptcy, if you have no way of repaying.
If you speak to an IP then they should not charge you for advice and if the IVA is not approved then you shouldn't have to pay anything.

I am NOT a technical expert so please wait for one whowill advise you a lot better than me. X

If any of the loans are jointly with your wife, then if you do an IVA yourself, she will still be chased for full payment for the loans from the creditors.

As Viki says, one of the technical experts will be along shortly to advise you.

plasticdaft wrote:

how recently was the loan taken out,and can you tell us who your creditors are please,it helps to build a better picture from which to offer advice.

Loan was taken out in febuary this year for 7500 over 7 years from halifax, got 4 credit cards egg,mbna,barclaycard and halifax

also in response to kallis3 , all my debts are my own, wife is a housewife so never taken loans,cards out, cards,mortgage and loan all in my name

Make sure you dont pay anyone for advice Unbiased. You should have a look on iva.com and choose a few insolvency firms to contact to discuss your situation. Melanie Giles who posts regularly is highly regarded and may be worth talking to,but dont be afraid to ask as many questions as you need to on the forum. Asking for help with debt is a scarey thing but you will know by now that just posting on here can relieve some stress.
If you are open and honest with an insolvency practitioner and they advise that you should go for an iva they will put the best proposal to your credtors. It isnt in anyones interest for an iva application to be turned down(it does happen though). Keep posting and let us know how you get on.

I agree with plasticdafts last post.

Give Melanie a call, and her team will explain all your options to you.

Her details can be found on the experts page.

As the other posters have already pointed out, you ought to be allowed a reasonable amount of expenditure for all the areas you have mentioned, as an IVA is not meant to vastly change your standard of living, just help you to budget in a more resposible manner whilst you repay your creditors over a realistic timescale.

All initial advice from most IPs is provided free of charge, so why not try a couple of companies just to compare the levels of service provided, and the options which are available to you.