www.iva.co.uk

Hello

I have debt totalling around £2000 and am struggling to meet monthly repayments. I am currently unemployed and living with my father in his house. I have very little in the way of assets. My question is in two parts. Am I elligible to apply for an IVA considering my circumstances? And how does an IVA effect my credit rating? Thanks for your help.

Regards

Nick Ward

Unfortunatley as your staus is unemployed you are not eligible for an IVA - perhaps explore a Debt Management Plan - I can highly recommend Andrew Graveson and his team at brightoak who are experts on this forum, they will be only to happy to assist you in a solution

Melanie

Possibly even worth speaking to those at your local citizens advice bureau who can help you get things sorted out. Well done for posting on here and making that 1st move to get things sorted.

My own take on this is that you should approach the CCCS rather than the CAB or a fee paying company. Your level of debt is relatively low, and whilst fee paying companies do generally tend to have the client's interest at heart, rather than the creditors interests as may well be the case with the non fee payers, I couldn't make a case for helping you if you approached me as I would have to charge you for it. Assuming you have only subsistence allowances coming in, then I would have thought that any reputable fee paying company would also give you the same advice.

I would therefore recommend that you call the CCCS on 0800 138 1111 as soon as you can.

Good luck and regards.

Hi Nick.
If you have debts of less than £5,000, owe at least two creditors and legal action has been commenced against you, you could apply for an Administration Order. This is a court administered pro rata and offers full legal protection from creditors. If you believe that you are suitable contact your local county court for an N92 form to complete. The court does deduct a fee of 10% but for peace of mind it is well worth it.