www.iva.co.uk

hi, most my debt payments are up to date but im robbing peter to pay paul and using up every bit of credit i have, is it possible to apply for a iva or would my creditors just say well her payments are all up to date? so wouldnt believe the mess im in.also is it possible to have a joint iva with my partner, Thanks, Tracey

Hi Tracey and welcome.

The majority of people who post on here and are in IVA's manage to keep paying the minimum payment until they are approved (or just before), so don't worry about that.

I would advise you to visit www.iva.com and check out the IP's that are on there and phone one or two up for advice. They will give you all your options.

Hi Tracey, we never missed any payments and, like Jan has said, didn't stop until told to by the firm we have our IVA with. It will feel very strange not paying, but it's this sort of payback mentality that really overstretched us.

At least you are realising that you can't carry on like this and hopefully an IVA will be the solution to this current situation you find yourself in.

Hey Tracey, welcome to the forum. The only reason I kept up with my debt repayments is because I was borrowing more money. I eventually ran out of credit. An IVA may be an option for you and your partner, could you post a few more details. How much debt do you have in your name? your partners? joint? If you are homeowners, how much equity is there?

Hi Tracey and welcome. Do a simple income and expenditure of what you take home each month and what you need to pay out each month [excluding debt repayment]. Then add up the minimum payments to loans and credit cards to see if there is sufficient left to maintain them.

It may shock and surprise you when you see the results and if there is not enough left it means that you are insolvent and by juggling the debts you are only increasing them each month. If this is the case speak to an IP who will discuss all options available without fee or obligation.

Good luck and keep us informed.

i have 36,000 my partner 6,500(ccj £10.00 mnth) joint 30,000 which weve been paying reduced payments of £35.00 for about 8 years, this is just a rough guess, we have a mortgage,but no equity, he works, i dont, thanks

I would definitely give an IP a ring and go through all your options. Visit the experts page, and you will find details of all the professionals who post on here and will be able to help you.

Hi Tracey. Given the level of debt you should certainly speak to an IP. Given their age I would be concerned that some of these debts have become secured which can be ascertained quickly by running a search. Other than that an IVA is certainly an option[as is bankruptcy]and hopefully you and your partner can have the debt problems resolved once and for all.

how would i do a search or is that something an IP would do?

A search can be carried out against your property for a charge of three pounds at the land registry. I will try and find the link and post it.

Not sure Tracey - you could possibly look at the Land Registry site, it might be on there.

http://www.landregisteronline.gov.uk/

You can find it on here for a small cost.

One thing I will say Tracey, if your bank is one of your creditors (either credit card or loan), you need to change it to one that isn't, otherwise if you do fall behind with the payments you might find that they take money out to offset against their debts.

Co-op is a good one to bank with.

yes it is i have loans and credit card with them,£28000, do i need to change accounts for an iva ? or just bankruptcy?

You need to change your bank account for either IVA or Bankruptcy.

People swear by the Co-op. They are very friendly towards people both br and IVA.

If you do it now, before you stop paying anyone, you may be able to get a full account.