www.iva.co.uk

I am currently in a debt management plan with payplan, I have 47k unsecured debt of which 21k is with Northern rock. I was told at the time that Northern Rock was not accepting IVA's.I lost my house about 2 years ago... Do you think I should now apply for one and who would you recommend I use.

Welcome to the Forum.

Northern Rock's criteria has changed and you may now be able to get an IVA. Visit www.iva.com for recomendations on practitioners that could help you. Good luck

Hi beercrew and welcome.

It won't hurt for you to try for an IVA, after all you can always continue on your DMP if you couldn't get one.

Try www.iva.com as there are a lot of companies on there.

You could also try some of the experts who post on here, such as Melanie Giles, Liberta, Size 5, to name but a few. Most come highly recommended by other posters.

Details can be found on the experts link which is on the left hand side of this page.

Let us know how you get on.

Hello and welcome. Further, how much are you paying to your DMP at the moment?

Kallis is spot on in as much that it will cost you nothing to find out, most reputable firms will provide all initial advice free of charge, and you can always review your options again if an IVA proposal should prove to be unsuccessful.

Regards.

I am paying £285 a month since the wife and I split up... dont think she is paying anything. I have emailed payplan to ask them i will let u know what they say... thanks guys..

Did you have a joint DMP and are some of your loans joint? If so, and she is not paying anything, then the creditors will be chasing her for the whole of the debt. The same would happen if you changed over to an IVA.

we did have a joint DMP it has now been split, two of the debts are joint, i spoke to my solicitor who advised me to ask if she was paying anything, she reckons they have to tell me because it is joint debt. to be honest i just want to get myself straight with as little fuss as possible.

You can go into an IVA by yourself with just adding your half of the joint debts. She will then have to sort something out for herself, that is not your problem. She becomes liable for the whole of the debt, not just her half and the creditors will chase.

If you have no assets, have you thought about going bankrupt? It would get you sorted a lot quicker and is quite painless these days.

Hi
He will have to add in the full amount of the joint debt in an IVA Jan, not just half
Regards

Sorry Andy, I knew that - must have had a mental blockage! I think the snow got to me!

Yes an IVA could be the most appropriate solution. Talk to an IP as soon as you can. Visit www.iva.com for reviews of several and select one or two to have a free friendly discussion with. Good luck.

As other posters have mentioned, you have nothing to lose by proposing an IVA, and Northern Rock tell me that they are now accepting 80% of the IVA proposals presented to them, so you could be in luck - preferably if your DMP would take longer than 7 years to repay.

Ok thanks all, I will see what payplan have to say, my dmp will take a lot longer than 7 years to pay but i am concerned how i find the fees for an IVA. I am about to take a new job in china and am a little worried how bankruptcy would effect my visa. The whole idea about working away for the next two years is to try and dig myself out of this hole.

There are no fees that you have to find for your IVA - the practitioners fees come out of the total monthly contribution you end up making into your IVA. Good luck and seek out an IP you'll feel comfortable with by visiting www.iva.com

but what happens if the IVA is rejected???