www.iva.co.uk

Hi Everyone
I am new here and need advice about a iva,I am £20,000 in debt with a loan, credit cards and catalogues, before I make that leap I would like to ask a question. ( one of probably many)
If I could afford to repay say £500 per month and owed £20,000 would it still be for the full 60 months?
Thanks.

Hi and welcome.

You will never pay back more than you owe in an IVA. You will though,have to pay fees, so these will also be added on to what you owe.

I recommend that you speak to an Insolvency Practitioner who will go through all of your options with you, including IVA and DMP (which might also be a solution for you).

Visit www.iva.com for a list of companies, or click on the expert link on the left hand side of this page. All the professional experts on here come highly recommended.

hello sac and welcome. youre probably better working out your income and expenditure first to make sure you can afford to commit that amount of money.
why not have a look on www.iva.com or one of the experts on here to have a free initial chat and assessment of your finances ?
you can just have a chat with them without commiting yourself and they will go through all the options available to you. please keep posting for help and support
[:)]

Hi
Thanks for the quick responce,
Could you tell me what these fees average at? I would probably go down the dmp route but Ive heard such horror stories about creditors pestering and hounding you constantly!
Thanks again for your responce.
Sue.x

Hi Sue,

I couldn't tell you what the fees are, sorry.

With DMP though, as you would be able to pay off the debt in a relatively short time, I imagine the creditors would be fine.

You do need to take professional advice though.

Thanks Jan.
If I posted a income and expenditure with full details of what I pay out per month, would that be ok?
Thanks
Sue.x

Yes, that would be fine.

hi sue kallis is right. the fees can vary so to make sure you covered every option open to you take kals advice and take professional advice and dont forget just because this is an iva forum it doesnt mean its only for people with ivas you can post anytime and we will always support and help you [:)]

Thanks
I will get to work on that right away!
could take some time though.
Thanks so much.
Sue.x

Thankyou to fergiedoggy
So glad I found this place, Help at last.
Thanks.
Sue.x

You don't need to do a detailed one, just list your creditors and what you owe them and what you pay now, and a general list of your other outgoings.

sue if you need help to make sure youve covered all bases have a look at the consumer credit counsel site www.cccs.co.uk
they have a section on how to work out your budget and an income and expenditure sheet.
kal dont tell me off for posting that hun x just helping x

I wasn't going to Fergie. Every little helps!

thanx kal x [:D]

Hi here is my income and expenditure and debts!
be has critical has you like with my outgoings!tell me if Ive missed anything out aswell.x

DEBTS
cahoot loan = £5,967 min payment = £201
tsb air miles duo = £2,955 min payment = £60
tsb advance = £1,717 min payment = £35
halifax card = £6,270 min payment = £107
additions = £1,505 min payment = £80
argos = £368 min payment = £15
b&q = £406 min payment = £16
next = £300 min payment = £35
universal = £75 min payment = £39
moorcroft debt = £500 min payment = £30
TOTAL = £20,063

OUT GOINGS
rent = £255
c/tax = £98
water = £36
electric = £80
tv licence = £12
telephone = £40
contact lense = £9
car insurance = £37
mobile phone = £25
hobby/fitness = £16
food/household = £280
2 x cats, food, vet/insulin/needles = £78
petrol = £120
clothes = £50
hair = £8
road tax = £12
car maintainance = £10
Contingency = £100

TOTAL = ££1,266

INCOME
£1580


Thanks.
Sue.x