www.iva.co.uk

Hi been reading this and other sites for a while now and its great to see how everyone pulls together. Here is my questions. My wife and I owe around £45000 to various loans and CC''s. Our debt increases most months as we try to make ends meet we have never missed any payments and have perfect credit records we earn around £3200 between us and pay £1100 mortgage run 2 cars because of distance from work and 12hr shifts. My wife needs to give up work due to family problems this needs to happen within 5 years tops. Will we be excepted for a Iva even though we have perfect records with all our creditors? We may be able to borrow £20000 form our parents would we be able to do and final settlement Iva this would be better in case we cant make the full 5 years any help would be appreciated

Hi and welcome.

It doesn't matter if you have a perfect payment record - you are obviously struggling to make ends meet and so need help.

I don't know whether or not the £20,000 would be accepted straight off, one of the professionals can probabaly answer that better than I can.

How much equity do you have in your house? You would be required to release some of that towards the end of the IVA.

I recommend that you speak with an Insolvency Practitioner. Visit www.iva.com for a list of companies and reviews, or click on the expert link on the left hand side of the page. All the professionals on there come highly recommended. You will be advised on all the options open to you.

Hi there and welcome to the forum

If IVAs are the correct solution for you and your wife, it will not matter that you have not missed any creditor repayments - as this has probably only been possible due to you relying on credit to pay for other things.

If your wife is going to give up work, a full and final settlement of £20,000 may well be a sensible solution to explore further. I do a lot of these types of IVA, and they are generally well received by creditors who can see a route to receiving an early return.

Best to speak with an insolvency practitioner who can talk you through all options, clearly explaining the advantages, disadvantages and implications of each one to enable you to make a reasoned choice.

Hi Thanks for the replies Our house is worth around £150000 and we owe around £162000 so that wont help anyone. My wife really will have to give up work sooner or later so this may be a way forward she I will contact you tomorrow Melanie I have been looking at your advice for months and its good that there are people like you out there.

Good luck to you and you'll feel better when you've discussed your options with Melanie and her team.

Keep posting xx

I shall look forward to speaking to you in due course, and am sure that we can help.

From what you have indicated I believe the loan of £20,000 from your parents would be an acceptable offer to put to your creditors for the purpose of a Full & Final Settlement. My firm has also done many of these over the years and a quick chat with an Insolvency Practitioner to check all of your facts is essential. Good luck.

Good luck mcfctrueblue, I hope things work out for you x

Hi Guys thanks for the replies I have spoken to a David Godard at clear debt this morning and feel better already going to speak to a few more people to get all the advice I can

One more thing my main creditor is Northern Rock are they still blockin all iva's

Northern Rock have never blocked IVAs as a matter of course. They have strict criteria, so it's important that your IP understands this and puts forward an appropriate proposal.

No, they are not blocking all IVA's. I think it depends on the individual circumstances.

If you are making the very best offer possible, and this represents the best return for Northern Rock, there is no reason why this should not be accepted - especially as I said in my earlier post that you will be able to repatriate money to them at an early stage.

Glad Dave Goddard gave you comfort in the advice he gave you.

Hi all thanks again for the info it does feel good sharing on here. Just for the record here is my full list of debts.
northern rock £26650
virgin cc £975
cap1 cc £2119
barclays cc £2832
Sainsburys cc £2699
Lombard £5974
hfc £580
loyds £329
next £350
Just over £46000 more than we thought never seen it all wrote down before dont think I can even say where it all went.