www.iva.co.uk

IVA Question
Is it possible to set up an iva if you would be able to pay off your debt in full over less than five years? We have quite a high level of disposable income and could pay off our debt (just under £100k) in that time if the interest was frozen but have been advised by two companies that an iva would not be accepted because of the level of our repayments. We can't meet our current repayments though and are doing a dmp which some of our creditors are being really difficult about.

Hi Elaine, I'll give you a call tomorrow to go over this again with you. [:)]

It is possible, but probable that creditors would accept unless there were very good reasons for making the offer. The fact that creditors are not helping with the DMP would be a good reason to try an IVA, but to get proper advice an IP would need to see your creditor spread and then take a view as to whether it would likely be accepted.

You can do an IVA over any period of time from 1 day to 10 years for example - it is up to the circumstances of each individual case and with agreement of your creditors.

You need appropriate advice on your particular circumstances.

So have a chat with an IP and give him/her details of all your personal and financial circumstances and particulars.

Visit www.iva.com for reviews on firms and practitioners and select one or two to have a chat with. They will give you
the most appropriate advice and it is free.

Let us know how you get on.

I believe that Lainey05 is already with Vincent Bond David.

Thanks for your responses - I will wait to hear from Viki and see if we have any other options. We just want to pay back what we owe and move on and while some creditors have been great, others make you feel like you are beating your head against a brick wall!

oops [:I]