www.iva.co.uk

Hi
I Am £20,310 in debt and about to visit my local Citizens Advice,
I have drawn up a outgoings form and would like any input, be has brutal has you want,I do not own my own home and I am now single. my income is £1550 per month, and my outgoings are £1162 leaving me with £384 to pay my debts. could you also tell me what plan would be best for me.
Thanks. Sue


RENT = £251.92
COUNCIL TAX = £101.00
WATER = £38.00
ELECTRIC/GAS = £80.00
TV LICENCE = £12.00
TELEPHONE = £37.00
CONTACT LENSE = £9.00
CAR INSURANCE = £38.00
MOBILE PHONE = £25.00
HOBBY/FITNESS = £16.00
FOOD/HOUSHOLD ITEMS = £200.00
2 X CATS FOOD/VET/INSULIN = £78.00
PETROL = £130
CLOTHES = £30.00
HAIR = £10.00
ROAD TAX = £12.00
CAR MAINTAINANCE = £10.00
DENTIST = £4.00
PRESCRIPTIONS = £7.00
LUNCH/WORK = £28.00
CONTINGENCY = £50.00

Hi Sue
You may well have a little too much disposible income for an IVA to be suitable and on the figures and info given above would suggest a possible Debt Management Plan.
Is your wage figure your basic take home pay with no overtime etc ?
By the way put £25 per month down for car maintenance as £10 is too low
Regards

Hi
Thanks for such a quick responce I was hoping for a dmp, and yes it is just my basic wage no overtime available at the moment, Thanks for the advice on the car, I was worried about the amount I put for food/household and my cats although 1 of them is diabetic and needs insulin and needles monthly.
Thanks
Sue.

Your expenditure is in line with CCCS guidelines - just explain the need for the higher pet expenditure.

I agree with Andy that it appears from the limited information you have provided that a DMP is the right solution for you.

Hi
Thanks I am dreading this, but I need to do something.
is there certain companys im in debt with that are harder to deal with than others?
I have listed who and what I owe.
Thanks again.
Sue.

HALIFAX ONE = £6243.12
CAHOOT LOAN = £5217.00
TSB DUO CREDIT CARD = £2981.65
ADDITIONS CATALOGUE = £2423.00
TSB ADVANCE CREDIT CARD = £1741.29
ARGOS = £395.00
MOORCROFT = £334.00
B&Q STORE CARD = £375.49
RIVER ISLAND = £258.58
NEXT CATALOGUE = £218.89
GREAT UNIVERSAL CATALOGUE = £74.95

Hi Sac

Just wanted to say, I know its scary but youre doing the right thing and this will lead to peace of mind in the end.

Youre amongsnt friends here who have been through the same emotions, debt can be a very dark place and lonley.

Good luck now

Hi Lily
Thank you so much for your kind words.
Thanks.
Sue

All of those creditors are generally supportive to IVAs and I deal with all of them on a regular basis.

Thanks Melanie
Do you also deal with Debt Management Plans or is it just IVA,s
Thanks,
Sue.

Hi Sue,

Melanie just does IVA's. Cleardebt, who post on here do DMP's.

Sorry - I don't do DMP's.

are you looking to do dmp's in the future Melanie?

Not at all! I am not a fan of them to be honest - but accept that they have a part to play in the debt recovery process. I am pleased to see that regulation and some form of operating standards is being brought into this area, and it will be interesting to watch developments in this regard.

My practice is based upon pure insolvency work - and we do a lot of corporate reconstruction and turnaround. There would be no time left to run a DMP side - even if I had the inclination to do so and at present I do not! There are several good DMP companies I am very happy to refer clients to.

Thanks for this, Wasn't sure if it was something you had planned to do in the future. I am not surprised you havn't got the time you hardly seem to get any sleep anyway.

sac wrote:

Hi
I Am £20,310 in debt and about to visit my local Citizens Advice,
I have drawn up a outgoings form and would like any input, be has brutal has you want,I do not own my own home and I am now single. my income is £1550 per month, and my outgoings are £1162 leaving me with £384 to pay my debts. could you also tell me what plan would be best for me.
Thanks. Sue


RENT = £251.92
COUNCIL TAX = £101.00
WATER = £38.00
ELECTRIC/GAS = £80.00
TV LICENCE = £12.00
TELEPHONE = £37.00
CONTACT LENSE = £9.00
CAR INSURANCE = £38.00
MOBILE PHONE = £25.00
HOBBY/FITNESS = £16.00
FOOD/HOUSHOLD ITEMS = £200.00
2 X CATS FOOD/VET/INSULIN = £78.00
PETROL = £130
CLOTHES = £30.00
HAIR = £10.00
ROAD TAX = £12.00
CAR MAINTAINANCE = £10.00
DENTIST = £4.00
PRESCRIPTIONS = £7.00
LUNCH/WORK = £28.00
CONTINGENCY = £50.00

An IVA might be appropriate for you and possibly over a shorter period than 5 years.

However you should speak to an IP and preferably one who also does DMP's if that is the appropriate solution. My firm as suggested to you does both so give us a ring and we will ensure that you get the appropriate advice to your circumstances.