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Posted: Wed Jul 08, 2009 7:50 pm
by tomcat
Considering an IVA to pay off my debts i accumulated from university. Can anyone advise me as to what happens following a caseload being proposed to the creditors. Do they need evidence to back up the budget plan (e.g. mortgage statements, house insurance statements, electricity bills etc)?
Posted: Wed Jul 08, 2009 7:58 pm
by MelanieGiles
Hi there and welcome to the forum
How much do you owe in total to your creditors, and do you owe anything to the Student Loan company?
If you decide to propose an IVA, you will have to provide full documentary evidence to your IP to demonstrate your statement of affairs to creditors. This may involve the provision of a number of documents to support your figures.
I suggest that you contact an insolvency practitioner directly for further advice about an IVA, and the other debt solutions that are available to you.
Posted: Wed Jul 08, 2009 8:05 pm
by tomcat
Many thanks Melanie for you response. I owe 30,000 to my creditors including the 5,000 loan to the student loan company. I have a household income of 4500.00/month with the expenditure/month as 3900.00. Which means that i have 300/month to offer my creditors.
Posted: Wed Jul 08, 2009 9:08 pm
by MelanieGiles
Your maths indicates that you have £600 by way of disponsable income. Where does the £300 come from?
Posted: Thu Jul 09, 2009 9:45 pm
by tomcat
This is classed as a household income therefore 50% is 3oo punds
Posted: Fri Jul 10, 2009 1:05 am
by MelanieGiles
Sorry - I must be being thick but I don't understand your point. Could you clarify what you mean please?
Posted: Fri Jul 10, 2009 9:03 am
by size5
I suspect the poster is of the opinion that because the household disposable income is £600, his half is £300, so it could be a scenario where he wishes to keep his wife/partner out of things.
Just a guess but certainly he needs to speak to a professional before he makes his next move.
Regards.