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Posted: Thu Apr 14, 2016 8:53 pm
by Tonyd73 83
Was in an iva fully discharged, but circumstances including moving out of home with parents and then having child have now got into financial difficulties again can I go into a second iva, no way near 100k of debt previously had but around £40k believe have around £500 of free cash each month so could pay back quite a chunk but unable to arrange cheap personal loans to do this as cannot get any more credit what are chances of 2nd iva being accepted
Posted: Thu Apr 14, 2016 9:14 pm
by Foggy
You have every chance, although the creditors might want a bit of an explanation as to how you have ended up here again --- but you are not the first
Posted: Fri Apr 15, 2016 5:48 am
by luluj
I think you need to seek advice of a professional to get the iva proposal written and approved. You will need to be able to demonstrate how this has happened again. £500 a month is alot of money to have to pay things off so be sure this does not leave you so stretched you cannot live.
If all goes ahead you will need to really focus on planning and budgeting as going forwards once cleared I would hate you to get into the same position for a third time.
Posted: Fri Apr 15, 2016 6:35 am
by lifenoteasy
Also be prepared for them to ask for more - what you think you can afford to pay may not be how it works out.
Posted: Fri Apr 15, 2016 10:52 am
by size5
I have successfully proposed many second IVA's in the past, and see no real reason why this would be a problem.
Eyebrows may well be raised of course, but you seem to be contemplating a responsible way of addressing the debt and I would hope that you are not discriminated against for past errors.
Speak to 2 or 3 organisations, including at least 1 charity, to get a feel for all your options, but best of luck.
Regards.
Posted: Fri Apr 15, 2016 10:56 am
by Shining
I hope the above has given you some reassurance.
Do talk to 2 or 3 companies and get that all important case specific advice.
Posted: Fri Apr 15, 2016 11:30 am
by Radish
I saw a tv documentary program about people that had gone bankrupt 4-5 times. One of them was quite young too.
Posted: Fri Apr 15, 2016 11:56 am
by kallis3
Several celebrities have been bankrupt more than once. You do need to seek advice - give Andy Davie/Vincent Bond a call (details under the expert link on the left hand side of the page) for some free advice.
Posted: Fri Apr 15, 2016 3:17 pm
by Shining
Whilst not ideal these things happen and I'm sure you'll come out the other side, good luck, hope it all works out positively for you.