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Posted: Tue Mar 18, 2008 2:11 pm
by b.t
I want to apply for IVA. I have about £27000 debt. Please let me know if you can help me.
Posted: Tue Mar 18, 2008 2:14 pm
by debbiw
Hi bt, can you let us know how much disposable income you have left after household bills, ie rent, food etc, then one of the experts will be able to advise you further x
Posted: Sat Mar 22, 2008 7:17 am
by b.t
well I got around £200-£250 left after everything deduct.
debbiw wrote:
Hi bt, can you let us know how much disposable income you have left after household bills, ie rent, food etc, then one of the experts will be able to advise you further x
Posted: Sat Mar 22, 2008 8:16 am
by Lisa2009
Who are your creditors and how much do you owe to each?
Are you a home owner? if so how much equity do you have?
Posted: Sat Mar 22, 2008 8:23 am
by b.t
no i am not home owner.
lloyds tsb 18,000{loan + credit card+overdraf}
barclays 2600
mbna 4000
rbs 2300
mrs skint wrote:
Who are your creditors and how much do you owe to each?
Are you a home owner? if so how much equity do you have?
Posted: Sat Mar 22, 2008 9:59 am
by Beechy
Hi b.t
Before you decide to go for an IVA you need to look at all the options.
Option 1
Debt Management Plan
Informal arramgement with your creditors. Ther are advantages and disadvantages to this type of plan.
Advantages -- informal, flexible repayments
Disadvantages -- interest may noyt be frozen, creditors can still chase you, could get cc, could take many years to to clear debt
IVA
Formal arrangement with your creiditors
Disadvantages -- Faliure to maintain paymnets could result in bankruptcy,
Advantages -- payments based on what you can afford, fixed term of 60 months. If you were a home owner equity may have to be released.
Bankruptcy
Advantages -- all debt is disolved on bankruptcy, fresh start.Discharged from bankruptcy after 12 months
Disadvantages -- public advertising, stigma,
As you are not a home owner there is no chance of property being take by the OR to release equity to pay creditors, your landlord may be informed of your bankruptcy, if you have a car the OR may force sale dependent on value. If you have a car on finance the finance company may ask for the car back.
Depending on your job there may be inplications.
For further advise will no doubt be posted but I recomend you contact and Insolvency Practitioner who will offer best advice for your situation
Posted: Sat Mar 22, 2008 10:21 am
by size5
Looks viable to me if your disposable income is broadly correct and you wish to consider IVA. For a list of IP's and reviews you may wish to vist
www.iva.com and have a look round. I would also suggest that you talk to 2 or 3 firms to get a balanced view of things.
Regards.