www.iva.co.uk

I currently have a arrangement with a Debt Management Company - Payplan - for a Debt of £76,000, which I have been paying at an amount of £180.00 a month for 2 years.
I am interested in taking out an IVA but have a Charging Order against my home - taken by Northern Rock to whom I owed approx £30,000. Would this prevent me taking out an IVA?
I would appreciate your help in this matter.

Hi biffo and welcome to the forum

Well if I had been advised to do a DMP which was going to last for 40 years then I think iw ould be looking at alternatives!

Having a charging order will not stop you proposing an IVA, but you will probably need to maintain ongoing payments to Northern Rock and this will therefore leave you with little income to fund the IVA. If you have no equity in your property, bankruptcy might be a better option.

Hi
Does make you wonder if people really are given the 'best' advice ?
Was an IVA discussed at the time ?
Regards

A court approved charging order will be counted as a secured debt which you must maintain during an IVA.