www.iva.co.uk

Hello I’m hoping someone on here can help me before I start searching for some professional advice.

Basically I owe approximately 16k on four credit cards and one overdraft (5 different banks). The debts started following divorce approx 3yrs ago and slowly go bigger and bigger. Over the last few years I have swapped credit cards around onto 0% balances and slowly chipped away at the debt. I am now struggling to keep this up because banks are not offering the same deals as they have done in the past on 0% balance transfers etc.

House is valued at 80-85k approx and I currently owe 73k on it. Along with this I have a 22k secured loan on the property which has approx 12 years to run. I can't re mortgage at present because I am tied in until June 2011 and even then there isn't enough equity to pull out of the house because it will be over a 100% mortgage which again the banks aren't doing anymore.

Meeting the mortgage and secured loan payment is no problem at all and I have never missed a payment or been late paying the credit cards but when the interest charge kicks in I don't think I will be able to meet the minimum fee which gives me about three months breathing space may be slightly longer.

I live alone aged 30 and I have my 4yrs old daughter who stops with me half the week. I received no form of Benefits/ Tax Credits etc

My monthly net income is approximately £1500.00 (Annual salary is 25k)

My core house bills total £1050.00 monthly, break down is follows

Mortgage 414.00
Secured loan 244.00
Child Maintenance 150.00
Council Tax 78.00
Electric 25.00
Gas 35.00
house ins 30.00
car ins 32.00
water rates 18.00
mobile telephone 25.00

Basically I could do with knowing what my options are with regards to these unsecured debts with my income and out goings? Is an IVA suitable? Any help or advice would be really appreciated.

Thank you for reading my post

Hi and welcome to the forum, you will get some great advice here.

Have a lok at the reviews on www.iva.com and speak to a few IPs about your situation.

With regard to your expenditure, you will also need to include things like food, clothing, phone, internet, tv, sports/hobbies, repairs, contingency to name a few.

As I said, speak to some IPs, mine is Melanie Giles and she is very professional and a great person to deal with.

Hello and thank you for taking the time to reply.

I have listed all my household bills except my petrol expenses approx £100.00 per month, food approx £160.00 and the clothes that I buy as and when.

To be honest I have only just started to look into the world of IVA's and I can understand the concept but I am struggling to work out how to make one fit into my life style if that makes any sense.

I guess what I am hoping someone might be able to tell me is that based on my circumstances an IVA is or is not a viable option and I might be able to claim £?? food allowance £?? petrol allowance £?? anything else I am entitled to claim and that will give me roughly £?? to offer my creditor which may or may not be excepted.

Hi Carols and welcome to the forum, one of our professional posters will be along soon to comment on the viability of an IVA for you but in the meantime why not take a look at www.iva.com for a list of companies and some reviews of these. If you decide to get some advice from a company always ensure you speak to 2 or 3 companies to get free impartial advice specific to you.

There will be a solution for you, all the best x

Hi Carlos and welcome to the forum,

As long as you have a certain level of disosable income. then an IVA is an option. There are CCCS guidelines on maximum amounts that can be claimed, however you should put down what you actually spend and your IP will advise you from there.

Other options are bankruptcy and a debt management plan. Take a look at the link the others have provided or contact an expert via the tab on the left hand side. By talking to a professional about your personal circumstances you will be able to come to the right decision for you.

Will an IVA/ BR affect your job?

I work for a local authority and I have checked through the staff code of conduct and it makes no mention that being declared bankrupt or starting an IVA will affect your job role with the Council.

Does anybody have an knowledge of if an IVA may affect my job role??

You should be ok then if there is no mention.

I work for the police and they have no knowledge of my IVA at all.