www.iva.co.uk

have lloyds tsb loan outstanding balance £15,219 and credit card balance £6,594, total £21,813. Seperated from now ex wife 2 years ago but continue to pay mortgage, i no longer reside there.Paying out approx £1,100 per month which i can no longer substain due to change in employment. Is an IVA MY ANSWER TO MY SERIOUS WORRIES?

Hi ml and welcome to the forum

If you only have two debts then an IVA is unlikely to be an option for you.

I suggest that you submit a summary of your current income and expenditure to the creditors and explain that you can no longer afford to maintain contractual payments.

Suggest a revised monthly figure based upon your actual disposable income, divided in the same ratio as the debts ie 70% to Lloyds and 30% to the credit card company.

If you still have an interest in the former matrimonial home, then you should try and avoid bankruptcy proceedings if there is equity in the property.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hello M L

Just wanted to say Hi,and I know how horrible money worries can be. Youre not alone and we are here to support you and help you through this. I am not an expert, just another person in debt.

this is a really good place and offers technical support and empathy, or if you just want a rant.

Good luck and keep posting

LILY

I asked God for a solution and have to live with his reply.

Hi ML,

I can only echo what Lily says: this forum is something of a lifesaver.... everyone on here has been where you are now and understands without judging. It made a difference to me knowing I wasn't on my own.

Good luck.
DMB 42

ML

As Melanie says, it looks like you only have two creditors (or perhaps just 1 if your c card is also Lloyds. This will make it very difficult to agree an IVA and Lloyds have all the power and they may well reject your proposal in favour of a debt management plan.

You also have to be careful of your property. Has your ex been awarded the property in a divorce settlement? If not and you still have an equitable interest then this will also need careful consideration. In such cercumstances, if you wanted to consider an IVA or Bankruptcy, then the creditors would almost certainly demand some form of equity release

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions for over 10 years.

For more information visit www.jamesfalla.com and visit my blog at: http://jamesfalla.blogs.iva.co.uk