Would an IVA be a viable option

[Abby]

hi dw

welcome to the site, you should contact melanie, she will put your mind at ease and talk you through everything. the pros defenitly outway the cons. good luck. x

[Viki.W]

Hey dw. Your IP will work out your disposable income by taking your income and deducting all your essential outgoings. You will be allowed a contigency amount each month. Out of this contingency you can use it as you wish but bear in mind that if anything breaks in the house etc you will need it for that. Saying that, you can still have a holiday or night out, you just need to look for cheap deals.

ALL of your disposable income will fund the IVA.

[dw78]

hi dw

welcome to the site, you should contact melanie, she will put your mind at ease and talk you through everything. the pros defenitly outway the cons. good luck. x

The more I read and the more stress I am having at home, the more I am thinking this is wise. I feel a bit of a failure having to do this (if that makes sense)!

[Wizzard]

You aren't a failure ... in fact you are on the road to success now you've pin pointed your problems and took the first steps to rectifying them. If you need a natter or a whing we are here for that very thing.

[Lisa2009]

Makes perfect sense. We have all felt like that.
It may sound hard and in some respects it can be but in 5 years time you will be free of debt and will be so well rehabilitated, you will never want credit again

[Til]

Don't feel a failure dw78 - most of us are in same boat - often its the guilt or shame we feel that stop us from facing it and fixing it but on here you will see you are far from alone and ultimately, once you've faced and tackled this, you will feel so much better and the weight of it all will have been lifted. It's a rocky road but one worth travelling no matter how you eventually sort it - the most important thing is to know that it can be sorted [:)]
Good luck with whatever you decide to do x

[plasticdaft]

If you are a failure Dw then there are plenty of us failures here too,but I dont think any of us are. We all have different circumstances surrounding our ability to dig a big hole and hide in it while our debts build up. By posting you are activiely doing something about your troubles.

[dw78]

If you are a failure Dw then there are plenty of us failures here too,but I dont think any of us are. We all have different circumstances surrounding our ability to dig a big hole and hide in it while our debts build up. By posting you are activiely doing something about your troubles.

Cheers, thanks.

I am probably going to speak to an IP about it to work out what I would have to pay and what I would have left.

Thanks again to everyone for your advice and help, much appreciated!

[Viki.W]

Good luck dw, have a look at www.iva.com you can read reviews of IPs on there. I'm with Melanie and can personally recommend her. Let us know how you get on and keep posting. X

[plasticdaft]

Remember when speaking to your IP to be open and honest about everything,and dont leave yourself short when it comes to expenditure. Think of things like car mot's,school dinners etc etc.

I would advise you to talk to a couple of IP's and not just settle for one.And if you are set to go down the iva route I would be looking to not pay creditors anything at all until you sort yourself out,but an IP is best placed to advise you of what to do.

[dw78]

What I am looking for is a general idea of what I will have to pay and what I will be left with to live so will speak to an IP.

I take home 2300 and have debts of 34000. Would they take 2000 for the IVA and leave me with 300??

Apologies for the vague question and suppose that no one but an IP would know!

Kind Regards,

[dw78]

For info - The debt in the original post was my credit cards, i didnt realise that any loans are included. The full amount is 34000.

[Viki.W]

dw, your IP will go through your income and expenditure with you. There are certain guidelines, that, although not set in stone, have to be adhered to. Then any disposable income will be taken for the IVA.

[dw78]

Sorry I dont understand. If all my debts are wiped out then I would have my full wage. Would the IVA then take most of this and leave me with just enough to live/pay for essentials?

Thanks again and sorry for the stupid questions!

[Viki.W]

dw, the way it works is, your IP will go through ALL your outgoings with you:- rent/mortgage, utility bills, tv licence, food, housekeeping, pets, car tax, petrol etc etc, everything you need to live. Then take that from your income, that will be your IVA contribution. Your debt isn't written off, you're just paying less of it. Also, you will have to release equity in the final year from your house, if there is any. There are lots of other isses too but your IP will explain everything a lot better than I can. I'm just someone else in debt.