Posted: Sun Aug 10, 2008 9:50 pm
we only have 600.00 left each month to pay our 6 creditors would this be enough to pay 140000 on a iva if not what else could we do
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Posted: Sun Aug 10, 2008 9:51 pm
Hi Jacqueline and welcome to the forum. You will be best to seek advice from an IP as to your options. Hang on in there, someone will be along to advise you. Kazzy x
Posted: Sun Aug 10, 2008 10:01 pm
experts will be here shortly have you any assets?
Posted: Sun Aug 10, 2008 10:02 pm
hi new member...you have come to the right place for some advice...welcome
Posted: Sun Aug 10, 2008 10:22 pm
Do you own any property with equity in it??
Posted: Sun Aug 10, 2008 10:26 pm
i would think even if you were to pay for 6 years into the iva without any equity the payments will be too low if you havent any assets or job restrictions you could seek advice from a proffesional about BR
Posted: Sun Aug 10, 2008 10:27 pm
That would produce a very low offer, but there is no reason why you should not try an IVA. At this stage it would be sensible to take advice from an insolvency practitioner as to your options.
Posted: Sun Aug 10, 2008 10:31 pm
In a case like this Melanie,would it be possible to propose an IVA over 7 or 8 years instead?? I know its a long time to live under the restrictions of an IVA,just wanted your professional opinion. Obviously things change in life and 8 years is a long time.
Posted: Sun Aug 10, 2008 10:34 pm
An IVA could run over a longer time period, but you have to be realistic. Perhaps a sixth year is a good compromise, but I would hope that we don't start seeing a trend to extend these agreements any longer.
Posted: Sun Aug 10, 2008 10:37 pm
I just asked because people run dmp's over a long period of time so I would imagine that someone may be willing to pay into an iva over a longer period than the norm too.
Thanks again for your advice Mel,my knowledge base is growing steadily.
Thanks again for your advice Mel,my knowledge base is growing steadily.
Posted: Sun Aug 10, 2008 11:12 pm
Hey jacquelineh, welcome to the forum. You're in a great place here for advice and support so if you want to post a few more details then we can help further. I would also advise you to give Melanie a call to go over all of your options. X
Posted: Mon Aug 11, 2008 12:24 am
jacquelineh wrote:was that £14,000 or £140,000?
we only have 600.00 left each month to pay our 6 creditors would this be enough to pay 140000 on a iva if not what else could we do
Posted: Mon Aug 11, 2008 12:30 am
I read it as £140,000 because if it was £14,000, at £600 a month, it would be paid off quickly.
Posted: Mon Aug 11, 2008 12:35 am
wish i had 600 a month to put into a iva 
Posted: Mon Aug 11, 2008 2:20 pm
At £14,000 Viki, they wouldn't be eligible for an IVA.
look_divine, you pay what you can afford into an IVA, doesn't matter that it isn't £600. I pay just over £300 a month into mine.
look_divine, you pay what you can afford into an IVA, doesn't matter that it isn't £600. I pay just over £300 a month into mine.