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Posted: Wed Aug 13, 2008 1:19 pm
by k_g
I am paying my debts under debt management plan for the past 18 months(£135.35/month) . I have 5 creditors and owe approximately £52,000.
I am a company director since January 2008. Therefore I do not have any pay slip. What documents do I need to submit to apply for IVA?
Thank you
Posted: Wed Aug 13, 2008 1:28 pm
by size5
Hello and welcome, a couple of questions for you first.
Are you a homeowner or a tenant, and what do you feel you can afford per month currently after all reasonable expenses have been taken care of?
Regards.
Posted: Wed Aug 13, 2008 2:25 pm
by plasticdaft
£135 a month for 52k of debt. thats going to take you 32 years to pay off!!! How did you managed to get talked into doing that??
Posted: Wed Aug 13, 2008 2:26 pm
by plasticdaft
Dont think I am belittling your situation,I am just amazed that someone would take on a debt plan that would take them 30 plus years to pay off.
Posted: Wed Aug 13, 2008 3:11 pm
by Viki.W
Hey k_g, welcome to the forum, I think you have to submit your trading accounts and profit and loss statement. If you've only been trading since January, you probably won't have any yet but I'm sure your accountant will help. Please wait for a technical expert to advise you as I may be wrong.
Posted: Thu Aug 14, 2008 11:14 pm
by MelanieGiles
It will be difficult for you to propose an IVA with so little disposable income for that level of debt. Has anything changed to improve your financial circumstnaces since you entered into the DMP?