www.iva.co.uk

Posted: **Wed Aug 13, 2008 5:54 pm**

I have 4 Credit Cards with balances on (2 with Barclays, 1 with Citi Group and 1 with Edge.) and I also have a loan with Lloyds. The cards total roughly around £4,800 and my loan is for £9,000 but a total repayable amount of £18,000.

My first question is do I count the total repayable of the loan to qualify for an IVA or is it the total borrowed?

My next question would be.. How likely would I be to qualify for an IVA? As I've heard that the creditors can refuse them if they want.

I look forward to your reply and thank you in advance for any advice you can offer me on this matter.

Posted: **Wed Aug 13, 2008 5:57 pm**

Hi Craig
Welcome to the Forum. Your debt is the total amount owed which means the total amount payable. I'm sure someone better placed will be along soon to give you better advice.

Posted: **Wed Aug 13, 2008 5:59 pm**

Hey craig, welcome to the forum. If you owe TSB more than 75% of your overall debt then you may not be able to do an IVA as they like to deal with it themselves. Please hang in there, Melanie will advise you further. X

Posted: **Wed Aug 13, 2008 6:01 pm**

hi craig and welcome....hope you get some answers...you are in the right place

Posted: **Wed Aug 13, 2008 6:03 pm**

An IVA relies upon 75% of your creditors (in value) accepting the proposals you put before them. As Ray has said, you do need to include the loan at the full value repayable, and as Viki has rightly highlighted, Lloyds have stated that they will not accept an IVA if they are owed more than 75%. This is because they wish to help their clients directly with arranging a suitable DMP. If this does not suit you, then you could always declare yourself bankrupt.