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Okay I have just totalled up my debt at £17,500. I am unsure of what to do for the best! My car is my own and i need it to hold down my job as it is in the sticks! I take hom £1100, and am not a home owner. Doeas anyone have any advice IVA wise, i am not currently at the point where i am in arreas with my monthly payments howver it is getting very very close and i am getting stuck on whst to do. Any help or advice would be appreciated. Thanks

Hi Roxanne and Welcome to the Forum!

An IVA may be an option for you, one of the first things we need to determine is are you insolvent?

To be insolvent means that you do not have enough money to pay off your debt in full or you cannot meet your contractual monthly payments. You mentioned that you are not in arrears with your monthly payments but if you are paying your monthly payments with credit, you would still be classed as insolvent.

It would also help if you could provide your disposable income amount, to calculate this take your net monthly income and subtract your general living expenses (not including monthly creditors payments) the amount left over is what you can offer your creditors each month.


Best Regards. IVA Experts

Hi Roxanne

Just to echo the advice of IVA experts. From your post it seems that you have a debt management problem rather than a debt problem. With some careful budgeting and perhaps a few sacrifices, you may well be able to pay your way out of this in time without recourse to formal insolvency proceedings. Take a good luck at your finances, and seek professional advice if necessary.

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