www.iva.co.uk

I'm worried sick. I have debts of about £50k and earn about £1600 a month, my expenses come to around £1300 which only leaves £300 for an IVA. Would this amount be enough? I have a mortgage and obviously dont want to go bankrupt as it would mean losing my house. Thanks.

Hi there and welcome to the forum

Based upon contributions of £300 alone, I do not think that an IVA would be workable - however if you have equity which you could release at the end of the five years, then this becomes entirely possible.

What is the value of your house and the mortgage, and is it solely or jointly owned?

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

I have a secured loan on the house which means that I have no equity in my home. What do you think the minimum payment per month would be if I owe £50k?

I would think somewhere in the region of £335, but if you owe HSBC or Northern Rock more than 25% of your total debt you will need to pay more as they have a higher dividend expectation.

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

Hi Sam

Welcome to the forum.
Have you had an assessment carried out?
They only take about 10-15 minutes and they are free of charge. This will give you an estimated proposal and a chance for you to get a clearer picture of the right solution based on your personal circumstances.

From what you have told us you would be eligible but I would advise you get an assessment carried out by a couple of companies, and I would recommend companies on the forum.
You can then decide based on the best proposal and the company you felt most comfortable with.

Best of Luck

Lee
www.123debtsolutions.co.uk - 08000 114 123