www.iva.co.uk

Hi All,

Have just started looking into IVA's, and am wondering what the amount you have to owe is before you can apply for an IVA?

Many Thanks

Jon

[:)]

HI Jon and welcome to the forum

I beleive you have to owe a minimum of £15K and have 3 or more creditors, but i am not completely sure on this one of the experts will be able to give you a more definate answer.



view my blog http://coco.blogs.iva.co.uk

Hi Jon,

Welcome to the forum. I believe it is approx £15,000 spread across a minimum of 3 creditors but I'm sure one of the experts will be along to help shortly and to give you the exact details, it will probably also depend on how much disposable income yoou have after living expenses and if you have any equity in a property (if you have one), can you post a few more details about your circumstances?

Lou [:)]

In reality there is no limit on creditors either upper or lower, but most practitioners are reluctant to take on work where debts are lower than £15,000 as they are rarely cost effective in terms of the necessary costs.

Louisa and Coco are right that you need three lines of credit, but a minimum of two creditors is fine so long as there is more than two accounts with one creditor.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Hi All,

Thankyou for your quick responses.

I actually have around £18000, mostly with HSBC, but credit cards with Egg,Tesco & Amazon.

Is it worthwile talking to someone at HSBC first to explain what I am planning to do? although I know all they will do is try to offer yet ANOTHER loan, and that is exactly why I am in this position in the first place!

Hi Jon

It is always a good idea to talk to your creditors first to see if they can offer any assistance to you in resolving your difficulties, perhaps by you making lower payments, consolidation or a period of interest freezing. If this does not work, then an insolvency practitioner or a debt management compaby is probably the next port of call.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Hi Jon B

I think most probably your IVA is borderline and you could talk to your creditors and see if they would accept a notional amount to clear the debt or failing that a debt management plan might be an option!

I think an IVA might be expensive with the amount of debt you say you have!

The other thing to do is to ensure the situation does not get worse and I would suggest going for a bank account run along bankrupt and IVA lines so you do not get into credit. ie a Co Op cash minder or Halifax easy cash account. In addition get a front loaded Mastercard with Cash Plus which would cost £4.99 per month.

Hopefully this helps

Hi All,

Thanks again for your comments.

I currently pay back £425 per month for loan/ cc payments.

I have been quoted £250 per month over a 5 year period, this sounds like a very good option to me, but am a bit concerned now that ray_a, has said this would be expensive??

I know I dont owe a lot in comparison to many on the forum...but debt is debt!

Help!

It is expensive to the creditors not you - but it would appear that you can probably afford to pay your debts in full in any case over a five year period, so I would err against doing anything other than negotiating with your creditors for the moment.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Hi Jon B

I take it that you have responded to an advert.

These are a bit of a trick as IVA's are complicated legal devices to deal with debt and can not be packaged like a normal loan!

We have a lot of experience on here and perhaps if you could fill us in with your income and monthly outgoings and whether you have a house with a mortgae on it we will be able to see whether this is a good route to go down.

IVA's are good but you have to be careful as they are quite fluid in their outcomes and do not lend themselves to the way in which they are sold!

Sorry to be negative but we have all been caught out!

Hi ray_a,

Thanks for all your input!

I heard about IVA's through a freind who was also looking into sorting out his debt, and came across this site from a search on Google.

Monthly income is £1200-£1300 (depending on any overtime)

Outgoings are very high at the moment due to a new job and additonal travel expenses, so I am only left with around £200 to play with. I am also learning to drive, to hopefully save cash on the comute, and drive to work instead.

I live with my partner, and pay rent towards her mortgage.

I have had a loan/overdrafts all my working life, and they seem to be spiraling upwards, but my salary does not!

I just want to put the nail in the coffin when it comes to debt, and know once and for all that I will be debt free at some stage.

Thanks again

Jon

An IVA would probably work on those figures Jon, so maybe it is best to now speak to an insolvency practitioner on a more direct basis to explore the options and look at the advantages and disadvantages of each one.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Hi Jon B

It certainly looks a good idea to look at an IVA as an option but I think if you are looking to learn to drive and you might have to get a cheap car and the maintenance on this as to whether £250.00 is a bit high!

I think you would make a good distribution ( dividend) to your creditors of say £150.00. I think I would try and shop around!

If that does not work and you can do something about your personal expenditure then the offer of £250.00 might be workable!

Hope that helps and do come back!

Thanks again Melanie & ray_a!

Its so nice to be able to get positive, and straight to the point feedback.

I am currentley in talks with a very nice lady at thomascharles, who is calling me tonight to discuss my situation further.

My only other option is to again, refinance my loan (again!).

Thanks again for all your advice!

Well good luck and do tell us how you are getting on!