would we qualify for an iva

[ele]

hi,
we have just worked out our finances after putting ourheads in the sand for a while.We owe £114000 with no assets(we have a caravan in france worth about £500)...earn 2600 per month between us and our outgoings are around 2000
would we qualify for an iva

[aguise]

Hi there
If you can post how many creditors, do you own your own home ,if so is there any equity.Does the 2000 going out include the payments to credit cards, loans etc, or is it before, and is it joint debt. If you can do this others will be along to advise. You have to be insolvent to qualify therefore have more going ou than coming in.
Either way there will be options open to you and there will be a solution.

All the best

Ang

[MelanieGiles]

Hi ele

Just about! If you are serious about trying for an IVA, take proper advice as soon as you can as you are barely meeting minimum dividend criteria of 25p in the £ over a five year period. Work out your disposable income properly - you might like to use the form on my website as a guide, and determine whether you can really afford those repayments.

As you have no assets, you should also give consideration to bankruptcy proceedings.

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

[ele]

hi melanie
We have worked out our in and outgoings by downloadsing forms fromm cccs....so we have £2600 coming out and £2000 going out which includes rent food all utility bills and running cost of car
Could one of us go bankrupt,we really want to avoid this ands we are happy to pay longer than the five years,just need to get ourlselves sorted before we hpefully retire in 10 yearswe are both 55.
Can you advise best way to go....hubby owes 64000and me 55000 have 13 creditirs although saome are same company but different accounts...desperately need help as dont know which wat to turn
Ele

[MelanieGiles]

Have responded to this on your other posting

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