www.iva.co.uk

about 74k.iva is being considered for me but it seems there isnot enough to pay into an iva.thinking of takng an equity release loan of 33k and use it as a proposal to the creditors.pls advice

is it possible to approach creditors with a bulk of 33k and pay off in iva situation from the onset(ie having it as my proposal)

Hi mark and welcome to the forum

Well this would work, but I need more information about your current financial circumstances to advise properly.

I assume you owe £74,000 - please confirm.
Do you owe anything to HSBC or Northern Rock? If so how much?
What disposable income do you currently have (before creditor repayments)
What is the value of your property?
What equity do you currently have in your property?

Look forward to receiving that info in due course.

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 melanie
there isnot equity as such cos we only just moved into the property but they are happy to borrow us what we put in inform of deposit as the equity.
we owe 74k.hsbc is owed 16500 and northern rock 20000.our disposable income is no more than 300but we thought if this bulk settlement would work then we can channel the 300 to childcare as mum would stop babysitting for us eventually.thaks
its ok to reply to mark e thats my husband.

Hi faith

As you have debts with Northern Rock and HSBC, you would need to raise approximately £39,000 to meet their minimum dividend criteria.

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