what exactly is an iva ?

[mitsu8]

hi my wife and i have card debts of about 25-28000 can these be put into an iva.i have other stuff like car and mortgage plus secured loan but i can afford these .also what exactly is an iva.my other route is br.how much would it cost me monthly to do the iva.at moment not behind on cards and pay 1000 month but interest means i hardly pay any off.any advice greatl received thanks

[MelanieGiles]

Hi there and welcome to the forum

An IVA is definately one option for you, and you would need to continue to pay your secured loan payments over your property and any hire purchase agreements.

In order to determine whether an IVA is an option for you, you would need to work out what disposable income you have to offer to creditors and also evaluate any equity you have in your property and other assets. An insolvency practitioner could help you to do this, and also advise you on other options including bankrutpcy.

[Soulgrowth]

Hi mitsu8

Just wanted to welcome you to the Forum. An IVA is a very good way of gaining control of your financial situation again and it is better to lock the stable door BEFORE the horse has bolted and keep in control of things! ... so it would be well worth you talking to am Insolvency Practioner to see whether and IVA would be an option for you.

Now you have found the Forum do stay around and ask questions as we are all here to help you.

Debbie

[mitsu8]

thanks for reply.just wondering if you have to have missed payments to do an iva,thanks

[kallis3]

Hi there,

You don't have to have missed any payments. If you are struggling to make payments then you have financial problems and probably need to seek help.

[Adam Davies]

Hi
No you don't,infact most people have superb payment profiles when they apply for an IVA,the trouble is that they have been using credit to pay for credit and are actually insolvent.
How much equity do you have in your house ?
Regards

[angelrainbow]

I never missed any payments! My situation is a little different though as our IVA is mostly made up of previously secured borrowing which became unsecure after our home was reposessed (mortgage in OH's name, I moved in a few years after he bought it).

It is such a relief to me to be able to regain control and get ourselves back on track.