what other help is there for me

[stace]

i have 17k worth of debt, 10k is an unsecured element of my mortgage. the rest is credit cards etc, i have enquired about an IVA and have been told by an IP that i do not qualify for an IVA as my debt is under 20k and that Northern Rock will reject it, what other help is there for me, i thought IVA's were judged on 15k and over

[aguise]

Hi there stace
I am just another in debt but will try to answer you r question but opthers will be along also.
They do say 15000 and up for an iva but there are other factors, how many creditors and Northern Rock at present are renowned for not accepting. As it goes on a vote I woould assume most of your debt is with them and as you need 75% acceptance the company you spoke to probably thought it would fail. Also having what is considered a relatively low amount of debt you could with the Ips fees possibly be better off with a debt management plan. Did they advise you of your other options ? If your creditors froze interest and you paid them a lower amount you may be able to settle your debts in less than five years that way.

Hope that helps a little

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[Adam Davies]

Hi Stace and welcome.
Aguise is correct in that it,s more the fact that you have NR debts exceeding 60% of your total debt rather than the relatively low amount of your total unsecured debt that precludes you from entering an IVA.
Other options could be that you enter into a DMP,remortgage and pay off your unsecured debts[if you have enough equity] or look to move your mortgage onto an interest only one and free up some disposible income.You can also consider bankruptcy.
If you post more details about your house value,outstanding debts and disposible income then further advice can be given.
Regards


Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp