Would an IVA be a viable option

[dw78]

Hi,

I have debts of 25000. I am currently ending up with 150-200 pound left after paying everything out and the credit cards (21000) are not coming down. I work away as an IT professional and need money to travel. Would an IVA be a viable option and how much would I have to pay per month (roughly?). I take home 2300 a month.
Thanks in advance,

[plasticdaft]

You have 150-200 left after you pay for everything a month?? If thats what you are saying I would suggest you start putting that 200 pound a month onto the card with the highest interest and work your way through them.

A debt management plan would work for you as well,best speak to someone like Citizens advice.

[MelanieGiles]

You could also look at an IVA, albeit your contributions would be rather low. There are a few IP firms which will take on cases with a disposable income of as low as £150 - so shop around and take some advice, but make sure that you are being realistic about the calculation of your disposable income.

[plasticdaft]

I took dw78 to mean that after paying his bills and credit cards etc he still had 150-200 left?!?

[MelanieGiles]

Yes - you could be right there! Can the original poster clarify the position please? If you are able to maintain contractual payments to creditors, then you are probably on the wrong web-site!

[plasticdaft]

I know I didnt have 2 brass beans let alone 200 quid!!!!

[dw78]

Hi,

Thanks for all your replies and advice.
To claify, once the bills and credit card/loans etc are paid there is approx £150 left. This is then required to pay travel to london for work, food for the month for two people and the running of the car for a month. As you can see, it can't be done. This will soon be eaten up once the interest goes higher on the credit cards as the limit is being breached each time after the interest/charges are applied. They are not being used.

Hope this helps and thanks again.

[Lisa2009]

dw, what would be your monthly disposable income if you didnt have to pay your creditors but have paid your normal work and household expenses?

[kallis3]

Hi dw78 and welcome to the forum.

Your travel costs to London, are you able to claim them back from work?

[dw78]

Hi Mrs Skint,

If we were rid of the creditors the disposable would be around 500-600 pound.

Apologies if I am in the wrong place but I have been told about an IVA and am trying to get info and look into it.
Thanks again to all who advise.

Dw

[Lisa2009]

It seems to me that an IVA would deffinately be a viable option for you. I would now recomend contacting an insolvency practitioner for a chat.

I would highly recomend Melanie Giles or Ian Millington who post on this forum.

Keep posting any questions you have, thats what the forum is all about xxxx

[Lisa2009]

You are deffinately in the right place xxx

[kallis3]

dw78, that sounds like a good amount to pay towards an IVA. You need to speak to an Insolvency Practitioner to find out exactly what you can do.

The site iva.com has reviews of practitioners, but people on this site swear by Melanie Giles, who posts on here, so you could give her a ring.

[dw78]

Hi dw78 and welcome to the forum.

Your travel costs to London, are you able to claim them back from work?

Hi, thanks.

I can claim certain expenses back, however, I pay these up front and then have to wait 3 weeks. This then means my account pays other DD and bills out and I go overdrawn which I then get charged for (£130 this month). The expenses then come back into my account and only serve to pay the charges so it's dead money.

[dw78]

You are deffinately in the right place xxx

Thanks. To be honest the thought of it all (being "insolvent") scares me to death as this could really affect my future.

Thanks again, really appreciate the advise and information.