would I be able to put in for a IVA ?

[eddie.d]

I owe just over 15k credit cards(3) and a tax bill of 3,800 and basically can't afford the interest.I'm self employed,earn 1k a month(after tax)after bills i have 200 left for creditors would these circumstances enable me to put in for a IVA?
thankyou for any feed back.

[MelanieGiles]

Hi Eddie and welcome to the forum

It would be possible to put forward an IVA based upon those figures, but you would need to be sure that you could make that level of repayment for a five year period.

Do you own a property which has any equity in it, or are you renting?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[eddie.d]

Hi Eddie and welcome to the forum

It would be possible to put forward an IVA based upon those figures, but you would need to be sure that you could make that level of repayment for a five year period.

Do you own a property which has any equity in it, or are you renting?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[eddie.d]

I can afford to pay upto 200 over a 5yr period.As for property,i rent,would that hinder a IVA process from fruition.
Also would a IVA involve taking household furniture or vehicles away?
What is the fee i would be charged for the process?
Do you get charged if it's unsuccessful?
I appologise for all the questions but i'm far from literate on this subject.One more thing are my personal details ie real name known to you?

Hi Eddie,
no, anonymity is the rule here!
admin team.

[iva experts]

Welcome to the Forum Eddie,

It is possible for you to propose an IVA, as Melanie has stated you will need to be sure that your can sustain making payments for a five year period.

When an individual is self-employed and proposing an IVA, they need to provide 3-4 years tax returns, 3-4 years accounts and a 12 month trading projection.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[MelanieGiles]

Hi Eddie

The fact that you are renting makes no difference to you being able to offer an IVA to creditors, and your personal effects and vehicle ought to be excluded - providing they are not of material value.

The fee will be discussed with you by the IP you choose to appoint, but will be paid out of the contributions you agree to make to creditors and it is unlikely that you would be charged anything if the case was not accepted - but again check this out with your own advisor.

Eddie, we are just posters on the site who have no knowledge of any of your personal information - so long as you have not included your real name in your profile none of us know your real identity.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[iva experts]

Sorry Eddie, your second post wasn't there when I was posting.

The best way forward would be to contact 2 or 3 debt solution companies to gain some advice, this is a good way to make sure that you are being adivsed correctly.

Each company has a different policy, some charge fees others do not, it all depends on the company your go with as to whether you get back your fees paid etc.

In an IVA your furniture etc is not likely to be taken from you, however if you have a vehicle valued at over £6,000 you could be asked to sell this and buy a cheaper car. Also if you have assets like savings, shares etc you could be asked to surrender these.

If your IVA is agreed your name will be placed on the insolvency register which is a public register. However not many people know that the register exists.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[eddie.d]

Thankyou people for your input.
I'm going to my local citizens advice bureau for further consultation.
Thanks again,no doubt i'll be back to bend your ears some more!