would i be able to qualify for an iva .

[clasher]

thanks again for the reply. just a thought , a lot of ifs , but if i do go ahead and if it is accepted and i could make payments without touching my state pension would i be forced to take my state pension.i would like to defer my state pension till an iva was over as it would increase to give me a larger weekly pension. thanks

[MelanieGiles]

No - as this would be seen to be avoiding paying your creditors as much as you could pay.

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

[clasher]

again thanks for imformation. my company pension and wage will i am sure cover the 375 pounds i have spare . if i must then take my state pension will i have to pay all of it into an iva or will i be able to keep some . if i have to pay all of it into an iva it seems pointless continuing to work after 65 as my wage will only be approx the same as my state pension.

[MelanieGiles]

I agree with you, and as long as you can afford to continue with your IVA payments, the creditors will not really mind whether it comes from earned income or pension.

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

[clasher]

hello , just another query . if i applied to go for a DMP and it was agreed and that the number of payments and monthly amount would clear my debt , how would this affect my state pension .as you stated above in an iva i would be liable to pay all of my state pension into an iva , would i then have to increase my payments or would they continue at the same rate which as stated would clear my total debt. thanks

[ukmoneyadvice]

Hi, a DMP would be fine for you, however, you MUST consider the length of time it would take, in your case and based solely on the figures you have given and the Income and Expenditure you mention it would take roughly 8 and a half years.
Melanie is right in as much as you have to be realistic in your ability to repay an IVA for the full 5 years. This is crucial.

Incidentally, I re-iterate others comments in as much as there are a great many people on here with exceptional knowledge and the willingness to help.

You are definately in the right place at the moment and my advice, after being in the industry over 20 years is to rationalise everything and be committed, then simply go for the most suitable option.

Should you need any more assistance, simply post back on here.
Best of luck.
John

[ukmoneyadvice]

Incidentally, as you received your pension, if it was apparent you had a higher disposble income, you would be expected to be repay a higher amount into your DMP.

This would be good for you in as much as your debt would be repaid much more quickly.

If done properly, and this is the key, a DMP can work very well for you, however, you will end up paying the total indebtedness back whereas on the IVA it would be considerably less.

DMP would be a definate option if you are aware of Bankruptcy and IVA and have considered all options, and are happy to pay back the full debt over the period.

Hope this helps.
Regards
John

[clasher]

I did post earlier that i was considering to apply for an IVA. At the time i thought i would be able to repay at £ 375 a month . After discussion with the company that is dealing with my case i realised that this was unrealistic . An amount of £ 320 being my proposal which is far more realistic . This works out at 33p/£ after costs as against 0p/£ in bankruptcy. My main creditors are Barclaycard 48% and A & L 14% of debt.This is the best offer i can make . The creditors meeting is shortly , do you think that this has a chance of being accepted?

[MelanieGiles]

I am sure it will Clasher, if you are putting your best foot forward. Good luch on the day of the meeting and let us know how you get on.

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

[Adam Davies]

Hu Clasher
It,s good that you have put a realistic offer in,one that you will be able to afford.
Good luck to you
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