Would i be eligible for an IVA?

[ellen]

Hello, I owe roughly £8000 to 6 creditors and have a 3000 loan that my mum took out for me. im 20 yrs old and wanted to know what my options were. Would i be eligible for an IVA?

[MelanieGiles]

Hi Ellen

You do not have enough debt to propose an IVA unfortunately. I suggest you look at a Debt Management Programme to make reduced monthly payments to your creditors based upon what you can afford.

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

[Oliver]

Hello

You currently do not have enough personal debt to make an IVA a viable option. You can though enter into an informal payment plan with your creditors. You can attempt to organise this yourself by contacting your creditors or alternatively you can seek a professional to do this for you. You are likely to be charged for the later though so I would recommend that your first port of call would be to discuss an affordable payment with your creditors yourself.






Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[iva experts]

Welcome to the Forum Ellen,

I agree with both Melanie and Oliver that a Debt Management Plan (DMP) would be the way forward.

If you choose not to approach the creditors yourself but instead go through a third party, even though you are likely to be charged for the service all your monthly payments will be handled within a single affordable monthly payment which can be less stressful.

Hope this information is of use

Regards. IVA Experts

[ellen]

Im not sure which DMP companies to trust and which are just trying to take my money

[tracy.h]

CCCS and payplan will organise dmp and do not make any charge cccs is a registered charity that,help people in debt www.cccs.co.uk hope this helps

[Adam Davies]

Hi ellen
Can you post details regarding your income an expenditure?? We need this info to be abe to advise you correctly
Regards


Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp