Would I qualify for an iva

[tracey.c]

HI, I HAVE DEBTS OF 28000 THROUGH HALIFAX LOAN, HALIFAX CREDIT CARD AND CAPITAL ONE. MY MONTHLY INCOME IS £1380 AND MY MONTHLY OUTGOINGS ARE £1000. WOULD I QUALIFY FOR AN IVA

[Sarah]

I believe that you would qualify for an IVA the best thing to do would be to shop around and ask for some advice. But in my opinion you would be OK depending on what you can offer to pay back. The only thing i am not sure on is the amount of creditors that you have if this will effect this but someone else on this forum could help you on this.

I hope this helps!

[steve532]

Hi tracy.
In priciple yes ur disposable income is high enough, but the problem you have is if i read it right you only have 3 creditors. most ips like you to have at least 4. Its to do with the 75% rule obviously its harder to get an IVA accepted. Have you contacted these creditors and asked them for reduced payments? As i really think this is your best option.
Be Lucky

steve

[MelanieGiles]

Hi tracey

With only two creditors, you would appear to be better off coming to some form of direct offer of settlement. It is difficult to justify the cost of an IVA, when you only owe two individual companies, although this will take you longer to repay than the usual 5 years of an IVA, and the creditors will probably continue to charge you interest.

You may also wish to consider bankruptcy proceedings, but this will mean that your creditors will be paid a lot less (if anything) due to the high costs involved with that procedure.

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