Would I qualify for an IVA? Thank you

[angela_p]

I am a divorced, single parent and a carer for my son, and so am unable to seek employment, but I have a regular monthly income of DLA, Carer's Allowance and Income Support. Would I qualify for an IVA? Thank you.

[Oliver]

Yes you could qualify for an IVA.

Please post some further details on your circumstances so we can advide futher.

How much unsecured debt do you owe?
Who do you owe it to?
Do you have any secured debts?
Do you own any properties or have any high value assets?
What is your rough disposable income (this is your total income less all your living costs (not including secured debt repayments)?

Best Regards
Oliver

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

[iva_squirrel]

Hi angela_p and welcome to the forum,

Could you post some more information so we can advise you further?
Could you tell us how much you owe? How many creditors? Do you own a house?

Regards,
Michelle P.

[iva experts]

Welcome to the Forum Angela,

I have seen cases where an individual is a full time carer, an IVA is still possible but to advise further we would need you to provide more information.

An IVA is based on your disposable income (monthly income minus living expenses), do you know your disposable income?

Best Regards. IVA Experts

[angela_p]

Yes you could qualify for an IVA.

Please post some further details on your circumstances so we can advide futher.

How much unsecured debt do you owe?
Who do you owe it to?
Do you have any secured debts?
Do you own any properties or have any high value assets?
What is your rough disposable income (this is your total income less all your living costs (not including secured debt repayments)?

Best Regards
Oliver

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

[angela_p]

Welcome to the Forum Angela,

I have seen cases where an individual is a full time carer, an IVA is still possible but to advise further we would need you to provide more information.

An IVA is based on your disposable income (monthly income minus living expenses), do you know your disposable income?

Best Regards. IVA Experts

[angela_p]

Hi angela_p and welcome to the forum,

Could you post some more information so we can advise you further?
Could you tell us how much you owe? How many creditors? Do you own a house?

Regards,
Michelle P.

[angela_p]

Thank you for your help with my question!
the new information you require in order to advise me further is:
I owe £22,000 to 15 creditors(credit cards/store cards/bank loan/catalogues) I have no secured debts; I do not own my own home; I have no high value assets and I have worked out my disposable income as £232.
I hope that this helps, as I am becoming more and more desperate!
thank you again.

[Oliver]

Based on this information and dependant on who your creditors are, I would say that you have a good chance of proposing a succesful IVA. You should talk to 2-3 companies (the ones on this site are all legitimate) and seek advice from them as to how best to proceed.



Best Regards
Oliver

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

[MelanieGiles]

Current creditor criteria is that persons whose income derives solely from benefits are not suitable for an IVA. It would seem to me that bankruptcy proceedings are probably a better option for you - financially at least. Is there any particular reason why you wish to avoid this procedure.

And can I say that this is not a personal view of mine, but of creditors generally. Interesting that they don't have the same problems in lending the money to people on benefits!

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]

Mel we have been succesfull in proposing IVAs for people in similar circumstances recently with the swinging factor being that the Career's allowance was viewed almost as a substitute for wages. If the Career's allowance was shown to be sustainable for the IVA duration do you still feel the creditors would dismiss this out of hand?


Best Regards
Oliver

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

[MelanieGiles]

I suppose it depends upon how it is disclosed Ollie, but the BBA and TiX suggested criteria make it clear that benefits based IVAs are unlikely to be accepted in the future, and certain creditors already have very strong views in theis regard.

If you are continuing to get success in this area, then people should be encouraged by this - but I have to say that statistically it is proven that benefits backed IVA's rarely run their full course as there are so many strains on what is already a very tight budget.

Having said that, people ought to have the same choice with regard to debt repayment as they do to borrowing, so hats off to this poster if they feel that an IVA is the right way forward.

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]

Thanks Mel.

We have been fairly succesful in the proposals we have put forward but we have based a strong emhasis on the "benefit / allowance" being a sustainable amount during the IVA term, i.e. a single parent looking after a disabled child and receiving a Careers Allowance.

I hope that there continues to be success in these cases as I totally agree with you that these people have as much right as the next to propose an IVA if they feel this is their best course of action.



Best Regards
Oliver

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

[Adam Davies]

Hi
It,s all about whats best for the debtor and creditor and if an IVA is the best deal available then no one should be excluded from it because their income is benefit based.
If banks loan to peole with benefit based incomes then thy should not exclude them from a debt solution because of this.
I wonder what the Insolvency services view is ?
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

[iva.com]

Hello Angela,

If you do decide that an IVA is the right solution for you, you might find www.IVA.com useful. We maintain a list of IVA firms and Insolvency Practitioners. We also display reveiws of the services provided which have been posted by their clients.

Please let us know how you get on.

Kind regards,
Terry Balfour
IVA.com

IVA.com - Comparing IVA firms by using consumer feedback.

Please rate your IVA firm or Insolvency Practitioner by reviewing them here: http://www.iva.com/submit_iva_review.asp