Hi me and my husband owe approx 38K to 4 creditors and making the minimum payments is very tight. We live in rented accomodation and have roughly 300 spare to pay debts would we qualify for an IVA we both work Thank you
An IVA may be a suitable option for you but I recommend that you speak to an expert as there may be other ones available.
Visit www.iva.com for a list of companies and reviews and give one or two a ring for some free and impartial advice.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I spoke to someone straight away as all circumstances are different. I'm not there yet but just going through the process, but I know for some Debt Management Plans are suitable, others IVA and other bankrupcy. Speak to a good company and they'll be able to advise you, there are loads recommended on here.
"It is never too late to be what you might have been"
Fiona
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi thank you all for your help and advice, I am in the process of looking through the IVA companies to decide who to contact. also I have just read that I will have to include my student loans in the IVA even though they are on hold at the moment and I pay nothing toward them.
I do believe that student loans can not be included in a IVA agreement, Im not sure how they are treated in a IVA, but im sure a expert will be able to throw some light on this better than I can advise.
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X
An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt
If you were to enter into an IVA the student loans would not be included in the IVA but your IP would need to be aware of them so provision could be made to pay them should you begin to earn sufficiently to exceed the repayment threshold.
Regards
Last edited by Ivoryfalcon on Mon May 16, 2011 5:46 pm, edited 1 time in total.
Student loans can no longer be included for either IVA or BR.
You will have to let the IP know that there may come a time in the future when you will have to start paying for these dependent upon your income.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi Goldwolf - how are you doing getting your head around everythinv- so much to think about but you have come to the right place for help and support.
when you speak to the experts they will explain everything to you and go over your options andthe implications of each option. Its important to know if there are any costs that might affect your IVa payment in the future which is why its important to mention the Studentl oan even though it will not be a creditor.
Have a good evening.
Regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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On the face of it an IVA could work very well for you, but with all things the devil is in the detail so I would contact an insolvency practitioner directly who will be able to analyse your current financial situation and discuss all options with you.
