I've been pottering about this site for a while and you all seem really nice and supportive so I wanted to ask soem questions.
My Husband and I are trying to figure out what we should do. We're currently approx 45k in debt (all unsecured.) We're just about making the monthly payments but on what we thought were reasonable salaries (29k and 30k before tax) we're not enjoying it much at all as sooo much goes out on debt. We've made some silly choices, but also had things to deal with that were out of our control - e.g my husband being unfairly dismissed and us having to relocate back to the uk.
Anyway - we want to be debt free, but also have some sort of a life again!We have a flat down in London that we're thinking of selling but not sure if it's worth it. What I really want to know is how much of my pay after bills etc could I expect to keep if I go into an IVA? I have under 100 per month which technically covers food and travel too - and I'm worried I could be worse off in an IVA?Any advice would be really appreciated!Thanks!:)
If you have only £100 per month for food and travel something is wrong and this is well below the basic acceptable guidelines.
Your level of income does suggest you should be able to meet your debts but it would be worth speaking to as IP and going through everything because if you are struggling there must be something amiss. IVAs may not be the best options but there are other alternatives which you could discuss. Good luck.
There are expenditure guidelines set by the Consumer Credit Counselling Service (CCCS) that all IVA propopsals should be based on together with what your normal monthly costs are for utilities, fuel etc. The guidelines include allowances for all sorts of expenses that some people forget about (including haircuts!).
You will also discuss all the options available to you so that once you know what you can realistically afford, what options there are and the details of each, you and your husband can make an informed choice of how to move forward.
As I'm sure a lot of the forum posters who are already in an IVA will tell you, you can do an IVA and enjoy life at the same time, if you know where to shop and how to make your money stretch further!
It may be though, that once you have sought full advice and understand all the implications, you may find another solution suits you better or that an IVA is the way forward.
Bankruptcy on paper is easier than an IVA because you will only pay a maximum of 70% of your disposable income over a three year period rather than the 100% over a five year period in an IVA.
You really initially just need to have as chat with someone who can talk through all options with you/
Speak to several experts/companies before deciding on the correct route for you and your family
Who is onlineUsers browsing this forum: No registered users and 10 guests
Ask the IVA Experts a QuestionSimply complete form and you will get an answer from our IVA Experts (multiple replies within an hour *)
* Any use of this forum is conditional on you having read and agreed to our terms and conditions.
* If you enter your phone number, Vincent Bond and Co Ltd will give you a courtesy call to ensure that your question has been answered.
* The question will be posted on our forum, we will email you the location