Can I do IVA for myself before I have to default

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terry.rt

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Post by terry.rt » Wed Jul 14, 2010 3:03 pm
I asked a question the other day but don't think I gave an accurate picture of situation. I have 50k card debts in my name only. My wife has separate finances but we have joint mortgage. I have 1k per month (not actually disposable)to pay all cards but this is not enough. Can I do IVA for myself before I have to default due to funds.
 
 

Shining

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Post by Shining » Wed Jul 14, 2010 3:13 pm
Have you spoken to any professionals Terry?

It would be advisable to and you can get some case specific advice. Try www.iva.com as a starting point and ring 2 or 3 companies.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

Tina Shortland

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Post by Tina Shortland » Wed Jul 14, 2010 7:25 pm
Hi Terry, it is hard to give a defninitive yes or no without knowing more facts about your situation.

You do not have to default before you can do an IVA - most clients have been doing a brilliant job in maintaining payments but at the expense of robbing peter to pay paul.

As Lesley suggests, give one or two of the companies on here a call to have a chat in more detail and we can advise you on what options you have.

Regards,
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plasticdaft

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Post by plasticdaft » Wed Jul 14, 2010 7:44 pm
Hi Terry,welcome to the forum. How much equity do you have in the property if any? Does the wife know about the debts??

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

size5

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Post by size5 » Thu Jul 15, 2010 11:21 am
It is reasonable to assume that if your wife is not insolvent but you are then an IVA for you alone could certainly be considered, and as such you should take professional advice before you make your next move.

Visit www.iva.com and then go from there.

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Michael Peoples

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Post by Michael Peoples » Thu Jul 15, 2010 8:56 pm
If you cannot maintain the payments without your debts going up each month you should stop paying anyway. £1,000 is certainly not enough to service £50k so unless you seek professional advice you will be £55-60k in debt very soon and have nothing to show for it. Your situation is not uncommon so get some free advice from an insolvency firm.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

Sol Prior

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Post by Sol Prior » Thu Jul 15, 2010 9:04 pm
I owed a similar amount, and was paying out over £1000 per month when I realised that I was in trouble. I applied for and was granted an IVA although I had not missed a payment before starting the process
Newbie 5 payments down 55 to go
 
 

MelanieGiles

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Post by MelanieGiles » Thu Jul 15, 2010 11:19 pm
How much disposable income do you feel that you could comfortably set aside to meet the claims of creditors Terry?
Regards, Melanie Giles, Insolvency Practitioner
 
 

terry.rt

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Post by terry.rt » Fri Jul 16, 2010 11:07 am
MelanieGiles wrote:

How much disposable income do you feel that you could comfortably set aside to meet the claims of creditors Terry?
Thank you for your reply. I feel I can pay 1k per month but this will depend on mortgage interest rates. I have income from other work but it is only servicing the debt. A couple of loans are due to finish (March 2011 and March 2012) so there is a bit light! I am happy to call direct or fill out your inquiry form on line. Regards Terry
 
 

terry.rt

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Post by terry.rt » Fri Jul 16, 2010 11:14 am
plasticdaft wrote:

Hi Terry,welcome to the forum. How much equity do you have in the property if any? Does the wife know about the debts??

Paul
Thank you Paul, approx 100k in property and yes my wife does know but most of this is down to me. Having said that I had to draw a lot of money to finish building work on the house due to a builder letting me down so it's not as if we have just been living the high life on credit.The irony being that I cannot re mortgage to clear the debt due to debt, although I have never defaulted.
 
 

MelanieGiles

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Post by MelanieGiles » Sun Jul 18, 2010 11:15 am
I'd be happy to try and help you fairly assess your current financial situation Terry. It sounds to me as if you are a candidate for some financial restructuring rather than formal insolvency proceedings - but we can help with both if you need some support.
Regards, Melanie Giles, Insolvency Practitioner
 
 

plasticdaft

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Post by plasticdaft » Sun Jul 18, 2010 3:58 pm
Thats a great offer from Mel Terry and one you should take up. Let us know how things go.

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
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