Finally what do you charge, and how many years and amount does the debt need to be paid back over thanks karla
Welcome to the forum.
If you could post more details about your circumstances we can advise you further. You can go on to www.iva.com and check various reviews of companies and also contact at least 3 for some free impartial advice.
Please note that being unemployed means you would not qualify for an IVA as you would not be able to fund the payments
An IVA is decided upon individual circumstances, some of us are employed, some not. The usual criteria is that you should owe more than £15k. This can either be to three creditors or more, or two creditors if you have more than two lines of credit.
Charges are made by the IVA company and I have no idea of the amount they charge. An IVA is usually over 5 years.
I recommend that you contact a professional, either by clicking on the expert link on the left hand side of the page, or by visiting www.iva.com for a list of companies and reviews. Give one or two a ring and you will receive free and impartial advice as to all the options open to you.
If you could give us some indication of your debts and income, we may be able to advise further here.
There are some criteria that various creditors have but there is nothing in law about what constitutes an IVA. In practice you need debts over £15k and more than 2 creditors although there are of course exceptions. Some creditors accept IVAs from unemployed people and others do not.
IVAs are normally for 5 years and the fees are drawn from the contributions. If your IVA is not accepted you should have nothing to pay and if it is accepted the fees are agreed between the IP and your creditors. Good luck.
Everyone's situation is different so what works for one may not for another. The most important thing is to know realistically what you can afford to offer the creditors and what options you have available to you depending on your circumstances.
It is important you know about all options and the implications of each so that you can make the best choice for yourself. Once you feel ready to have a chat give a few companies a call to talk everything through in more detail.
Before you know it you'll know so much more about it all you'll be one of the members on here helping others!
You must of course be insolvent - ie unable to pay the contractual element of your payments as they fall due.
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