Could an iva work for me?

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hassan
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by hassan » Sun Sep 16, 2018 8:34 pm
Hi, I have a total debt of £60,000 out of which, £26,000 is personal loans which i am servicing on a monthly basis and the £34000 is credit card debt. I have been paying the interest on it. I am interested in getting an IVA to cover the credit card debt and see if i can combine all three into one payment. I can afford to pay upto £500 a month to service the debt.
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kallis3
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by kallis3 » Sun Sep 16, 2018 9:33 pm
You need to speak to one or two companies and give them your full details for further advice.
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Foggy
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by Foggy » Mon Sep 17, 2018 6:50 am
All unsecured debts have to be included in an IVA and, yes £500 per month on a £60k debt sounds workable. But whether an IVA is the best way to go depends on many other factors and you do need to have a chat with a couple of firms to compare advice and to work out an accurate Income and Expenditure (I&E) to arrive at the correct payment level.
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Lisa Thomas
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by Lisa Thomas » Mon Sep 17, 2018 8:54 am
You can't pick and choose which creditors to include in an IVA - all of your unsecured debts will be included.

With that level of debt you really should take some advice to ensure an IVA is the right option for you.
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