I am currently struggling with debts and am looking to apply for an IVA.
I would rather not say how much at the moment but it isn't great. I want to apply for the IVA as soon as i can, however, i am slightly concerned as i now my monthly income will very soon (within by October) be going down by around £200. How does this affect how I apply and obtain an IVA? Should i wait until my income has gone down or not?
Welcome ....an iva is based on affordability. If your income goes down it can be reflected in the initial proposal.
I would initiate discussion now as it potentially could be October before first payment is due anyway and therefore could be based on the lower income.
Depending on your level of debt depends on whether an iva is the most appropriate route... a debt management plan, debt relief order or bankruptcy maybe more suitable....expert advice should be taken to establish the best route.
Good luck and please feel free to ask any questions.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I agree - start looking now and speak to several companies.
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 agree with the others -- talk to the prospective IP and discuss the forthcoming changes -- they can cater for this in the proposal by building in a reduction, but, in reality, the change might well of happened before the IVA is put to creditors anyway.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
