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Post by RD3303 » Sun Aug 04, 2019 11:27 pm
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?


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Post by luluj » Mon Aug 05, 2019 12:48 am
Welcome 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 advice should be taken to establish the best route.

Good luck and please feel free to ask any questions.
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There is a solution for everyone .... Just need to stay positive !

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Post by kallis3 » Mon Aug 05, 2019 8:28 am
I agree - start looking now and speak to several companies.
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Post by Lisa Thomas » Mon Aug 05, 2019 8:54 am
It takes time to put an IVA together so best to start early, assuming an IVA is the best option for you.

Among other things, one of the key factors will be the level of your debt.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: ... Z5k9ZcC2MA 01752 786800


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Post by Foggy » Mon Aug 05, 2019 10:02 am
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.
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IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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