Hi, I'm looking into apply for an IVA

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steve272
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by steve272 » Fri Nov 03, 2017 9:00 pm
Hi, I'm looking into applying for an IVA. Total debts are around £14000, 3 credit unions, 2 credit cards, 1 payday loan. It's the credit unions that hurt the most, they take straight from wages totalling nearly half of my take home pay and are not willing to budge with regards to decreasing payments.

My question is, if they are not willing to reduce payments as I simply cannot afford to keep on like this, what chances have I got to them accepting an IVA?!

Hopefully someone can help,

Thanks :)
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Foggy
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by Foggy » Fri Nov 03, 2017 9:04 pm
It all depends on the offer you put forward and which of your creditors actually vote ( you need a 75% , by loan value, "yes" vote from those who actually bother to vote). Have a a chat with a couple of firms to compare advice -- the calls cost next to nothing (price of the phone call) and you are under no obligation.
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Lisa Thomas
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by Lisa Thomas » Mon Nov 06, 2017 11:38 am
Have you had advice as to whether an IVA is the right option for you? Have you considered a Debt Relief Order, Debt Management Plan or Bankruptcy?

https://youtu.be/TgalT1vhn6M
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steve272
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by steve272 » Mon Nov 06, 2017 11:47 am
Hi folks, thanks for the replies.

I've only had a few online chats with people about an Iva.

How different is a debt relief order and would that be a better option?
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kallis3
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by kallis3 » Mon Nov 06, 2017 12:22 pm
Do you have any assets (such as a house) and do you have more than £50 DI per month after essential bills have been paid?
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steve272
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by steve272 » Mon Nov 06, 2017 12:26 pm
Only renting, basically have to give my partner 190 per week for all household bills/car on finance but take home pay is 156 due to credit unions taking the payments straight from my wages
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kallis3
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by kallis3 » Mon Nov 06, 2017 12:32 pm
Bear in mind that all unsecured debt would be included in a DRO so your DI might be higher. Have you considered Bankruptcy?
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steve272
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by steve272 » Mon Nov 06, 2017 12:43 pm
Considered everything but unsure which is the right option
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kallis3
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by kallis3 » Mon Nov 06, 2017 1:39 pm
Have a look around the forum and see which companies are recommended by other posters on here and make sure you make the correct decision for you.
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Lisa Thomas
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by Lisa Thomas » Mon Nov 06, 2017 3:10 pm
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