Hi my name is Maria,
Im currently thinking of entering myself into a iva.
My situation at the moment is that i am currently in 22k worth of debt (loads payday loan companies, overdrafts, personal loans) which i took out for my current partner. He has just recently lost his job and is unable to now cover the debts in my name. There are about 18 companies that i have debts with.
I have no assets (dont own a house or a car and no current savings) I live at home with my parents (im living at home rent free) and am currently on maternity leave as i have recently just given birth to my son 2 months ago. Im due to go back to work in april 2011.
I dont get paid maternity pay by my company as i wasnt there long enough so i only get maternity allowance from the government which is £500 a month and also receiving child tax credit £260 per a month.
Im employed by a bank so i cant declare myself bankrupt as i eventually want to go back to work and i cant work for a bank if im bankrupt.
I would like to know a couple of things:
1) if i go in for a iva can i still work for a bank?
2) does an iva go on my credit report? (the reason why i ask this is because when i eventually go back to work, my company will do a credit search as banks credit search you)
3) will i be accepted for an iva?
4) and is a iva the best option?
5) will i have to tell my company that i have entered myself into an iva?
6) how does an iva actually work?
7) will the monthly payments ever change?
which is the best iva company to go with and who i can trust?
Any advice and answers would be appreciated.
Thank you in advance.
P.S. Please no horrible answers. I already feel depressed and stressed as it is.