Struggling with large debt

Get expert opinion. This is the place for new questions to be posted.
4 posts Page 1 of 1

dave354

User avatar
Posts: 2
Joined: Sun Mar 15, 2020 3:28 pm

Post by dave354 » Sun Mar 15, 2020 3:28 pm
I am struggling with quite large debt £95,000 from 7 years I build up.So far my payments are up to date but paying with my loan money only.If I go to IVA now is it more chance to accept because of the current Coronavirus financial situation.I am in having some health issue as well.Over family commitments(3 kids)only I spent this much money.I completed my previous IVA in 2012.I am in complication relationship but house belongings to my wife only.I don’t have any financial relationships with her.She is a full time carer and paying interest only Morgage through her tax credits.All other house hold expenses on my head only.Please advice me the chance.Disposable income at the moment £230.

Foggy

User avatar
Forum Expert
Posts: 31255
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Sun Mar 15, 2020 5:59 pm
It would be a low dividend and I do not think the current covid-19 crisis will have any effect. The disposable income you have calculated is enough to support an IVA, but it would be up to your creditors to decide. Certainly worth chatting to an couple of firms about.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

kallis3

User avatar
Forum Expert
Posts: 75948
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Sun Mar 15, 2020 6:29 pm
I agree with Foggy - don't worry about Covid.
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

Lisa Thomas

User avatar
Industry Expert
Posts: 7759
Joined: Wed Dec 03, 2014 10:26 am

Post by Lisa Thomas » Mon Mar 16, 2020 10:20 am
I suggest you also explore the option of Bankruptcy too, but you will want some comfort on any matrimonial interest you might have in the property.
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: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
4 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”