Struggling with large debt

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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.


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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


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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.

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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: ... Z5k9ZcC2MA 01752 786800
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