Hi I am wondering wether an IVA is an option

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vicki.m
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by vicki.m » Tue Jan 12, 2010 10:25 pm
Hi I am wondering wether an IVA is an option for me I a a teacher so i am concerned about my job and also dont know if I qualify and what happens if my application fails ? also dont know hoe much I will be expected to pay ? I am in debt up to around 25,000 , I have numerous creditors but one main one is my bank for over 20,000 so dont know if this will be a problem ? HELP!!!!

 

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MelanieGiles
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by MelanieGiles » Tue Jan 12, 2010 10:28 pm
Hi there and a warm welcome to the forum

An IVA may well be suitable for you - I actually act for a lot of teaching staff - from Headmasters downwards - but this will only be possible if you have some disposable income available to offer on a regular ongoing basis to creditors.

The high level of debt with one creditor is not necessarily a problem - so I would take advice at an early stage from an insolvency practitioner, who can help you to work out an affordable budget and then see what options are actually available to you. Make sure that they fully explain the advangages, disadvantages and implications of all options so that you can make a reasoned choice.

 

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Shining
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by Shining » Wed Jan 13, 2010 5:11 am
Hi Vicki welcome to the forum, I teach and am in an IVA, not affected my job and I haven't divulged the information to anyone in my workplace.

I would take a look at www.iva.com to get some reviews and a list of companies, contact 2 or 3 and take some free impartial advice specific to your circumstance.

The professionals who post on the forum also come highly recommended.
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