Am I suitable for an IVA ?

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alan451
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by alan451 » Tue Mar 07, 2017 10:12 am
I have debts of around 35000 with only my pension of 1000 monthly I have only about 100 desposible income I live in rented property claiming housing benifit my wife is dissabled and receives dla am I suitable for iva and how much would it cost
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Michael Peoples
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by Michael Peoples » Tue Mar 07, 2017 10:16 am
It is likely that creditors would accept an IVA from you as they would receive nothing in bankruptcy. The fees are deducted from the monthly payment so you would pay 60 months at £100 and that would be that. Some companies charge up front fees so avoid those if you decide on an IVA.

Bankruptcy does seem like a very attractive option for you so give it some thought too. It would cost around £700 but you may not have to pay anything else after this so while expensive in the short term it could be beneficial long term. Get some free advice from an insolvency firm and perhaps someone independent like the CAB.
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plasticdaft
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by plasticdaft » Tue Mar 07, 2017 10:50 am
I'd certainly be looking at bankruptcy rather than an iva given your circumstances.

Paul
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size5
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by size5 » Tue Mar 07, 2017 6:26 pm
If any of your pension income is derived from occupational or personal pensions rather than just state benefits, then be aware that the Official Receiver is likely to subject you to Income Payments for a period of 3 years. If all the income in the house is solely state benefits then Bankruptcy would not see any payments needing to be made, so does indeed look attractive, bar the initial cost.

Regards.
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