We are just starting the IVA process

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baldy

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Post by baldy » Wed Jul 28, 2010 10:03 pm
sorry to keep asking questions but everytime im on this site different things crop up and then i start thinking do we stand a chance.
We are just starting the IVA process with the cccs just about to send all the accounts and copys of all the bills etc. Have sorted out a proposed budget which i feel we could live on. But having read a few more things on this site i have some concerns about would our IVA would stand a chance of being excepted if we had figures as the following:
House Value 265,000.
Mortage +secured loan =£207Thousand
unsecured debts = £61,295.00
Total Debt £268,000.00.
Disposable income about £525 per month.
I do have a well paid job where we will be able to keep the payments up.
BUT would the creditor's feel they would be better making us bankrupt than letting us entering a IVA?
Many many thanks.
 
 

kallis3

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Post by kallis3 » Wed Jul 28, 2010 10:08 pm
Your DI is fine, and CCCS would not put an offer forward unless they thought it was going to be accepted.

It is highly unlikely that your creditors will want to make you bankrupt, they can get much more money from an IVA.
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
 
 

plasticdaft

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Post by plasticdaft » Wed Jul 28, 2010 10:27 pm
Bankrupting people costs creditors money and therefore is a last last last resort.

Is the house valuation a recent one?

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

baldy

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Post by baldy » Thu Jul 29, 2010 12:52 am
Yes it was done about 3 weeks ago by our local estate agent.Thank you for your replys, we are finding it a big comfort to get the answer to these questions that keep poping up.
Going to send everything off tommorow so we can get things sorted out as quick as poss.
Once again thank you.[:)]
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