Will an IVA work for us?

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Glennf.1982
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by Glennf.1982 » Thu Feb 07, 2019 5:54 pm
Hiya......looking at getting an IVA. We are dealing with Stepchange as suggested by our bank.

We have approx 28000 on ass credit cards, a loan and overdrafts. Also I personally have an old repossesion debt of 22000, so in total 55000 jointly.
We have a house bought with help to buy. Valued at 196000. Mortgage of 135000 left and help to buy of approx 40000 charged to the property.

After doing a budget it appears that our income jointly is about 2600 and our expenditure is approx 2500. So we only have about 100 to pay towards the IVA. I think it would be closer to 150 as I dont think it added up our childcare properly. This will go up over time as our childcare costs will decrease so may even add a couple of hundred pounds to the payment.

Question is will this be accepted?
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Foggy
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by Foggy » Thu Feb 07, 2019 6:59 pm
On the face of it an IVA could be the answer. You really need an IP to do a full fact-find and I&E assessment.
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kallis3
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by kallis3 » Thu Feb 07, 2019 7:06 pm
Please take advice from a few companies before making a final decision and also change your bank account to one who is not a creditor.
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cjgirl
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by cjgirl » Thu Feb 07, 2019 9:07 pm
Hi
i would agree do your research and make sure it is right for you. Make sure you are willing to accept a different way of life. Learning how to budget and find bargains to make your money go further.

Good luck. You can find like I did that it can be the best thing to happen and break free
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luluj
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by luluj » Thu Feb 07, 2019 10:14 pm
Echo everyone's comments before. Really important to select the right company to represent you. Taking time now to research and ensure your I&E is set correctly is vital as the duration of an iva is not always plain sailing so you will need to be sure its affordable.

Good luck and feel free to come back and post an update
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Mrs_Brown
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by Mrs_Brown » Fri Feb 08, 2019 7:09 am
The other thing that occurs to me as I read this is the help to buy part of the house payments, check the clauses in that to ensure there's no insolvency ties that could find them revoking it in any way.

I remember hesitating about starting an IVA, although my circumstances are different to yours, I waited about 18months before finally making the decision to do it. My only regret now is not doing it sooner. I made my first contact with stepchange in Sept 2017, and started living in my current budget then. Because of the gathering of info, creditors meeting and first payment dates, I have just paid my 13th payment. As for if it would be accepted, the copies of the proposal stepchange set up shows the breakdown if I went bankrupt vs IVA, so at a glance any decision making person at a bank would see the return was better this way, so I guess that is a factor and my understanding is most IPs won't suggest it unless it's likely you will be accepted.

Good luck whatever you decide to do, you have already taken one of the biggest steps in facing up to having a problem and looking at ways to deal with it.
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