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?
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
Good luck and feel free to come back and post an update
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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