Would I be able to start an IVA?

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Post by marvin1 » Tue Sep 28, 2010 1:22 pm

I have debts over 20k with 5 credit cards and my overdraft. I already have 3 current accounts (2 are unused) My monthly outgoings are £1500 and my monthly income is £1600 after tax. So I have about 100-200 quid to spend on food and clothes and non essential items.

Would I be able to start and IVA? as I cant afford to pay off any of the credit cards I only meet the minimum payment every month.

Would my wife be affected by this IVA and would they take her earnings into consideration?

Also is there anything else I should be aware of?

Many Thanks


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Post by kallis3 » Tue Sep 28, 2010 1:28 pm
Duplicate thread

http://iva.co.uk/forum/topic.asp?whichp ... 483#310785

As regards your wife, do you have any joint debts?
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Broke of London

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Post by Broke of London » Tue Sep 28, 2010 7:28 pm
Hi, sounds like an iva would be appropriate but chat to an ip about all the specifics of your situation. The experts who post on the forum are fab and there are reviews of loads of firms at iva.com. If you have any joint debts your wife would become liable for the full debt. Also you would probably do a joint income and expenditure assessment. But like I said, only a pro with all the details can give you proper advice. Hope the iva works out for you.


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Post by MelanieGiles » Wed Sep 29, 2010 1:29 am
It may well be possible, but an insolvency practitioner would need to learn more about your specific income and expentiture before advising further. Why not seek some advice on all of the options available to you, so you can start planning for the future.
Regards, Melanie Giles, Insolvency Practitioner

Tina Shortland

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Post by Tina Shortland » Wed Sep 29, 2010 12:24 pm
Hi New user - welcome to the forum.

It sounds like an IVA may be possible for you but you need to understand what all the options are and the implications of each so you can best decide what is the right way forward for you.

As the others have said, do call 2 or 3 companies to have a chat and dicuss your situation in full so that you get the best advice specific to you. Many IPs who post on here come highly recommended.

Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.

If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com

If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
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