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?
As regards your wife, do you have any joint debts?
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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.
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.
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,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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