Would I qualify for an IVA?

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hannah.p

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Post by hannah.p » Sun Jul 25, 2010 9:46 am
I owe roughly 40,000 pound. Would I qualify for an IVA?
 
 

Julie

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Post by Julie » Sun Jul 25, 2010 9:52 am
Hi Hannah and welcome to the forum,

How many creditors do you have and do you know roughly how much you could pay back each month?
 
 

MelanieGiles

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Post by MelanieGiles » Sun Jul 25, 2010 10:39 am
It is a good idea to have a chat with an insolvency practitioner to find out what options there are available to you. Whether an IVA is suitable will largely be dependent upon the level of your disposable income and any assets you may own. Please post some more details so we can be more specific.
Regards, Melanie Giles, Insolvency Practitioner
 
 

kallis3

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Post by kallis3 » Sun Jul 25, 2010 11:00 am
Visit www.iva.com for a list of companies and reviews. Give one or two a ring for free and impartial advice.
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
 
 

Shining

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Post by Shining » Sun Jul 25, 2010 3:44 pm
Hi and welcome to the forum from myself too, following the link Kallis provides is a good starting point and our professionals also come highly recommended and can be found via the experts link.

All debt solutions can be discussed and you will ensure you get case specific impartial advice by contacting 2 or 3 x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

hannah.p

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Post by hannah.p » Sun Jul 25, 2010 5:30 pm
Hi,

I came out of a relationship at the end of last year. There was domestic violence in the relationship where my x-partner used violence towards me so I left him. We had a house together so that had to be sold.

Before this happened he went bankrupt and now the house has been sold I am being told by the mortgage company that I owe what is owing.

In total I owe around 36,000 pounds to Northern Roack, 1500 pounds to one credit card company, 600 pounds to another credit card company, a 900 pounds loan and a cataulogue with 170 pounds on.

I live back with my parents and pay rent to them. I don't have any savings as he spent them all.

Please can someone advise whats best to do. Either an IVA or go bankrupt.

Many Thanks

Hannah
 
 

kallis3

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Post by kallis3 » Sun Jul 25, 2010 5:44 pm
Hi,

Visit the link I posted, or click on the expert link on the left hand side of the page. You can speak to them and the advice will be free and impartial.
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
 
 

Shining

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Post by Shining » Sun Jul 25, 2010 6:25 pm
Hannah you've made the most important decision of the in the last year and that was to leave your violent partner.

Well done you and hope you're ok. xx
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

MelanieGiles

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Post by MelanieGiles » Sun Jul 25, 2010 7:26 pm
It really depends whether you want to pay something back towards these debts Hannah - and importantly whether you can afford to.

If so, then an IVA can be a great way of doing this, as creditors are not allowed to take ongoing legal action against you nor charge interest. However, in light of your obvious need to have a fresh start - away from all of the demons from the past, debtwise and relationshipwise, I would definataly give bankruptcy proceedings some very serious thought.

I seem to be doing a lot of IVAs at the moment where the main debt is a mortgage shortfall, and have to say that they are all getting accepted.
Regards, Melanie Giles, Insolvency Practitioner
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