Hi my husband and I currently have various credit arrangements all unsecured as we rent. Currently £10,000 loan, £7,000 credit cards, £500 store card and in our £2,500 overdraft. I am currently on maternity leave so only receive SMP and my husband earns roughly £1900 pmth, so we are finding it increasingly hard to pay everything. Do you think we would qualify for an IVA as I am on maternity leave? Our outgoings are roughly £1500+
Hi and welcome
It will depend on what your plans are following your maternity leave and what level your disposable income will be at that point. An IVA is based on your disposable income and payments will change as your disposable income changes. You may find that your disposable income will be too high for an IVA to be viable once and if you return to work.
Have a chat with several experts/companies and discuss all options, you may find a debt management plan suitable if an IVA is not