confused

[snowdrop]

Hi , im new to the forum and new to all this iva stuff ,but i would realy like some advice or opinions please ! well basically me & my hubby are about to enter an iva .we have debts of 30,000 and have struggled to keep up the payments .[V]any way the thing is it would probably be the best thing for us as things were, but recently i have been working was just on trial but my problem is im enjoying the job .[:)] i havnt worked in such a long time .but i have been told that i cannot work for 5 years as this would mean to much income for us to do the iva . but if we didnt do the iva and i carried on working im not earning enougth to pay the debts ! as any one else had a simlier problem? im so confused , thanks

[kallis3]

Hi Snowdrop and welcome.

Which company are you dealing with? You should be able to go to work if you want to - not heard of anyone being told that before.

It may well be that you are able to pay back your creditors in full during an IVA which is to be admired.

Speak to one or two other companies. Either use one of our experts on here or visit www.iva.com for a list of companies and reviews and give one or two a ring for free and impartial advice.

[kazzafunk]

Hi snowdrop and welcome.

Have you just spoken to 1 company so far? Your best bet is to contact 2 or 3 companies from www.iva.com to get some free and impartial advice to get a good idea as to the best solution to your debts.

Please keep posting to let us know how things are progressing.

[Foggy]

I am assuming here, that the company mean that, if you worked, you would have enough disposable income to service your debts normally. The impression I get is that this company is one who labours the fact that an IVA can reduce the amount you have to repay ... which is actually looking at the problem from the wrong perspective. You might save a few thousand by entering an IVA you don't really need to, but your credit record will be shot for 6 years.

[kallis3]

According to snowdrop though this isn't going to happen - she has said that she wouldn't be earning enough to pay the debts.

Best speaking to a few more companies.

I was originally told that we couldn't do an IVA because we had too much DI and ended up paying into a DMP for 18 months. We then went down the IVA route. We actually pay less now than we did in the DMP.

[Foggy]

Having re-read the original post I see what you mean, Jan.

Best to follow the link Kazzafunk gave and get a couple more opinions.

[MelanieGiles]

I would look at a DMP as your first solution, if you could see your way to repaying your debts within a five year period. If not, an IVA may be the better route, and if you end up repaying creditors in full well that is what you originally started out to do in any case. If the job does not work out, then you can also fall back from a DMP to an IVA as well.

[snowdrop]

Thanks every one for advice! we are already in a DMP and have been for well over a year now .And have been advised to go into the IVA ,but this has been based on our outgoings with just my hubbys wages alone .but now that i have the chance to work i have been told its unlikely the the IVA would go ahead as it would mean to much income , but my job hours are not contracted and some weeks i do 15 hours and some i do 22 hours some times they dont need me at all ! even so they have suggested i dont work for five years . and the answer to your question is no with or with out my money we would not be able to pay are debts in five years time [:0]

[KAYKAY]

It might be best to seek advice regarding an IVA from a different company to the one that you have your DMP with.

[kallis3]

I would certainly speak to someone else via www.iva.com or one of the experts who post on here. You may well find that you are able to do one.

[MelanieGiles]

Perhaps an IVA without any reliance on your irregular income is the correct way forward then - but do take professional advice to weigh up all options.

[Shining]

Hope you got the advice you were looking for snowdrop

[kallis3]

Let us know how you get on snowdrop.