Considering an IVA but really not sure.

[jfb1977]

Hi all,

Well, firstly what a relief to find a site where I can talk to people who might understand and offer some real life advice.

I'll try and keep this brief.

I've made a few bad choices, started a business that failed at my own expense and got divorced in the last few years...cheery tale I know!

However, I'm very lucky in that I earn great money (£55k per year plus commission) and I'm getting married in October this year to the most awesome (and very understanding) girl I've ever met.

Anyway - up shot of the above. I have £75k in unsecured debts. My basic income is almost exactly my outgoings. I don't own a house (I rent).

So - if I earn commission I get by, if I don't I'm sticking things on credit cards to make it from month to month.

I've never missed a payment on anything - I just have a huge amount of debts - totalling £75k.

Should I consider an IVA to make life easier? At the moment when I say I get by, I don't have enough for petrol / clothes etc...I can just pay my bills and eat - it's no life for the amount of work I do.

My biggest concern is that some of my debts are not in my name, but my Mum and fiancee have helped me out - so whilst they're commitments to me financially and I have to honour payment (and always will) they're not legally my debts. How would this work in the case of an IVA - could I declare them as ongoing monthly costs?

Also, can anyone who has been through an IVA explain exactly how bad the effect on your credit rating was once you came out the other end please. Once the 5 years are up, will I ever get a mortgage for example?

Thanks guys, I look forward to hearing from you.

P.S. Anyone fancy lending me £75k?

Money can't buy you happiness, but I'd sure like to be able to test the theory!

[MelanieGiles]

Hi there and welcome to the forum

And IVA is certainly one option for you - but so are bankruptcy proceedings and formal debt management. There are lots of people on the forum who will share their experiences with you, and a good professional will merely point out the options available to you and allow you to make your own mind up, but you really ought to take proper advice as to the advantages, disadvantages and implications of each option, to enable you to give proper thought to a very big step.

Well done for recognising there is a problem - that is always the best start and good luck in your hunt for the right solution. If you have any questions along the way - do not hesitate to shout.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[jfb1977]

Thanks Melanie, but any specific advice as to what I can do about debts owed that aren't legally in my name - are they inadmissable as costs in my IVA?

Money can't buy you happiness, but I'd sure like to be able to test the theory!

[MelanieGiles]

Sorry - missed that point. If these are debts that are not in your name, they cannot be included in an IVA I am afraid, neither will you be permitted to continue making payments to your relatives throughout an IVA.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp