do i qualify for an IVA

[cjl]

I have debts of roughly 15000 student loan, 2,000 on credit cards, and 1200 overdraft, i have just finished university and these are startign to hold me back. I am doing casual work at the moment unitl i find a permenant career and am earning about 800 a month, do i qualify for an IVA? Also can u still get finance deals for cars and such like once an IVA has been approved?

[accgroup]

Hi cjl

From the details you have given it doesn't sound like an IVA would be the right option for you. The Student Loan would not be included in the IVA so you would have to carry on paying it (although presumably you won't actually be repaying this yet as your income is less than the minimum threshold?). So that only leaves your credit cards and overdaft totalling approximately £3,200. You could seek advice about a debt management plan or you could contact your creditors yourself and come to an arrangement to repay what you owe based on what you can afford - try to write down all your expenses, deduct them from your total income and you will have a figure which is your disposable income which you can offer to your creditors.

Hope this helps



AccumaGroup - A large insolvency practitioner service based in Manchester.
www.accumagroup.com