have been on a DMP now for around 2 years

[BlueShoes]

Hello rstewa
Having just had our IVA approved with Melanie Giles as our IP, I would recommend that you fill in her on-line enquiry form. You will then receive a call from one of her team who will be able to go through your specific details. They can give you a rough idea about how much is realistic for you to contribute. You then have an appointment with Melanie (either in person, or on the phone as we did due to distance) and she very thoroughly goes through all expenditure and income to ensure it is both affordable and realistic.
Our case was not completely straight forward, and I am not sure that some of these "IVA Factories" would have had the same success as Melanie and her team.
You have nothing to lose. (a lot to gain, actually!)
Blue

[Adam Davies]

Hi Rstewa
I,m a little lost on the disposible income discussion.
When you have paid your 65% share of the bills etc,how much disposible income do you have before paying any unsecured debts ?
Regards


Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[s.b.w]

Go with an IVA (or at least try for one).

It's got to be better than a never ending DMP.

Good luck in whatever you do.

Arghhhhh!!!!!!!!!
If only I'd said NO!

[MelanieGiles]

Hi again

If you can successfully prove that your wife did not benefit at all from any of the debts, then creditors might be sympathetic, but I doubt it. I recently tried this on one of my own cases, and they would not accept without the spouses's disposable income - wrong in my opinion, but we no longer make the rules!

If you can find an IP to take this case on, on a no win no fee basis, you have nothing to lose, and can always withdraw your application if you do not accept creditor modifications.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[rstewa]

Thanks for all the feedback.

I have started the process with someone called www.w3debtsolutions.co.uk

Andy, My disposable income after all household expenditure is 382 pounds and my wifes surplus disposable income is 188 pounds.

At the moment on my DMP my wife contributes around 18 pounds to the payment of 400 pounds (only 10 percent of surplus)

With the proposed IVA she will be contributing 88 pounds a month based on 470 payment (47% percent of surplus)

I am going to ask them regarding costs today as to how much things will workout if the application fails etc.

And with my wife going on maternity leave in December I have been recommended a stepped IVA which I am comfortable with so that we can get through the months where she is on statutory pay. After this she will be planning to go back to work on 3 day week (same as now).

[rstewa]

Based on my a proposed IVA payment of 470 the debts will be paid back liked like so.

Total outstanding IVA total Total paid though Payplan todate

NR Loan 30,237 13,254 4,106.52
RBS Loan 14,942 6,490 1,769.02
NW CC 8,551 3,750 1,119.24
Egg CC 6,859 3,018 914.54
MS CC 3,823 1,692 504.36

With both the payments combined from the IVA and the money i have already paid back through Payplan this would work out at around 50% payback of the original debt.

how acceptable would this appear to my creditors especially Northern Rock?

[sonyse2t5]

You have got a NR debt in there....and MS which is a subsidary of HSBC.

Be very cautious.You need a very skillful IP, I kid you not.Did you say some of your debts were to do with gambling?

[Adam Davies]

Hi
NR have close to 50% of your debt and are a difficult creditor.Have you discussed this with your IVA provider ?
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[rstewa]

I have discussed with them that i do have NR as my largest creditor and know that they generally dont accept anything under 45%.

Besides I am in line for some good pay reviews currently of which I want to offer 50% of once they go through. Plus I have a 1,000 net bonus every year which should help bolster this. I'm hoping to go in at 470 and then increase this as i receive pay reviews.

I used to gamble around 3 years ago. I attended GA maybe 6 times.

But to be honest when I think about it now (havent gambled since then) I'm completely disgusted with what I did with money.

My whole life has changed in that I am actually the complete opposite to money now in that i dont like spending anything . Not even treats.

[rstewa]

Oh yes meant to say that MS is actually Morgan Stanley who have actually never troubled me.

[rstewa]

The largest debts (NR and Natwest loans) were used to consolidate a host of credit cards some of which I closed down e.g. Halifax, Barclaycard, marbles and Intelligent finance loan etc

[Adam Davies]

Hi
My advice is to carefully choose your IP and have a face to face meeting.
The quality of your proposal will be the key here.
Are you a homeowner ?
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[rstewa]

yes I have been recommended www.W3debtsolutions.co.uk and they are apparently well respected on www.fool.co.uk

Yes i am a homeowner (mortgage 168000 balance) secure loan of 27k. Last valuation was done in 2004 at 200,000. This should be a lot higher now as my next door neighbour just sold for 270,000 (exactly same). although I cannot count on this its in the same region.

I was thinking perhaps about getting Final settlement payment values to see if i could reevaluate/remortgage.

probably not advisable though.

[MelanieGiles]

You have a lot of equity in that property - is it jointly owned? And how much debt do you have?

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Adam Davies]

Hi
You have approx 75k of equity on debts of 64k.
Technically you could sell up and clear your debts.
Even with you share of the equity,37.5k,you could consider a remortgage and a full and final offer.
With equity higher than your NR debt I can,t see thm agreeing to an IVA.
regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp