Hi all, I have got to a stage where I think an IVA is the only way of clearing my debts

[Rob.79]

Hi all,
I have got to a stage where I think an iva is going to be the only way of clearing my debts. I currently owe 50000 in loans, credit cards, and overdraft. I have worked out that I have around 300 a month once I cut all of the luxuries out. Firstly I'd like to know if this is an exceptable amount and secondly how do I go about picking an ip to Handel this for me??

[Niobe]

Hi Rob and welcome to the forum.

Sounds as though you could be a good candidate for an IVA but you need to have a chat to one or two companies who will go through everything with you.

Visit www.iva.com for a list of companies or contact one of the experts who post on here. The advice is free.

Good luck!!

[Kelly O]

Hi Rob.79 and welcome to the forum

£300 is a good contribution to an IVA - i suggest that you have a chat to a few companies before you make a final decision on who to use

Have a look at www.iva.com where you will find company reviews which will help you with this

[Shining]

A good link above as a starting point and all debt solutions can be discussed.

All the best and welcome x

[nepensioner]

Hi Rob, have nothing to add except Welcome...

[artemischild]

Hay Rob

as they say see the companies but also have a good read of some of the reviews others have left for that company!

several come highly recommended!

[Tina Shortland]

Hi Rob.79 welcome to the forum.

That sounds viable but you will want to ensure when talking things through with the companies you approach that you have thought of everything in your expense budget and that £300 really is manageable.

Good companies will help you and not leave it toyou to remember everything! There are lots of recommendations on here for IP companies to contact and you can read reviews at the link Kelly posts above.

You will have all options explained to you so that you know which is the best way forward for you.

[Rob.79]

Thanks all, have been researching and will be making some calls on Monday. Before everyone heads off to enjoy there weekend I wonder if someone can advise me. The bulk of my debt is with Lloyds and I also bank with them. Someone has told me that if I go ahead with an iva whilst a meeting is being arranged they can go into my account and take money without asking me. Is this true? If so this will leave me with no way of meeting my rent payments and other commitments.

All help is appreciated
Thanks

[luna]

Hi,

You need to change banks to one with which you have no credit etc as you are correct that banks have the right to offset.Avoid HSBC and First Direct who are not IVA friendly.We banked and had alot of debt with Lloyds but they accepted our IVA's with no issues.

Regards.

[nepensioner]

Now, would be a good time to open a new bank account and start getting your wages paid into it. You will also need to set up your DDs, but not of course for those creditors which you are taking into your IVA. Co-op and Yorkshire Banks come highly recommended and both have good online facilities

[Biscuits]

Hi Rob,
we had debts of £83,000 most of which was also to Lloyds, between my hubby and I 3 loans and 2 credit cards, that came to nearly 60K of it, also banked with them, so quickly changed to Natwest before pulling the plug so to speak, our D.I is £380 we were acepted and life is so much easier now, and I don't even mind the postman coming by now or the phone ringing.
Good luck in which ever path you choose. [^]