is an IVA right for me and would I qualify ?

[brian.3]

I ave debts of 25,000 loan with the AA and a Credit card of 10,000 after a not so great divorce. I do nto own a home and live with a new partner with a new baby on the way. I am being asked for a great deal by the CSA and the overall income to outgoings is getting very tough. I do earn approx £3,800 - £4,300 per month depending upon commission but the mountain of debt and paying for living means that life is getting very difficult - I want to know if an IVA is right for me and if I would qualify.

[emma_t]

An iva is available to people with debts of over about £15k and who have a minimum of 3 creditors.
It is also based on your ability to pay and you pay what you can afford into the iva for a 5 year period.

I will leave the more technical ins and outs to an expert as I would hate to wrongly advise you and you would need to get advice for your specific situation from a professional.

Hang around and I am sure an expert will be alngas soon as they cano pick up your post.

The forum is also a great way of gaining knowledge and getting support so have a read through some blogs and posts

Good luck
Emma x

[MelanieGiles]

If you only have two debts then an IVA is not going to be possible. It might be better to enter into separate paying arrangements with the two creditors based upon affordable sums - and you can either do this yourself or via a Debt Management company.