iva if you are not working

[d1_]

hi,I am considering a iva at the moment I am with payplan (I have been with them for 5 years),I would like to know could you still get an iva if you are not working because I have been unemployed for 4 months.
regards

[accgroup]

Hi D1

If you are unemployed it is unlikely that an IVA will be suitable unless you have any assets which you can sell and bring a lump sum into the IVA, or alternatively unless your have a friend or relative who is willing to put forward a lump sum on your behalf?

If you have no assets and are unemployed have you considered bankruptcy? There is a lot of information about bankruptcy on the government website:

www.insolvency.gov.uk

Hope this helps

Jane Finch
Insolvency Practitioner

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

[iva experts]

Welcome to the Forum d1,

Unfortunately Jane is correct, if your are unemployed then an IVA would not be suitable as it is usually based on monthly contribution (calculated by your income minus living expenses).

Do you have any major assets or family members that could help you offer a Full and Final settlement IVA?

Best Regards. IVA Experts

[Oliver]

Generally if you are unemployed an IVA may not be the most suitable solution for you.



Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[iva_squirrel]

As an IVA is based on monthly contributions i think bankruptcy might be the solution for you.

Regards,
Michelle P.

[d1_]

Hi,
I like to thank the people who have replied back to my question,the reply I had from IVA experts sounds good about Full and Final settlement IVA.
I owe Lloydstsb £15,000 and Intelligent Finance £9,000 (who are a part of Bank Of Scotland or some times called Blair Oliver & Scott).
with my expenditures worked out I pay £160 a month to payplan which is split between Lloydstsb and BOS and I also pay £50 extra to BOS which is collected by direct debit for which I have been nearly paying for 2 years.
If I was to borrow £10,000 off a family member (who in return wants £200 a month off me until the amount borrowed from him is cleared) to pay the debts off would it be excepted.
Over the 5 years I have been with payplan I have made payments of over £9800 to them £5000 of which has been paid to Lloydtsb, and in the 5 years was also paying between £50-£100 a month extra to Lloydstsb up and until April 2007.
Regards D1

[MelanieGiles]

Hi there

With only two creditors an IVA is unsuitable for you unless you have more than one account with one of the creditors. I would personally stick with the DMP, or if you feel that you are going nowhere with it perhaps consider bankruptcy proceedings.

It might be worth making a direct offer of settlement to the crediors using your family's generous offer, as an alternative to bankruptcy proceedings, but as you say this will need to be repaid.

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

To appoint me as your IP visit:
http://www.melaniegiles.com/ivaEnquiry.asp

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