IVA Wizard

[adam090376]

Ok Philip
So now take away the £900.00 from your monthly wages and this is your aprrox dispoable income. Please let us know the figure as from this the experts should be able to work out if an IVA is your best option. I know what you mean about it being scarey Philip but once you start to understand your options the fear will ease.
Adam

[philip.c]

ok , about £300 is the figure , but I should be able to make it more as some of my outgoings I can Streamline

[adam090376]

Hi Philip
I am not an expert just another person in debt but your figures look quite like mine and my IVA got accepted. I am sure one of the experts will be along soon to give you an expert view. Any more questions please post. Good luck for the Future Philip.
Adam

[philip.c]

I feel much better just getting it off my chest , I have a number for Thomas Charles and a contact of Paul so hopfully I can get this sorted .
once again Adam & all Many thanks

[finebridge]

Hi Phillip,

It would seem from the information you have posted an IVA could most certainly be the best way forward. I wish you luck. Please let us know how you are getting on.

Kind Regards

Nicola

Finebridge Ltd
22 Laud Street, Croydon, CR0 1SU
0800 180 4212
www.finebridge.co.uk

[philip.c]

what would be the reasons for not being able to go for an IVA ?

[finebridge]

There are many factors that would make an IVA not possible, for example you cannot enter an IVA if you are unemployed, debts need to be over a certain size, otherwise with the fee's that are incurred they become unethical and Debt Management would be a better option. Also you need a certain amount of surplus income to pay into an IVA, this does vary according to how much your total debt is.
Some creditors are likely to reject IVA's if loans are under 12 months old, but this does vary....so as you can see they are many factors to consider.

Most importantly the individual themselves must choose this option as a best option for their own personal circumstances, us IP's/ Debt advisors can only advise you to what we would consider the best way forward.

Kind Regards

Nicola


Finebridge Ltd
22 Laud Street, Croydon, CR0 1SU
0800 180 4212
www.finebridge.co.uk

[philip.c]

Thanks Nicola
my partner wants to move in to ease with the payments on rent & utiliy bills , she only works 24 hrs a week so doesnt come out with a great deal at the end , would this be a good idea and how would it affect an IVA ?

[MelanieGiles]

Presumably this would increse your own disposable income, thus making an IBA more attractive for your creditors.

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

[philip.c]

I received a call last night from an advisor & went through all my figures with her she was happy with everything untill it got to how much a month my Rent is , but because my rent was so high I was told that an IVA would not be agreed and I should file for BR , but my partner suggested with her moving in and paying half the rent maybe this would help with increasing my disposable income . the worst of it all is the aprox figure she said I would have to pay per month for an IVA ( before she advised me on becoming BR )would be less than one of the monthy repayments I currently make .

[finebridge]

That doesn’t surprise me!!!

Once you have your final Income & Expenditure drawn up with your partner’s contribution to rent/bills you will probably have a slightly different surplus income to put into the arrangement.

I would discuss this further with your advisor and make sure the surplus figure is affordable!

Kind Regards

Nicola


Finebridge Ltd
22 Laud Street, Croydon, CR0 1SU
0800 180 4212
www.finebridge.co.uk

[philip.c]

at the moment I havnt got an advisor , but after reading Blogs this morning I dont want to go down the BR route , the only Asset I have is my car that I am still paying for , but I need this as my mother is currenty in Hospital haveing just had a major Opp , and I am the only one in the Family who can drive so I cannot afford to loose it. it seems like i am just chasing my tail all the time

[finebridge]

You are able to keep a car in an IVA dependant on how much it is worth and how much does the HP cost every month? Do you use the car for work?

Maybe call a company who posts on the forum, they are all very reputable and can advise you further.



Finebridge Ltd
22 Laud Street, Croydon, CR0 1SU
0800 180 4212
www.finebridge.co.uk

[philip.c]

no sorry what I meant was if I had to go BR , I would loose the car

[scaredkez]

hi phillip it will depend on the value of your car, and also if the OR thinks the car is a necessity, ie getting you to and from work, all depends on the OR as mine said i didn't warrant the use of one, although i needed it to get to work and to see to kids, all depends, i think they allow you a car up to the value of £3k if it has to be sold and you do need one they will give you upto £2k provision for one, hope this helps.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/