new to IVA

[leigah]

I am looking into applying for an IVA, but i have a few questions.

Can an IVA be done jointly or is it only per person - if jointly what is the minimum debt allowed.

also i have a mortgage through hsbc, but they are also one of my creditors (credit card) will i need to change mortgage lender before applying?

[V]

[caraf]

Hi and welcome to the forum

An iva is just for one person, but you can do an interlocking one, like me and my husband did.

No you dont have to change mortgage lender, again we have our mortgage with the Nationwide and they were also one of our creditors, as we had a credit card with them too.

Hope that helps.
What is your debt and who are your creditors,
which company are you thinking of going with

[aguise]

Hi there and welcome to the forum.
Yes you can have interlocking iva's where there is one proposal and one monthly payment, one income and expenditure. If you post your total debt if you have equity in your home and your disposable income (what is left after normal living costs, dont include any unsecured debt payments} then more advice can be given. Yes your mortgage would be accounted for in your expenditure.
Hope that helps.

Ang

[MelanieGiles]

Are you a single person in debt or part of an insolvent couple? The other posters are absolutely correct about the way IVAs can be proposed for couples, but if you have the ability to do stand alone arrangements this is always the best way forward, so that neither estate unfairly benefits or suffers.

Most IP's work on a minimum debt of £15,000 - but some may work at a lower scale. How much do you actually owe?

[leigah]

we owe around £18,000, minimum payments each month amount to £750. Have been struggling to pay this every month. Our net combined take home is £2400 and our household bills come to (inc mortgage) £1950 which leaves us £450 to pay creditors- leaving us £300 short to pay them juyst the minimum payments

[MelanieGiles]

An IVA would definately not be a sensible solution for you, as you would end up paying in £27,000 over a five year period which is far more than you actually owe.

I suggest that you look at offering a DMP to creditor, which would adjust your payment to an affordable level and continue until they were paid off in full. Hopefully the creditors could be persuaded to stop charging interest in order to help.