possibility of an IVA?

[Mike.f]

Hi there

I have completed a personal budget and wondered if you could tell me if there is a possibility of an IVA? A large percentage of my income is Tax Credits as I have 5 children. Many thanks for your time.
Mike Foley

IVA BUDGET SHEET
Incomings .
Royal mail £460.00
Tax Credit £992.00
Child Benefit £266.00 Total £1718.00
Outgoings .
Rent £260.00
Council Tax £65.00
Water Rates £50.00
Gas £40.00
Electricity £40.00
Housekeeping £500.00
TV Licence £12.00
Travelling Expenses £250.00
Clothing £70.00
Telephone/Mobile £70.00
Sky £45.00 Total £1402.00
Credit Debts .
Metropolitan £5794.00
Nationwide Loan £3580.63
Nationwide Credit Card £2613.18
Capital One £2253.00
Metropolitan £959.00
Overdraft £947.05

[MelanieGiles]

I don't think an IVA is the right solution for you, as your debts are quite low, and with the disposable income you are showing of approx £315 per month you could pay these off within the 5 year period if creditors were to stop charging you interest under a Debt Management Programme.



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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

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

[iva experts]

Welcome to the Forum Mike.f,

In a Debt Management Plan you would be able to pay off your whole debt in 4 years and 2 months, if creditors freeze interest. I would contact 2 or 3 companies to seek advice on the best option for you.

Best Regards. IVA Experts

[lily]

When you phone other companies, just make sure you do not get talked into an IVA. If Melanie says its not the right option I would trust this.

Myvesta offer a free DMP, it might help to talk with them, you can do this online.

www.myvesta.org.uk.

Good luck

lily