total debt of 11,000 pounds

[wizzben]

hi, i have a total debt of 11,000 pounds shared among 7 creditors, how much a month would i be expected to pay a month, roughly

[chris.g]

Hiya wixxben and welcome.
Your monthly payment in an IVA will be entirely dependant on how much you can afford to pay. Every IVA is individual. If you can post a bit more info, disposable income, assets, then the experts will be able to advise you better,
sorry I haven't been any more help

[wizzben]

i have 1 CCJ and another is in the hands of the county court at the moment.

i am currently unemployed but i am in the proccess of joining the army, my estimated time of start date of army in middle of may 2008.

would £50 a month be enough to keep my creditors happy.

[Lisa2009]

With only 11000 worth of debts, an IVA would not be suitable. Maybe you would be better trying to get creditors to accept reduced payments or if you are not a home owner you could consider bankruptcy

[wizzben]

i have offered my creditors a reduced payment and they are being unreasonable, they all are wanting around £50-100 a month each, i have offered reduced amount and they say they are not able to accept my offer. i am living with parents at the moment.

[Lisa2009]

Then i would seriously look into whether or not Bankruptcy would jeopardise your army career.

[chris.g]

If you're in the process of joining the army you may want to check that br will not cause a problem. I have heard that it can sometimes although the forces are becoming more tolerant.

[wizzben]

bankruptcy will jepordise my army careerand they strive on bossting their soldiers are also good money managers.

[Lisa2009]

I would seek advice from a proffessional who could negotiate with your creditors to accept reduced payments.

I would recommend Andrew Graveson who posts on this forum. You can find his details on the experts page.

[emma_t]

I would wait for Melanie Giles, an ip who posts a lot on the forum to reply, as she is an expert in all things Army and will know.

I thought iva's were only suitable for debts above £15k but not sure if this is a strict rule or not.

One for the experts I think
Emma

[chris.g]

Just bringing this one back to the top,
xx

[MelanieGiles]

Hi there and good luck with your application to the Army. From personal experience I can say how rewarding a career in the forces actually is - albeit it is a little more dangerous than in my day!

With debts of £11,000 and IVA is not really viable, so I would try and make ongoing pro-rata payments in the meantime until you join up when presumably your salary will increase. A carefully managed repayment plan will soon see those debts reduced.