www.iva.co.uk

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

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

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

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