www.iva.co.uk

Hi,
I wonder if i could get some advice.I currentl have debts totalling around £50,000, these have amounted mainly due to stupidity and nieveity on my part, paying credit with credit etc.
The time has come where i need to get something sorted out.
Curently i have a house and the mortgage costs me £400 per month
Unsecured debts cost me around £1,600 per month.
My monthly take home pay is only £1,200 per month, a big gap!!!
Is an IVA suitable for somebody in my situation as i do not really want to go bankrupt, i would like to keep my house if at all possible.
Thanks in advance for any advice given

HI Baz and welcome

An iva would be ideal for you.

First though how much is your mortgage and how much is your house worth now as you might be able to re-mortgage and clear your debts without an iva.

I'm sure an expert will be along shortly to assist you more

Keith

The long and winding road will straighten out eventually....keep the faith

Hi bazza and welcome to the forum

An IVA may be a suitable option for you, but there are others. Can you advise what level of disposable income you have each month, before taking account of the payments to unsecured creditors, and also whether there is any equity in your property.

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

Cheers for the quick reply, my house has 100% mortgage so have no equity to remortgage with.I have heard IVA is not always accepted, i realise i have made some mistakes but i want to sort them out and hopefully get back on track, i have only just turned 25 and most of the debts have arisen from when being a student, what kind of chances would i have of being accepted?

realistically i would be able to afford between 300-400 per month max

Hi Bazza

That would work, but can you confirm whether you have any debt with HSBC as they have a higher than average minimum dividend criteria.

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

Yes mealanie i do have some debt with HSBC would that pose a big problem?

Does the HSBC debt represent more than 25% of your overall debts? If so, then you would need to offer a higher dividend to creditors - they have a minimum dividend criteria of 40p in the £.

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