www.iva.co.uk

I've decided that I think an IVA is for me. I owe about £16,000 on three credit cards (Halifax £10000, MBNA £4500, HSBC £1500) and I have about £350 "spare" each month - it's the arrears which have basically meant I have had to decide to do this. The largest credit card hasn't been paid for 9 months (basically I decided to reject payment protection and I was off sick from March to August on £70 per week!) I have recently agreed a reduced payment plan with MBNA at £50 per month and my HSBC card is up to date.

Do people think I stand a chance with an IVA going through?

I'm in the early stages of discussion with an insolvency practitioner, but was after a second opinion if I may from the forum.

hello cr15py

On those figures you would repay the debt in full within a 5 year period using a debt management plan, through CCCS or Payplan who don't charge DMP fees, and so I would think that it is highly unlikely that the creditors would agree to an IVA for that reason.

I suggest that you don't make any payments to the IP that you are talking to or sign an engagement letter until you have asked his opinion on this.

I agree with Catullus and am amazed that an IVA has been suggested as a solution to you. If an IVA were to be put forward, it would almost certainly be rejected by The Insolvency Exchange, who are voting representatives acting for Halifax and HSBC.

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