Hi My Husband and I are thinking about entering into an IVA

[Sarah.76]

Hi
My Husband and I are thinking about entering into an IVA as we are seriously struggling and have a young family to provide for.
There are 3 questions that I wanted to know, firstly, we lease hire our vehicles through a business not related to us, will these be taken off us and will the amounts be taken into consideration when sorting the IVA. Also, my job is in jeopardy and so will my salary be taken into consideration? finally, the 75% of creditors will have to accept this part of an IVA, if one of the debtors we owe a large amount too, more than all the other debts combined and they say no, does that mean we won't be able to enter one??

[Broke of London]

Hi Sarah! Welcome to the forum! There are so many types of car lease I wouldn't like to advise but it does seem most get to keep their cars. It is more than likely your salary would be taken into consideration...but payments could be adjusted/put on hold while you find a new one if it comes to that. For the last question, it is a percentage of votes cast so you need 75% by value to accept so it is possible the big creditor could be outvoted if they reject and don't have more than 75% of your total debt. Have you spoken To a debt advisor yet? We have some very nice professionals posting on here and you could find their details in the experts section. x

[kallis3]

Welcome from me as well.

As well as the experts that post on here, visit www.iva.com for a list of companies and reviews. Give one or two a ring for some free advice.

[Sarah.76]

Hi
Thank you for your reply, it's a lease hire for both vehicles and at the moment both jobs do depend on cars.

Thanks for letting me know about my salary, do they take into consideration childcare and roughly what do they allow you to live on??

Well it's just a thought at the moment as we're not sure whether to carry on struggling, although I like that within 5 years we would be debt free.

Thanks for your help

[Broke of London]

Your childcare costs will be included in the allowances and you get allowances for all the essentials: haircuts; food and housekeeping; entertainment; dry cleaning; prescriptions; petrol; insurances; lunches for work; sky tv; broadband; mobile phone; RAC; monthly savings towards MOTs etc and probably loads of other stuff I've forgotten!!

[Sarah.76]

Thank you. Much appreciated

[kallis3]

Dental, a contingency allowance, newspapers. Some companies allow a smoking allowance if you do smoke.

[kallis3]

I forgot pets as well if you have any.

[Struzzo39]

Hi and welcome to the forum from us also. x

[Sarah.76]

Thank you everyone

[kallis3]

Ask away if you have any questions, there's usually someone around to answer them!!

[Tina Shortland]

Hi Sarah - welcome to the forum.

When you speak to an advisor they will go through everything with you to fully understand your living costs and help you budget properly taking into account everything above and anything else relevant to your circumstances. The fact that your job is in jeopardy is important however depending on the numbers and your plans should you lose your job a projected plan can be looked at to take the changes into account. The best thing is have a chat to understand more about your options - then you can decide what to do.

I see you are trying to decide whether to carry on struggling for them oment - just to get clarity for yourselves, make a note of your monthly household income and then deduct all your monthly living costs, making a monthly allowance for all the things mentioned above - see what is left - then deduct frm this the totgal of all your creditor repayments - then you will see how bad the situation is and whether to carry on struggling really is the best thing for you - you'll be needing to rely on credit in order to make repayments so in fact the situation will just be getting worse over time. Ultimately though, you need to do what feels right and take cation when you're ready. Everyone on here will support you along the way.