Hi I have a total of £38,000 of debt in my name in addition to £8000 in my mother's name which I MUST also repay each month. I am currently subject of a DMP however this is going to take me until 2021 to repay and I am left with virtually nothing to live on each month after essentials (I am not expecting luxury but some benefit out of working full-time). I own my own home however it is shared equity therefore I must repay £27,000 aprox within the next 8years which I have NO chance of doing. All creditors have agreed to my DMP except my car company who are saying that they are going to take me to Court after various debt companies and solicitors threats. Would I be eligible for an IVA if I am on a DMP at present? I am looking to start a family and simply can not do this with the prospect of repaying until 2021 given that I am already 35 years of age with no children. My partner lives with me however is unable to contribute financially to my income.
Fairygirl, as we explained in your other thread, of course an IVA is an option for you, but you will not be allocated any funds to pay the credit card debt of your mum's.
Also 27k in 8 years, does your present mortgage repayments cover this? as you would be accruing equity during the term of the IVA, you would be expected to try to remortgage to release up to 85% of the equity into the IVA in year 4, if you were refused a remortgage then it would be likely to be extended for a further year.
You really do need to take some professional advice
