www.iva.co.uk

Hi All,

I have some more questions before my call from Melanies team on wednesday. My debt is as follows
HSBC loan 22,000
HSBC Card 5,200
Halifax One Card 10,000
Next - 2,500
Abound Catalogue - 1,800
Overdraft - 2,000
Barclaycard - 1,250
Capital one - 1,300
Alliance & Leicester Loan - 9,200

As you can see most of my debt (30,000 approx) is with HSBC, has anybody been in a similar position and had IVA approved? My hubby is out of work at the moment (Mortgage Broker[V]) and my salary is £30,000 PA. We rent our home so all of my debt is un-secured. My hubby is looking for work so I will be taking IVA out by myself as it is all my debt but as soon as he gets a job we will let Melanies team know so his Salary can be taken into account. We have 2 children and I am so scared as I have just stopped DD's for almost everything and in process of opening CO-Op Cashminder account. For above amount of debt has anyone in a similar position to me had IVA approved and if so what would my approx monthly payments be or how could I work them out?

Thanks for all previous to my questions, this is the start I know and I am really hoping to get the IVA and the people on here are great[:)]

Thanks,
Trish

All I can really say is that IVA's are individual and are based on your own circumstances. HSBC do have a 40p in the pound criteria, however if your best offer doesnt come to this figure then its really up to them. Having no assets may work in your favour as they would get less in BR.

Please try not to worry, youre doing all you can, I know its easier said than done. You will be OK Trish. Its so important to believe that now. Work out your income and expenditure (be realistic and include incidentals) and see how much disposable income you have left, times that by 60 and deduct IP fees, not sure how much these are. 5 or 6K per year, but not too sure.

Then do the percentage of your total debt against your contributions.

Youre amongst friends here on the forum and we know how black these days can be, its even worse when youre sat there speculating.

Take care now.

Hi trish,

HSBC were our biggest creditors and they didn't bother to vote on ours, which was approved.

Thanks Lily, As I am still new to all this is "IP" Insolvency Practicioner? Would that be 6k per year on top of IVA payment - ie £500 per month? Sorry I sound so dim but I really don't understand:)

Hey Trish, as Lily has said it is based on your individual circumstances and Melanie will tell you straight. I thought that I wouldn't be able to do an IVA because of my main creditor but I was wrong, there is never two cases the same. Stay strong and I hope Wednesday goes well for you. X

Thanks Jan that sounds really promising, I am just not understanding how monthly payment is worked out?

Thanks, Trish xx

Thanks Viki and good luck with yours xx

No Trish

That your contributions include the IP fees and these have to be agreed by the creditor also. If you have 500 per month times by 60 then deduct the fees. This will give you your contributions. Then your total debt divided by 100 and times by your contributions should give you your percentage or pence in the pound.

If I am wrong, someone will correct me.

Please try not to worry though, it sounds like you have a good offer there, not that I have worked it out.

Hang on a minute, one problem that I think I can see here though is if you have 500 pounds per month spare then you could pay the total debt in five years. Did you say 30K?

No Lily my debt is about 55K in total and 30k of that to hsbc alone, my income incl c benefit etc is about 2100 and outgoings about 1650 so yes I would have about £450 spare to offer.

I make that around 45p in the pound thats taking off 12K for fees, thats the issue, I dont know what the fees are.

Anyone else?

Lily is that good or bad? Sorry I am not understanding very well, how much do I need to be able to pay back in the pound to get an IVA?

Thanks xx

Hi Trish
£470 a month will return the 40p minimum,so you are in the right area
Regards

Andy, how is that worked out then? I'm sat here on the calculator and I'm not coming up with that figure......just out of interest.

Thanks Andy & Lily!! All very confusing but I knew I would be given the answer on here:)