www.iva.co.uk

Posted: **Fri Jun 19, 2009 4:38 pm**

Please tell me whether I could qualify for an IVA. I enclose a summary of my financial situation.

MONTHLY OUTGOINGS.
Credit cards and Loans: £1,080 pm (£33,000 owed).
Rent (as from June 2009): £112 pm.
Utilities + Insurance: £100 ++.
Since this left insufficient to survive on a day-to-day basis, I have had to use my credit cards periodically as a top-up.

Credit Cards & Loans, itemised roughly:
Barclaycard Mastercard: £5,000
Barclaycard Loan: £1,000 outstanding
(debt finishes Sept. 09)
BT Credit Card: £5,000
Capital One Visa: £5,000
M&S Mastercard: £5,000
RBS Mastercard: £13,000

I have been repaying these debts at approx. £1000 a month. My combined income from State Pension and NHS Pension until end of May was £1,450 pm (DSS £300 + NHS £750). But DSS decided they have been overpaying me and it has now dropped to £1,050 (DSS £300 + NHS £750). So I desperately need help to reduce my repayments.

I can of course provide all the figures you need, if you can help me.

Posted: **Fri Jun 19, 2009 4:43 pm**

I am sorry ot hear of your troubles; I do think you should seek advice from an expert as soon as possible; you will find some on iva.com but from a personal point of view I would suggest you consult Melanie Giles. Melanie got through for me at first attmpt a very difficult and unusual IVA when several companies, including three well known ones told me "no chance">

Posted: **Fri Jun 19, 2009 4:48 pm**

What I should also have said that Melanie will go through with you ALL the options not just an IVA. You will ind her advice invaluable whatever she suggests

Posted: **Fri Jun 19, 2009 4:53 pm**

Elv5. Not being nosey honest but why was yours so difficult. Was it beacuse of low divvy or just complexity etc. Feel free to Pass Go.

Posted: **Fri Jun 19, 2009 4:59 pm**

You are not being nosey at all; I wanted a great deal allowed for example, house exemption, educational fees for our son, a really manageable budget that would be easy to manage. Melanie did it - in my view she has no equalls.

Posted: **Fri Jun 19, 2009 5:00 pm**

Check out a few IP mentioned on this site. Speak to a few of them and see what they have to say on your situation. After you have spoken to a few of them, then make a decisison on who you would like to use. Remember, you will be with the company for 5 years if you have an IVA, so it is wise to find a company you are comfortable with and feel you can trust.
Good Luck

Posted: **Fri Jun 19, 2009 5:06 pm**

Elv5...Sounds difficult a bit like I expect mine to be.

Posted: **Fri Jun 19, 2009 5:12 pm**

I wish you the very best of luck - all I can say is that Melanie did it -it took a great deal of work on her part - don't ask me how she did it I have not got a clue. What I can say is that Melanie pulls out all the stops to help her clients.

Posted: **Fri Jun 19, 2009 5:27 pm**

I think Melanie gets the rave reviews on here because she is in touch with the real world,she listens to what people are telling her and her team would appear to be one of the best trained in the business. She also knows her stuff,in regards to what she can get away with(for clients in an expenditure way),and what creditors wont allow(and what she can convince them to allow).
Every IVA is different,they are all unique and special to the person signing up to them.

Kat do you have any property with equity in it? I noticed that you have a fairly low rent so forgive me for assuming but if you dont own property and have no savings/shares etc,or a job which can be affected by it,have you thought about going Bankrupt?? Dont panic about it,get some advice.

I see also that you get a state pension and nhs pension,may i ask how old you are?

Paul

Posted: **Sat Jun 20, 2009 8:51 am**

I agree with Plasticdaft that bankruptcy sounds like a viable option in addition to an IVA. It is certainly worth contacting an IP firm for advice as it is free and without obligation. IPs must discuss all options and will not put you into something that is not suitable or affordable.

Posted: **Sat Jun 20, 2009 6:41 pm**

Kat, I would contact www.iva.com for a list of companies. Give one or two a ring and they will tell you of all your options.

Posted: **Sat Jun 20, 2009 9:09 pm**

yes katherine you would qualify for a iva welcome to the forum.

Posted: **Sat Jun 20, 2009 9:23 pm**

On the face of it she would, but she needs to go through all the income and expenditure with an IP before any definite decision can be made.

Posted: **Sun Jun 21, 2009 9:48 am**

I am sure that an IVA is an option for you, but there will be others which may be more suitable. I would definately have a chat with an insolvency practitioner to determine what you can do and then assess which route is more suitable for your future.