www.iva.co.uk

Can anyone tell me whether I would be successful with an IVA of 33p in the £1. I have £83,000 of debt and have worked out my disposable in come to be £450 per month.

Its all about affordability so you cant judge your offer of 33p against anyone elses. Can you list your creditors? Who is proposing your IVA for you?

Paul

Your figure doesnt include fees either? Any property with equity in it?

Remember when calculating your I&E to add for things like haircuts, car tax and car maintenance. All the little things add up and need to be included.

Prescriptions and dentist as well. A lot of people forget about those.

Pog1234, I think your £450 a month doesnt work out to 33p in the £,, once you take your IP fees out it will prolly be down to about 25p in the £ over 60 months.

Speak to an IP for better advice,, but I dont think I am to far away with my sums.

Given the figures you have mentioned for diposable income and the level of creditors, and IVA ought to work well for you - but it is really important that you understand all of the options available to you - so if you haven't yet consulted an insolvency practitioner it would be wise to do so.

my payments are 546 a month on about 84,000 plus a small equity and thats 33p in pound

MP - what a lovely dog and a smashing picture!

Pog - I suggest that you visit www.iva.com for a list of companies and reviews. Give one or two a ring and you will receive free and impartial advice as to all the options open to you and the best way forward for your circumstances.

They will go through all of your figures with you.

Thanks everyone......i'm addicted to this site. We have already consulted an I/P and have our first telephone interview on Tuesday. They have all our documentation, I was just doing my figures before the call. I realise that everyones circumstances are different. I am really worried about it all (as is our postman) most of the contents of his sack seem to be for our address! If the IVA is refused we will have no other option but to go bankrupt as if we enter a DMP we will probably die before it's all paid back...lol.

I have been trying to get an idea on this site of grounds for refusal....cant find many threads where the IVA has been refused in the first instance so I am optimistic. We are in negative equity also so cannot offer equity release. Cant stand the thought of all the stigma attached to bankrupcy but will face that if we need to.

Thanks everyone for you replies and support.

Good luck to you and try not to worry - easier said than done. Please let us know how you get along. J

To be fair IP's only normally do all the groundwork and get the case put forward if they're pretty certain of an acceptance as there is a lot of work going on behind the scenes that I for one don't always appreciate.

I hope your telephone interview goes smoothly for you on Tuesday and it puts your min at rest. As elv5 says try not to worry but we have been there and I do know personally how much I worried. Let us know how you get on. x

Thanks so much......just want to enjoy life again. I realise things will be tight in the IVA but it will be so nice to live without credit. We have been relying on it for so long just to eat let alone have luxuries. Fingers crossed that this will all work out ok and we can start budgeting. My partner and I had separate bank accounts as due to our huge overdrafts we were never in a position to have a joint account. We have opened up a joint co op cashminder account and that has already helped as we now discuss every purchase as neither of us wants to withdraw money without the other consenting and knowing about it!

Jan,, thanks,, he is our Jack Russel,, 12 months old now,, he is a beauty.

Pog,, you have taken the first step,, which i found to be the hardest, & dont be scared of talking to your creditors, I just spoke to Mercers (again)if you are polite but concise they are usually polite back. Some people ignore the calls we chose not to, I think its best to keep them informed of the on going process.Good luck for a debt free future.
BTW: Jan,, Mercers kept to there word regarding the 14 days, have just spoke to them again & have another 14 days grace,, mind you they did say someone might call round,, I just said OK,, think that took her by surprise.[:D] anyway chin up everyone. not long now.

He is beautiful - doesn't look like a Russell at all.

You have been lucky with Mercers and I hope it continues as I know what they can be like.

Pog - it sounds as though you are sorting everything out, and it is so good that you and your partner are so positive about everything. It makes life so much easier.