www.iva.co.uk

Hi
Sorry, very first time and not sure where to post or i this makes sensse...
1can anyone just advise if they have been in this situation, I have debt of just over £100,000 owed to 11 companies, but only spare cash I have after mortgage and food etc is paid is £450.
I have an initial interview for an IVA next week but think I wont have enough cash coming in to justify an IVA
Has anyone else been in this situation and what was the outcome
Many thanks
Wuffy

Hello, sorry about your troubles - as far as I am aware it is disposeable income which counts - I believe Melanie (Giles) has an IVA in hand for 2p!. I know she has one on her books for 16p. Try not to worry - what I do know is that IP would not put a proposal forward if it would not meet creditor criteria.

Morning Wuffy and welcome to the forum.
You say you have an initial interview next week....you must have some patience. I spoke to 3 companies on the morning I read these forums lol!

From my own perspective I have (hopefully had) debts in excess of £100k and after paying all my cards/loans/food was left with 0 in fact I was running at around £1000 loss each month. Hoping this will change very soon.

Good luck.

Hi Wuffy and welcome to the Forum.
Based on what you say, it appears that an IVA is a very good solution for you and your creditors. Bankruptcy may be a more suitable depending on your individual circumstances but your IP firm will discuss everything. A DMP does not sound too attractive for you given the level of debt and the length of time it will take to repay. If you have concerns you can contact other firms for some free advice if you do not want to wait until next week.

thanks for the comments, its also nice to know Im not as alone as I thought I was.... thanks once again

First of all, talking to a professional well versed in these matters can only be a good thing. I would suggest you speak to 2 or 3 firms before going forward, a good point of reference for that is www.iva.com where you can look around, read reviews etc. You should receive no nonsense, no obligation advice from the firms listed on there, and then you can make an informed decision once you know what ALL your options are. It is essential at this point that a true picture emerges of the true affordability level that you have available for the debt, not so much for the dividend to creditors as that is of secondary importance at this time, but more to make sure that anything you do decide upon is affordable and sustainable.

Regards.

I totally agree with all of the above.

Visit the site which Size5 has suggested - there are some excellent companies on there for you to ring.

The forum is also here to answer any questions you may have.

Hi there Wuffy

I think £450 per month for a £100k debt is fine material for an IVA - so good luck with the chat you have arranged with the insolvency practitioner you would like to represent you.

Good luck from myself too Wuffy and do stick around and keep us informed as it's good for other potential posters to read and get assurance from post like these.

Hi

thanks again for the replies.

LadyH, I am speaking to the CCCS next Wednesday, I was advised by my bank to speak to them, they have been helpful and explained about different options and just put my mind at ease for the time being at least.

Am still stressing about it but not as much, I know I built my debt and therefore I owe it, just circumstances dont allow me to pay back my debt.

Im sure things will be a bit clearer after next Wednesday at least.

Thanks again
Wuffy

Good luck with your meeting Wuffy but it might be worth having a second or third opinion from insolvency practitioners. Seems a long time to have to wait for some advice when most IPs are at the end of a phone.

I would recommend taking advice from 2 or 3 IPs before you make your decision. There's nothing to stop you speaking to other companies as well as speaking to the CCCS next week.

Good luck x

Hi everyone, just wanted to say its now eleven days since I sent my first message, having read alot more and discussed alot more things have become a bit clearer.
I just wanted to say thank you one and all for your words of advice, I have a few people looking at my figures and they have all made me feel that something can be done about my debt.
As soon as there is more news I will certainly let you know
Thank you once again
Regards

Hi wuffy, I'm glad you're sounding more positive. It's amazing how much better you feel after speaking to someone isn't it.

Good luck, and keep posting x

Hi Wuffy and I too am glad you feel things are a little clearer.