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Posted: Fri May 13, 2011 5:06 pm
by goldwolf
Hi me and my husband owe approx 38K to 4 creditors and making the minimum payments is very tight. We live in rented accomodation and have roughly 300 spare to pay debts would we qualify for an IVA we both work Thank you
Posted: Fri May 13, 2011 5:16 pm
by kallis3
Hi and welcome,
An IVA may be a suitable option for you but I recommend that you speak to an expert as there may be other ones available.
Visit
www.iva.com for a list of companies and reviews and give one or two a ring for some free and impartial advice.
Posted: Fri May 13, 2011 5:18 pm
by kazzafunk
Agree with Jans advice. Do it asap as I wish I had started the process ages ago when I first realised things were bad.
Posted: Fri May 13, 2011 5:18 pm
by littlefi
I spoke to someone straight away as all circumstances are different. I'm not there yet but just going through the process, but I know for some Debt Management Plans are suitable, others IVA and other bankrupcy. Speak to a good company and they'll be able to advise you, there are loads recommended on here.
Posted: Mon May 16, 2011 4:05 pm
by Mikee
Definitely good to first consult an expert about IVA to see what is the best way to handle your situation.
Posted: Mon May 16, 2011 4:26 pm
by kallis3
Let us know how you get on Goldwolf.
Posted: Mon May 16, 2011 4:43 pm
by goldwolf
Hi thank you all for your help and advice, I am in the process of looking through the IVA companies to decide who to contact. also I have just read that I will have to include my student loans in the IVA even though they are on hold at the moment and I pay nothing toward them.
So much to think about my head is swimming!
[:)]
Posted: Mon May 16, 2011 4:45 pm
by MrsKnight
Good luck goldwolf - your heading in the right direction.
Yes there will be alot to think about, but just shout out if you have any questions, your in good hands on here x
Posted: Mon May 16, 2011 4:50 pm
by Judo
I don't think you can include student loans in IVA can you?
Posted: Mon May 16, 2011 5:14 pm
by MrsKnight
I do believe that student loans can not be included in a IVA agreement, Im not sure how they are treated in a IVA, but im sure a expert will be able to throw some light on this better than I can advise.
Posted: Mon May 16, 2011 5:31 pm
by Ivoryfalcon
If you were to enter into an IVA the student loans would not be included in the IVA but your IP would need to be aware of them so provision could be made to pay them should you begin to earn sufficiently to exceed the repayment threshold.
Regards
Posted: Mon May 16, 2011 6:05 pm
by kallis3
Student loans can no longer be included for either IVA or BR.
You will have to let the IP know that there may come a time in the future when you will have to start paying for these dependent upon your income.
Posted: Mon May 16, 2011 6:10 pm
by Tina Shortland
Hi Goldwolf - how are you doing getting your head around everythinv- so much to think about but you have come to the right place for help and support.
when you speak to the experts they will explain everything to you and go over your options andthe implications of each option. Its important to know if there are any costs that might affect your IVa payment in the future which is why its important to mention the Studentl oan even though it will not be a creditor.
Have a good evening.
Regards,
Posted: Tue May 17, 2011 1:34 am
by MelanieGiles
On the face of it an IVA could work very well for you, but with all things the devil is in the detail so I would contact an insolvency practitioner directly who will be able to analyse your current financial situation and discuss all options with you.