www.iva.co.uk

Im on a DMP but have been advised to do an IVA. I'm worried coz my hubby is self employed and I dont want to risk my home. Did the calculator thing on here and it said my disposable income was too low to support an IVA but I dont want to go bankrupt. Anyone else in similar position with advise, good or bad?
Thanks

What was the disposable income when you used the calculator?

Hi Dapple,

Speak to a person rather than use the calculator, you may find you have more disposable income than you think.

Either speak to your DMP compsny or visit www.iva.com and speak to one or two of the companies on there for some free advice.

Is there any particular reason you don't want to go bankrupt?

thanks disposable income is £200 per month but debts are about £60k. thats what ive just done on my DMP review with CCCS. bANKRUPTCY WOULD AFFECT US COZ HUBBY IS SELF EMPLOYED. Whoops caps lock!!

I definitely think it's worth speaking to a couple of people with regards to this.

Jan has given excellent advice above and you could also email a couple of experts on our website - go to the ask the experts a question section on the home page.

Hi Dapplewillow - welcome to the forum - the claculator only gives you a guide but there is so much to consider when evaluating your options it is always wise to talk everything thorugh with a couple of companies.

If it turns out your DI is around £200 there is no reason why that might not be viable for an IVA.

You can still be self employed and bankrupt. Bankruptcy does not mean you lose the ability to earn a living and tools of trade are exempt. I am curious as to why the CCCS have not suggested an IVA before on such a level of debt unless it is because they do not do self employed IVAs themselves. Unless things have changed they will refer you to another company for the IVA so may as well take that advice yourself.

Your surplus is fine but a DMP at that amount seems to me very poor advice unless there are other factors we are not aware of.

Welcome to the forum.....advice as to whether an IVA is suitable for your circumstances should be taken from two or three practitioners to ensure you are comfortable with the level of payments they believe you can make under the disposable income. £200 as you mention would be a good return to creditors, but before agreeing to anything you need to ensure your Income and Expenditure is set realistically and you are able to manage on this.

Use www.iva.com as a starting point for companies that may represent you.

Thanks everyone, its great to get advice from people in the know and also to be able to talk to someone. It's not something you want to be chatting to yr friends about but bottling it up is hard. We've been referred to Grant something by CCCS so will see what they say and then maybe speak to some other s too.

It will be Grant Thornton you have been referred to and we do have a representative from there who posts on here.

Don't be afraid to speak to a couple more companies though. Make sure you are happy with the company you choose to look after you for the next few years.

Hi and welcome it is always advisable to take the advice from 2 or 3 companies before making a final decision, you'll know when you're comfortable with a chosen company and do make sure you are as 60/72 months can be a long time if you're not happy x

Thanks, can you tell me what I should be aware of when deciding if I'm happy? My current DMP budget says I have £200 DI but we do stretch ourselves for that but I have increased my work so it may feel easier soon. How leanient are they on deciding yr DI. I was told by CCCS that I was only allowed to put down a certain amount for school costs. My daughter goes swimming with school and its compulsory and costs £2.50 a wek but I couldnt include that?

A good IP will go through a detailed Income and Expenditure with you and discuss all debt options not just an IVA.

I'm with Melanie Giles and decided to go with them after speaking with two others, I just felt comfortable as they were knowledgeable and non-judgemental.

Give a couple a ring and let us know how it goes, we're always here for support/advice. all the best. x

thanks, i'll let you know xx

I hope the CCCS made allowance for your husband's tax and national insurance in your budget planner as this could cause you problems when the next bill falls due. The CCCS who are funded by the banks produce the guidelines on which they base expenditure. Unfortunately, they do not allow things like swimming lessons at school and you are supposed to find the money from other parts of your budget.

Other IP firms may well allow this expense and creditors may accept it as it is reasonable but I doubt if the CCCS will go against their own guidelines.