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Posted: Tue Jan 22, 2008 10:46 pm
by jcs
i have been seriously considering to apply for an IVA but after going onto your forum, im not so sure.i want peace of mind that i'll get a set amount to pat per month, not for the sum to differ monthly! is it worth my whikle to go bankrupt? i owe roughly £15,000 to creditors, plus money to family and £2000 to my landlord.
thanks,
Posted: Wed Jan 23, 2008 12:34 am
by MelanieGiles
Hi jcs and welcome to the forum
To present an IVA you have to be self-disciplined and want to pay your creditors to the very best of your ability. It does not sound that it would be an ideal solution for you, as you seem reluctant to take the risk that your payments may be increased if your circumstances improve.
Only you can decide whether bankruptcy is a better option, but if you have no assets which would be at risk under such proceedings you may feel that it represents your best option financially.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp
See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp
Posted: Wed Jan 23, 2008 4:09 pm
by jcs
hiya! thanks for the quick reply. sorry for my bad spelling, only just realised!
im not reluctant to pay more if my circumstances get better, but i dont want to feel forced into paying a sum that leaves me money i just cant live on, especially as i have a young child. if i sign up to an IVA, do i have any say on whether i can afford a new rate to pay, say they up the amount on my second year?
jen
Posted: Wed Jan 23, 2008 4:36 pm
by pbeck
They won't increase the amount beyond what you can afford to pay, and in any case, your payments would only go up if your circumstances actually improved.
The IP wants the IVA to succeed just as much as you do, and won't impose an unmanageable payment increase. If you feel that whatever they are proposing that you increase your payments by is unmanageable, you can always tell them why it is too high. You will certainly be allowed reasonable costs for bringing up your young child.
Having said that, you are expected to produce the best return for your creditors that you can in an IVA, so if your circumstances do improve, the IP won't want to see you spending your money on luxuries !
Philip Beck -
www.freeivaadvice.co.uk
Licensed Insolvency Practitioner and IVA specialist