IVA become unmanagable

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rpc

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Post by rpc » Wed Feb 06, 2008 11:09 am
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I have a paye income with approx 200 surplus per month. Additionally I have a private income currently run from my hom e( which I will lose in bankruptcy). This income brings in approx 800 pcm pre tax and tax is paid yearly.
So I wouls anticipate that I would be left with 500 pcm after tax.
My question is if I continued this how much is he likely to take from th eprivate income i.e is it worth doing.
Some basic facts are I owe 102K of debt ( non secured) and am in an IVA which I have been for 1 year but this has recenlty become unmanagable due to added debt from second property I sold 9 minus 20 K equity) now to be included into IVA.

I would really appreciate ypour inpur
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ianmillington

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Post by ianmillington » Wed Feb 06, 2008 1:41 pm
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Hi - some questions please:

was the second property disclosed in your IVA proposal? If so what are the IVA provisions that affect it

How much are you actually paying into the IVA>?

Do the creditors know about your second income?

What's the financial position as regards your home (value/equity etc)?

When I've got the above info I should be able to give you some advice.

ian
Ian Millington
Insolvency Director
PDHL Ltd (formerly Personal Debt Helpline Ltd)
www.pdhl.co.uk
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