www.iva.co.uk

Dear Forum

I have recently been in contact with a couple of IP's about the possibility of entering into an IVA, however since then my financial situation looks like it might change quite drastically...

I currently live in a shared rented property but my housemate may no longer be able to make their share of payments for the house - meaning I may have to pay the full amount of £575.00 myself which could be up to £287.50 more a month on rent, meaning I would have a lot less Monthly Disposable Income than when I originally spoke to the IP's - I would probablt only be left with about £250.00 to put into the IVA each month...what should I do? Would this be enough to still enter into an IVA? Would I be expected to move house to cheaper accommodation?

Just as I thought it was all starting to come together...

Hey snowman, I think if you post a few more details about the size of your debt etc then the experts will be able to advise you. Viki X

How much do you owe to creditors, and how quickly do you think it would take you to find a new flatmate?

I owe a total of £45,500 unsecured debt to creditors - HSBC, Egg Card, Cooperative Bank and Student Loans Co.

Getting a new housemate is not really an option at the moment - we have been good old mates all our lives so can't really kick him out!!! We will have to come to some kind of agreement...