We are just treading water. Is an IVA suitable ?

[clare.w]

I have a mortgage of £200,000 and a house worth about £155,000. We have a homeowner load secured on the house of £48,000. We have other credit card and loan debts of about £15,000. All the credit cards are on an agreement with payplan so we only pay £1-£10 a month on these. We are not in arrears on any of our bills - mortgage £912 - homeowner load £544 but we are just treading water and every month payments are late on other bills. Is an IVA suitable to reduce any of our outgoings? I am self employed and hubby employed - we can't go bankrupt as they would take our cars and we then couldn't work plus all the other problems that come with it. Any help most welcome?

[Adam Davies]

Hi and welcome

An IVA may be possible, you really need to have a chat with several experts/companies and explore all avenues

Regards

[Gina.gu]

Hi. Chat with a few iva companies and see what they can do. The secured loan won't be included on an iva though. In br they won't necessarily take your cars. Chat with some experts . Good luck

[Foggy]

Hello and welcome. It's certainly worth you having a chat with a professional. Either Payplan, who already know your details, or pop over to www.iva.com where you will find a list of reputable companies, with reviews. Have a chat with a couple, it's free and without obligation, and always useful to compare advice and see who you "gel" with.

[MelanieGiles]

How much can you actually afford to pay creditors on a monthly basis if you were to consider an IVA rather than your current payment plan?

[Tina Shortland]

Hi Clare.w welcome to the forum - as the others have asid chatting your full situation through with a couple of experts will allow you to see whether it could be an option. The key thing is to get an accurate disposable income figure so that whatever you do, it is affordable.

[Shining]

Do talk to 2 or 3 companies to ensure case specific impartial advice. All the best and it costs nothing to talk.