will this mean i can get an IVA?

[jem]

I am unable to manage my monthly finanaces as my outgoinds now exceed my incomings.

If i was to enter into an iva how would my house be effected?

Also i earn a good basic salery, and benifit form overtime (which is going to be stopped shortly) and bonuses, this differs from one month to the next, how would this work in an iva?

Currently i have no CCJ's or defaults will this mean i can get an IVA?

Any advise would be appreacited.

[aguise]

Hi Jem
In an iva if you own property and there is equity in it then there is usually a clause to rtelease the equity via a remortgage at some point, quite often in the fourth year.

If you dont mind posting more of your situation ,income, outgoings before paying debts and equity in your home, Then more advice can be given as to a suitable solution.
Also ivas are usually worked out on a basic salary so any overtime is usually taken at 50% so you get to keep half if it stops then it should make no differenc.

Hope this helps a bit.

Ang

[Adam Davies]

Hi
Just to add that many of us had an impeccable payment record prior to an IVA,so no it will not stop you from entering into one.
I presume that your equity is less than your total unsecured debts and if so an IVA could well be a possible solution for you .
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[MelanieGiles]

Hi jem

I am one of the experts who regularly post on the forum, and can advise that the equity your property will need to be valued for the purposes of your IVA proposal. As equity in property is an asset which normally vests in a Trustee in bankruptcy, your creditors will usually expect to see it addressed in some shape or format within your proposal.

If the equity is a relatively small amount, then it may be possible for you to offer to deal with it by paying a few more monthly contributions - generally for no more than an additional year. If the equity is a larger sum, then it may be possible for you to release some of it at the beginning of the IVA, to enable an early distribution to be made to creditors. This can be a better route, because it avoids having to have the property revalued at a later stage, when it may have increased in value and the amount required to be raised is somewhat larger - as explained in Ang's earlier post.

With regard to your income, my policy is to work on the basis of your basic salary, as overtime and bonuses cannot be guaranteed. Other experts may have differing views, so it is wise to seek a number of opinions before deciding on a way forward.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[jem]

Thanks for that!



jemjem