before applying iva

john3105 · 17 February 2018 at 3:07PM

i got disposable amount around £140 to pay towards iva with tight budget expenses, after all priority bills paid.
do i really need to apply full benefits before applying iva, i am avoiding to get full benefits, at this time just getting Tax credits with child benefit.

I think as long as i pay priority bills including house rent, i should not apply housing benefit, hope creditors should not ask to get benefits to pay to us.

so can i apply iva without getting help from housing benefit and council tax reduction as i understand i never applied for that before.

anyone can please help to make my mind, if they refuse iva, i will have to go bankrupt, as no assets or any car. total debts over 50k.

sourcrates · 17 February 2018 at 3:45PM

Any reason you cant go bankrupt ?

You have no assets to protect, an IVA is usually for people with assets they they want protection for, if you have none, its much easier, to go bankrupt.

£140 a month is unlikely to be high enough for an IVA for 50k, but in bankruptcy, you would pay this to an IPA for 3 years, better for you in the long run.

I suggest you speak to one of the debt charities or National Debtline before deciding.

john3105 · 17 February 2018 at 5:22PM

thanks, truth is £140 is tight budget saving, due to financial problem still i can manage that amount to pay towards iva. but in bankruptcy as i have seen average expenses for my family is more then if i go for bankruptcy, so might no EPA.
I want to pay few years until i can, in bankruptcy only issue i see might getting problem to get house or rent or renew my house rent agreement.

And i work as self employed which i make around 600 pounds per month after all expenses, will OR ask to stop working as IT Job.

Lastly i took loan 7 months ago, and paid credit cards minimum payments, house moved, advance and deposit, plus paid big interest and minimum payments on all debts. once i got stuck in debts and financial problem, someone told to put money in intraday trade, but that made more worst. so dont know will be that problem in Bankruptcy, i want to mention all truth.
took credit cards from 2003, till now managed well and never missed any payments. credit cards around 35k, loan 18k.

hope someone can advise more please.

before applying iva

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