My chances of an IVA???

LolStevo

Hiya, i need more advice!!! Whats the chances of getting an IVA on debt of around £7000, iv just lost my job and think this is the only other option as my debts have gone on for son long.

Im 21 and a student so can only work part time!

Whats my chances guys???? xx

Rylynn

How may creditors do you have as I think you have to have a minimum of 5 companies you owe the money to, I went into an IVA in 2005 but it has failed due to illness and being unable to work.

You may be wise to phone some of the charity debt lines, you will find the numbers here I know they are at the top of the boards in the bankruptcy sub forum on here.

Hope that helps, be careful who you take an IVA with though as some want to charge you a fee, you may also like to pop into your CAB and ask them for advice as well.

RAS

Hi

Wholly inappropriate for you. You would not be allowed to do one, although I suspect there is at least one debt company that would set up a pretend one so they could charge you the fees.

Speak to one of the debt charities here http://www.moneysavingexpert.com/loans/debt-help-plan#help and start looking for other part-time work pronto.

And then put you SOA on here so folk can help you.

dancingfairy

I agree with RAS- don't you have to have a regular income to do an IVA? perhaps a DMP would be a better option or bankruptcy. Anyway - don't jump into anything just yet. Pop your SOA up and if you need advice phone CCCS or the CAB or National Debtline but whatever you do don't phone a company that advertises on tv/in a paper etc as they will charge you and are not impartial.

dancingfairy

How long are you going to be a student for? you need to make sure you have your student loan entitlement, a student account with a student overdraft etc. It might also be worth taking out a graduate loan when you graduate if you need to.

LolStevo

Im going to be a student for 3 years, im only just going into my first year, i cant get a student account and overdraft as my credit rating is poor,

Rainbow_Butterfly

I had an IVA until I went BR in July.

As far as I am aware you have to owe over 15k, as this is the minimum you have to pay back over the 5 years. (Minimum 250pm x 5yrs). I am unsure about the number of creditors as I had 8.

You also have to have a job which after rent/ living expenses leaves you with at least the 250pm.

An IVA is not the best option for you, I would suggest looking for another job, and in the meantime ringing the companies you owe money to, explaining your situation and asking if you can make token payments to them for the next couple of months while you sort yourself out.

IVA/ Bankruptcy should only be a last desperate option, they are not an easy way out, and will affect your life/ career prospects/ credit file for many years afterwards.

xx