Please can I ask a little advice about IVAs?

minniepoos_2

Hi,
My husband and I have, over the last 11 years, been slipping further and further into debt, and have got to the point when we can't meet all the payments on time anymore. We have stopped using credit (except for the overdraft - but only because we can't afford the £500 to pay it off), and we find ourselves with no money only a week after payday (paid monthly).

I know it's totally our own doing, but I know we can't get out of this mess we have made without any help (we were trying to do this over the past couple of years but it just made it all worse - especially now we are making payments late and so getting the £12 fees on each card every month), and we have been looking seriously at an IVA. I have a couple of questions which I would really appeciate an answer to, if anyone gets a spare minute.

Between us we have 5 jobs. I know that of any extra overtime, 50% will have to go towards the IVA, but in my 3rd job I am self-employed, and one month I may make a little but the next I may lose a little (on paper). Would my earnings for this be assessed monthly, or would it be looked at at year end and a percentage of my profits used for the IVA?

Every now and then at my main job I get a small (but very much appreciated) bonus (between £20-£150). Would that all have to go towards the IVA or is that classed the same as overtime?

I do the free scratch cards every day which seems to make about £10 per month. I have also started doing the daily clicks. Again, will that all be IVA'd?

Don't get me wrong, I am more than happy to pay for our debts, but would just like to have an idea of whether we will have any spare money coming in for things like the emergency car repair fund, or to meet the IVA payments if I have to have any days off sick (no company sick pay in main job).

I feel I've written a small book , so I do apologise, but would be so very grateful for some help with this.

RAS

Hi

i really doubt if an IVa is the solution to your debt problems. There are other options depending on your incoem and expenditure.

Please read this http://www.moneysavingexpert.com/loans/pdf-iva-guide.pdf

And tthen call one of the debt charities, or do the CCCS remedy on-line.
http://www.moneysavingexpert.com/loans/debt-help-plan#help

Also come over to the DFW forum and post up your incoem and expenditure and there may be ways to get you out of this.

archiesmummy_2

do not, ever never ever go with debt free direct, go with one of the government agencies, cccs for example who dont take a huge chunk of what you pay for themselves, i wish i knew what i know know re IVAs, i think they should be banned! seriouslyget advise from a non profit agency, dont get sucked in by half your debts by 50% adverts..good luck!