Is an IVA for me ??

bettykitten_69

I owe about £23000 of debt, as I have a mortgage but very little equity Im wondering if an IVA would be best for me as I dont want to lose my house, with 2 children and a mortgage with my ex.

How would it work regarding my partners income as he pays for the bills etc, I recieve DLA for my son, carers allowance, CB and CTC. What would happen regarding this being my only sole income and the DLA is for my son ?.

I have written to my creditors being LLoyds tsb, they refuse to rewrite over a longer time and stop interest and charges.

I dont know if im better to contact the CCCS and ride it out with my own repayment offers, knowing I will get defaults but wont they drop off my credit file in 6 years ?? or do an IVA, get defaulted ?? and then they drop off my credit file.

Any help and advise would be great

x

bukko

I wish I'd done like you have and ask on this site before acting!
First, people don't always lose their houses these days with IVAs or even bankruptcy.
If your partner pays your bills and is likely to continue doing so, this can be taken into account in your disposable income if you go with either of these 2 options, and will be in your favour if you go for an IVA (the more you can pay, the bigger your chance that 75% of your creditors will agree).
You could go through the CCCS, but I'm wondering if you could go straight to an IP and discuss these options with them.
This is just my opinion and our circumstances differ somewhat, but making a deal with creditors seems to cost much more in the long run, although morally you might be tempted to go that way.
Also, if you have credit card debt remember to claim for a refund of charges before you go through these options. This will minimise the amount you owe which could help in the case of bankruptcy, and (IMO - wait for other advice also) is a good idea even if you go the IVA route.
Whichever you decide I hope it all works out well for you.

xiaoyuok

i have checked it’s really great

Charco_2

Reclaiming charges can be very time consuming and your situation could be worse by the time you come to dealing with your debt directly. However, in your original post you indicated that your creditors were Lloyds TSB... is that it? Just one Creditor?

In this case, an IVA may not be a viable solution as you really need three creditors or more for this, Even a DMP could be a waste unless you've really tried tried tired to get them to listen to you and play a bit fairer. If you do manage to find a debt solution, you can always go back afterwards to reclaim certain charges like PPI(if would like help to find a solution I would be happy to discuss with you further)