IVA a possibility?

Lazerium1

In brief I owe £75,000 on personal loans and CCs. Currently my income is £3,000 net a month but with loan repayments and interest charges I'm not really making much headway although I can just about manage the minimum payments.

Do you reckon an IVA repaying up to £1000 a month would be a realistic possibility? Are my lenders likely to accept this?

Charco_2

The first question really is ARE YOU INSOLVENT?

That is the real criteria governing whether or not an IVA is for you!

Just because you can make minimum payments towards your debts doesn't mean you can afford your debts. Do your minimum payments cover the interest? Do you have enough to cover the interest plus a little of the capital on any of your debts? Paying off the capital is the only way you'll be able to get out of the debt without a debt solution. If you can't pay the capital then you may want another solution. Do you have an asset of significant realisable value that may put a dent in your debts?

£1000 would be a large monthly contribution which is fine if you can afford it... in an IVA you would be expected to pay what you can afford (no more and no less - it's not about avoiding debts, it's about finding a light at the end of the tunnel!)
You may be able to do an IVA for less than this significant contribution but again, it's about what you can afford!

(is this helpful so far?)