IVA's

tinytot143

Can any one please give me some advise on IVA's!!!!!!
Don't really know if this is the right thing for us?
Thanks

piggybank1

This depends on how much you owe. I took out an IVA with £36k of debt. Basically what happens is, you pay a set amount every month into a bank account which is controlled by a IVA supervisor. From that account, all your creditors get paid depending on how much you owe each one. It lasts 5 years. You do a yearly review which will tell the supervisor how much each month you pay. I also have to send me my payslips every 3 months and hand over half of any overtime. This doesn't always happen, but did in my case.

It is something that isn't taken lightly as it does affect your credit rating for 6years, but in my case, it was a life saver. I was drowning in debt with no way out.
Have you looked into other methods of paying the money back?

isgman

Welcome to DFW, Please Post you SOA and that "Magic Someone" will be able to give advise as to the best way forward for you.. Good Luck

james32_uk

Tracey, you have a PM

tinytot143

james23_uk wrote:

Tracey, you have a PM

What is a PM?
Sorry I am new here!!!!!!!

james32_uk

Towards the top right of this window there's a small box that says you have X Private Messages. Click on the link and you should find me.

frankie1_2

I have recently started an IVA myself. It has taken most of the worry away, as I know that I am starting to repay my debts. I guess you will have to think about how much debt you are in, and whether you currently have the resources to repay this now and in the future.

tinytot143

My lightbulb moment was July 2006!!!!!!

Hope that this is ok

Monthly Incomings:-
Partner - £1263.00
My salary - £550.00
Child Benefits - £68.00

Total - £1881.00

(can't get no tax credits as they have over paid us by £2000 they Say!!!!!!!!)

Monthly Outgoings
Mortgage - £306.94
Council Tax - £71.00
Gas - £50.00
Electricity - £30.00
TV License - £10.99
Sky - £43.00
Phone/internet - £30.00
Food - £370.00
Car Insurance for 2 cars - £80.00
Petrol for 2 cars - £180.00
Pet/Life insurance - £66.01
Mobile phones - £60.00
Water rates - £29.00
Building/Contents - £37.00
College fee - £60.00
Mum - £40.00
Father in law - £110.00

Total Outgoings - £1573.94

DEBTS
LOANS
GE Capital for Kitchen - Balance £5900.00 Monthly payment £119.34
not sure what APR is
took out APril 2006 for 10 years!!!!

GE Capital for car - Balance £4449.06 Monthly payment £134.82
not sure APR again
took out April 2005 for 4 years

Barclays Loan - Balance £4023-03 Monthly payment £121.09
Not sure APR again
took out april 2005 for 4 years

Halifax loan - Balance £3566.13 Monthly payment £122.97
Not sure APR
took out june 2004 for 5 years

Open & Direct - Balance £3945.24 Monthly payment £109.59
Not sure APR
took out April 2004 for 5 years


CREDIT CARDS

Cahoot cc - Balance £3400.00 Monthly payment £67.00

Egg cc - Balance £450.00 Monthly payment £20.00

Halifax cc - Balanace £3791.36 Monthly payment £70.00
12.9%

Barclays cc - Balance £1346.17 Monthly payment £30.00
Mine
APR 19.9%

Barclays cc - Balance £745.16 Monthly payments £25.00
Partners
APR 27.9%

Freemans Catologue - Balance £160.00 Monthly payments £30.00
0%

River Island sc - Balance £326.10 Monthly payment £15.00
17.9%

Argos sc - Balanace £549.86 Monthly payment £25.00

Lloyds overdraft £500

Halifax Overdraft

I have also looked into the bank charges and I halifax alone have taken £2150.00 in bank charges of me since Jan 2005!!!!!!

Please some help me this is a massive overspend!!!!!
Thanks

These are my SOA!!!!!!!

Have a look