We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
I dont get it I cant afford an IVA?
newuser10
Posts: 19 Forumite
I have taken what i thought was the first step to doing something about my debt (see to IVA or not IVA thread yesterday at 7.27pm) I went to one of the charity companies, and they are urging me to go down the route of just not paying other than a pound a month to all of my creditors. To me that seems the most stressful route to take considering I am in crisis over it now?
We did the numbers, and I understand the concept of not having enough income to pay my debts monthly, but why this route? is it because you have to have some disposable income to support an IVA?
thoughts please
We did the numbers, and I understand the concept of not having enough income to pay my debts monthly, but why this route? is it because you have to have some disposable income to support an IVA?
thoughts please
0
Comments
-
IVAs have a start up cost, and a continuely monthly payment. If you fail to make payment the IVA is stopped and you are put back a square one.
IVAs are used as an alternatively to bankruptcy, an IVA is like bankruptcy except that you protect an asset like a house, which would otherwise be lost in bankruptcy.
If you have no large assets or not enough income. An IVA is not suitable.
Paying a monthly payment is a DMP, basically you pay what you can afford and hope the debts are frozen so overtime the amount falls. Estimated debt free dates on DMPs can range from months to decades. If it is decades and circumstances are not likely to change, and a IVA/DRO is not suitable, then bankruptcy is the option open.
We won't be able to judge the advice they gave you unless we know your circumstances. Post up an SOA - http://forums.moneysavingexpert.com/showthread.html?t=107280Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0 -
sorry i really dont know how to use this site, what is an SOA?0
-
Fill this in with your details, - http://www.makesenseofcards.com/soacalc.html
And post up the result in MSE format.Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0 -
sorry all the jargon is new to me. I have looked at the form at it looks straight forward, but i dont understand the post bit, is it the button at the bottom? , and who sees it?0
-
Don't worry it was weeks before i understood the term SOA.
Fill in the form.
Click calculate
On "Format results for discussion boards (optional)" click on MSE
A pop up opens, copy the text from the pop up into a new post here.Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0 -
SOA~Is statment of affairs.
There is a sticky post with help for newies
Help for First Time Posters & SOA Calculator
Hopefully it will help
I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** in ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger.
One debt remaining. Home improvement loan. 19months left.0 -
Hello newuser and welcome. By doing a Statement of Affairs we can see what your baseline situation is and can suggest ways of tightening up your budget, helping you to save money. We can also maybe suggest which order to tackle your debts in, based on the interest rates being charged. Don't be afraid to post it, it will look awful in black and white, but I bet you anything you like there will have been worse SOAs posted on here! Many of us have been where you are now, and have had loads of help and support from people on here.One life - your life - live it!0
-
just posted to dark convicts thread? I think thanks for your words0
-
sorry folks its just not like anything i have used before like e mail or msn, have i lost you?0
-
No worries
What part are you struggling?
Goto http://www.makesenseofcards.com/soacalc.html
Fill in the fields
Click Calculate
Click MSE
A Window Appears - Copy in data to a new post. (Click reply, and paste in what is on the screen)
To copy and paste. Highlight the text, right click - > click copy, click on the forum post your making, right click -> click paste.
This might help
Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604.1K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards