help thinking of an iva?!

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carlymummy
carlymummy Posts: 277 Forumite
edited 23 October 2010 at 12:10PM in IVA & DRO
ddddddddddddd
Proud mummy to 3 beautiful boys! :D

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  • carlymummy
    carlymummy Posts: 277 Forumite
    edited 23 October 2010 at 12:10PM
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    dddddddddddddd
    Proud mummy to 3 beautiful boys! :D
  • debtinfo
    debtinfo Posts: 7,012 Forumite
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    You must have a surplus amount to go for an IVA, it appears from the above that you do not, is there any income missing or likely to change
    Hi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
    Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.
  • Tixy
    Tixy Posts: 31,455 Forumite
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    An IVA will not be suitable on those figures. You would need to reduce your outgoings by at least £700 before it could even be a possibility.

    Your grocery costs are much too high - perfectly possible to feed and clean a family of 5 for less than £300 per month (some manage on £200), so thats £500 clawed back.

    If neither of you are able to increase your income any further then I think you need urgent advice from one of the debt charities http://forums.moneysavingexpert.com/showthread.php?t=2077631
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • carlymummy
    carlymummy Posts: 277 Forumite
    edited 23 October 2010 at 12:11PM
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    dddddddddddddddd
    Proud mummy to 3 beautiful boys! :D
  • NorthernLas
    NorthernLas Posts: 1,271 Forumite
    First Anniversary First Post Combo Breaker
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    Hi - What you have found is that an IVA is not suitable, but there will be other options... you know that you don't spend £800 on food so that is a start but by reducing that you are still on the edge.

    Do not struggle on and hope, think on what you can do ... speak to one of the FREE debt charities (see Tixy's link above)?
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