Considering an IVA...any views..please advise

loupoppins

Hi, I have a few questions about an iva...will try to be brief LOL
I've been on DMP with CCCS for 3 years. Owe just under 50K in total ,joint with husband,to a total of 5 creditors.
Have 2 CCJ's already, one with a Charging Order
Now LLoyds are threatening to go down that route, having accepted reduced payments for 3 yrs.
We can manage...just....BUT at the rate we are going to is going to be about 13/14 years before we have itall cleared TBH our family is really suffering and I'mnotsure we'll survive having this hanging over us for another 14 years:(
Now...I have a job interview on Weds....so this may change things a bit....but its only a part time job, and we'll loose tax credits and have to pay childcare so in terms of real difference each month wont be huge...

Anyway...what I'm wondering is,for us in our situation what would be the DISADVANTAGES of going down the IVA route? Obvioulsy our credit rating is shot anyway,and tbh as I NEVER intend to take any form of credit again I'm not too bothered. We already stick to our repayment schedule and have done for 3 years. We know what it's like to stay on a strict budget....
So as I see it at least with an IVA it would all be over in 5 years...which is WAY better than 14 LOL
We do own a house though and I REALLY dont want toloose that. It has minimal equity at present,andcertainly not enough to clear debts. Remortgaging isnt possible due to Charging Order...
We also have 6 kids...another reason I need to get this right!
So what would be the downside of an IVA for us???
Oh, and anyone know does have CCJs affect getting an IVA accepted? Can we include those debts too???
We are exploring lots of options at the moment,and an IVA is just one of them...
TIA

Have included a SOA for reference...




Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 6
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 2763
Benefits................................ 550
Other income............................ 0
Total monthly income.................... 3313
Monthly Expense Details
Mortgage................................ 1007
Secured/HP loan repayments.............. 35
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 145
Electricity............................. 120
Gas..................................... 0
Oil..................................... 0
Water rates............................. 55
Telephone (land line)................... 39
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 9
Groceries etc. ......................... 500
Clothing................................ 75
Petrol/diesel........................... 250
Road tax................................ 30
Car Insurance........................... 71
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 50
Childcare/nursery....................... 0
Other child related expenses............ 100
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 11
Buildings insurance..................... 21
Contents insurance...................... 0
Life assurance ......................... 24
Other insurance......................... 15
Presents (birthday, christmas etc)...... 40
Haircuts................................ 10
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 40
Total monthly expenses.................. 2779

Assets
Cash.................................... 0
House value (Gross)..................... 205000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 207000

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 174722...(1007).....0
Secured Debt.................. 17957....(35).......0
Total secured & HP debts...... 192679....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
lloyds loan....................23822.....147.......0
lloyds cc......................2747......38........0
egg cc.........................7000......93........0
marlin ........................10000.....131.......0
cabot..........................2000......15....... .0
Total unsecured debts..........45569.....424.......-

Monthly Budget Summary
Total monthly income.................... 3,313
Expenses (including HP & secured debts). 2,779
Available for debt repayments........... 534
Monthly UNsecured debt repayments....... 424
Amount left after debt repayments....... 110
Personal Balance Sheet Summary
Total assets (things you own)........... 207,000
Total HP & Secured debt................. -192,679
Total Unsecured debt.................... -45,569
Net Assets.............................. -31,248
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Loubylou2

Hi
Sorry to hijack this thread as I'm going to be no help as we are in a very very similar situation as you. A mortgage and secured borrowings with the mortgage co virtually equalling the value of the house. about (£160k) Additionally debts of approx 65,000. We were coping (athough clearly not in a great position)until my husband, faced with redundancy was forced to take a different postion with his employer. Same salary but no shift pay or overtime so we are now nearly£1,000 down and getting further and further in debt. We did appoach out two main lenders in Jan but they really weren't interested except to offer more debt.

We are now pretty sure an IVA is the only route but who to go with?? As you said, I don't want any more debt and would be happy to live on a budget but this weight on our shoulders is tearing the family apart.
Two IVA cmpanies have told us to get another bank account quickly but with wages due to go in in a week I asume its too late for this month?

I just feel like we are living with an enourmous weight on all of us. Who do we go with for an IVA? My husband is too trusting wheras i'm very sceptical about everything.This is really scary as am worried about losing the house. Could the IVA route force that?

PS all the debt apart for the overdraft of £6k is in my husbands name so does that make a difference (good or bad)
The only reassurance is that we are not alone. I await with interest any advice.
Thanks

bryan8237

hi, I am in a similar position, however I can meet my commitments so long as I Have a reasonable month (i am self employed) and havent missed any payments etc.

All of my debts are in my name but my partner does have an income.

when i spoke to someone from payplan they told me that the total household income would be used to calculate what you can pay.
RE your home, I was told that in year 4 of the IVA your creditors will ask you to remortgage so that you can clear the remainder of the debt.

But the IVA company may be able to negotiate your debt down but then they add their fees so find out first. Have you considered a debt management plan with cccs.

I am in a slightly diferent position to you but I still have debts totalling £40K but £25k is on life of balance transfer at 4%.


Have you looked at the cccs website, why not call them and get some advice? I have been worried about my debt but getting advice has helped me to look at the situation with a clearer head.
Hope all goes well.