What would you do?

cheeseoatcake

longtermplanner wrote: »

If you only have a surplus of 340 a month an IVA is NOT suitable! Phone Payplan and tell them you want a DRO. If they say you don't pass the "surplus £50" or any other criteria, ask them to explain why and come back here to check.

Your partner's car is irrelevant for a DRO.

I have £150 per month surplus and have been advised to take the IVA route with £50k unsecured debt!

fatbelly

cheeseoatcake wrote: »

I have £150 per month surplus and have been advised to take the IVA route with £50k unsecured debt!

The '340' in the post you quoted was a misprint - should have read '£40'.

An IVA on £50k debt at £150 per month sounds reasonable if your ip can push it through at such a low percentage. Why are you not going for bankruptcy?

cheeseoatcake

fatbelly wrote: »

The '340' in the post you quoted was a misprint - should have read '£40'.

An IVA on £50k debt at £150 per month sounds reasonable if your ip can push it through at such a low percentage. Why are you not going for bankruptcy?

We love our house modest 3 bed semi in a reasonable area, £60k equity between me and OH.

GT said we would probably have to sell if I go bankrupt.

Kind regards