IVA help?

savvysir

National_Debtline wrote: »

Hello there,

Would you mind letting us know about your wider circumstances? There could be alternative options to consider. Are you in mortgaged accommodation?

Very best wishes,

David @ National Debtline
Twitter: @natdebtline

I don't have a mortgage, renting privately at the moment. What other details would you need?

sourcrates

savvysir wrote: »

OK, that's a great help, one other thing, is there any way to prevent DCAs being brought in? It'll be 3 months before I can begin to set up an alternative and just thinking the worst...

Depends on each companies own policy, they may wait 3 months, they may not, hard to say really.

National_Debtline

savvysir wrote: »

I don't have a mortgage, renting privately at the moment. What other details would you need?

Do consider posting up your statement of account (SOA), you can fill one in here: http://www.stoozing.com/calculator/soa.php
The reason this is useful is that it can help us all make suggestions about the best route forward. The key aim is to find the one option that will ultimately help you become debt-free. We often speak to callers that are interested in having an IVA, our job is always to ensure that all potential options are discussed. The reason I asked about the property is to see if bankruptcy would be a better option rather than another IVA. It can be a faster and cheaper process although there *may* be other implications that would need to be considered. An example is that whilst you are bankrupt (typically for 12 months) it may not be possible to be involved with the running of a limited company. We have a useful fact sheet which outlines bankruptcy in detail which you can find here.. We also have a page which compares all the major debt options, you can find it here.

- David.

savvysir

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1680
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1680

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 275
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 30
Petrol/diesel........................... 400
Road tax................................ 20
Car Insurance........................... 45
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 350
Medical (prescriptions, dentist etc).... 25
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1535


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Overdraft......................2200......0.........0
Credit Card....................8000......0.........0
Loan...........................900.......0.........0
Payday loan....................240.......80........0
12 Month Loan..................1300......115.......125
12 Month Loan..................1800......220.......150
12 Month Loan..................1750......320.......125
Payday loan....................500.......560.......3651
Total unsecured debts..........16690.....1295......-


Monthly Budget Summary
Total monthly income.................... 1,680
Expenses (including HP & secured debts). 1,535
Available for debt repayments........... 145
Monthly UNsecured debt repayments....... 1,295
Amount short for making debt repayments. -1,150

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -16,690
Net Assets.............................. -16,690

stevemLS

National_Debtline wrote: »

Do consider posting up your statement of account (SOA), you can fill one in here: http://www.stoozing.com/calculator/soa.php
The reason this is useful is that it can help us all make suggestions about the best route forward. The key aim is to find the one option that will ultimately help you become debt-free. We often speak to callers that are interested in having an IVA, our job is always to ensure that all potential options are discussed. The reason I asked about the property is to see if bankruptcy would be a better option rather than another IVA. It can be a faster and cheaper process although there *may* be other implications that would need to be considered. An example is that whilst you are bankrupt (typically for 12 months) it may not be possible to be involved with the running of a limited company. We have a useful fact sheet which outlines bankruptcy in detail which you can find here.. We also have a page which compares all the major debt options, you can find it here.

- David.

OP has already said bankruptcy not an option in their job.

dancingfairy

So you owe more than you did when you started the IVA? That's not great.
To be honest you would have been better contacting your IP and letting them know you were struggling/had had a change of circumstances and ask to miss a few payments or get them to go back to your creditors with a new proposal to take into account your new circumstances.
You could possibly do a DRO if you could get your debt to below 15k (although this is a mini-bankruptcy so I don't know if this would be viewed in the same way as bankruptcy in your job).
You could do a dmp.
You could maybe try another IVA.
You could try for full and final settlements.
Note you could try for full and final settlements and then do a dmp with the rest or do a dmp for a bit and then try for full and final settlements so you can obviously do some combination of them.
I guess it depends on what is going to get you debt free quicker, and what is going to suit you best (in terms of flexibility etc).
I would try and take a bit of time to research all the options before making a decision as you don't want to be stuck with something else unsuitable.
The debt camel website is really good and gives you the pros and cons of different options.
Regards
df