iva help

Legacy_user

Hi im thinking enquiring about an iva
from experience does anybody know how much u think my payments would be in a
joint iva, i have a mortgage with no equity in property.


Together we bring in 2200, i worked out our leave over budget wolud be round the 200 mark, i worked out how much i owe loans credit cards store cards overdrafts etc and it comes to 55k.
would an iva be suitable do u think ?
cheers guys

sourcrates

Hello,


Please just stick to one specific thread, as it just confuses people responding to 3 different posts about the same thing, thanks.

sourcrates

Hi,


IVA payments are determined by your budget, and your disposable income, £200 per month on an IVA is not an unreasonable amount, and with 55k of debt, your options are otherwise quite limited.


Suggest you check out the stepchange website, get as much information on IVA `s as possible before commiting yourself.

System

will do
what the chances of iva goinf through do you fink with 200 spare on a 55k

mwarby

It depends, do you own your own home, if so what equity do you have ? (if you have equity, bankruptcy may release more to creditors, making an IVA a tougher sell to them)

If you rent or have no equity you've got a good chance, as if you went bankrupt they would likely get less. The total amount of debt doesn't really matter, its whether the creditors could get more through bankruptcy or a DMP (not viable for you by sounds of it)

It might be an idea to post your budget, you may end up paying more depending on what the creditors will accept budget wise

mwarby

sorry just re-read the OP, no equity. In which case I think you stand a good chance of an IVA being accepted, the creditors may try to squeeze your budget a little to get a little more each month though

System

Bills. debts

morgage 600. tesco loan. 17000
gas eleci. 100. overdraft. 2000
water. 58. sofa. 1000
tv licence 12. dreams 3000
mobiles 50. currys. 1000
car insur. 80. sainburys loan 19000
fuel 130. credit card. 4000
sky. 40. catologes. 5000
home insur 20. mum n dad. 7000
coucil tax. 115. TOTAL 59k
food 400
kids clothes. 50
mum dad. 100

TOTAL 1755

family 4
2 kids 2n3
income
1400 wage
137 child beneit
dla for my son 80
universal credit 400

TOTAL 2020

System

has anybody got any advice for mi
cheers����

mwarby

can you list in 2 distinct sections with a total for each

-your income
-your living costs, excluding loan repayments

how much you owe to whom doesn't really matter much(we know the total already)

I make it
OUT
morgage 600.
home insur 20.
coucil tax. 115.
tv licence 12.
mobiles 50.
car insur. 80.
fuel 130.
sky. 40.
home insur 20.
food 400
kids clothes. 50
water 58

TOTAL £1575

IN
1400 wage
137 child beneit
dla for my son 80
universal credit 400

total £2017

IN - OUT = £442

dla may be excluded if so £362

System

ye pal bang on that
basically i have to leave my job of 9 years to look after my kids
as my mum looks after them nn is struggling to much
so a massive drop in wage so thsts why a fort about iva

mwarby

ok

things missing perhaps
- broadband
- car maintenance (mot tyres etc)
- I counted home insurance twice (woops) but life insurance ?
- any specific costs relating to DLA payment ?
- sky and kids clothes maybe slightly on high side, but what about your clothes
- haircuts
- not sure what IVA position is re holidays and christmas/birthday, I'm sure nothing lavish is allowed. maybe £20 for christmas and birthday £30 for holiday