iva help

System

no life cover pal
n holidays non
kids clothes n r clothes 50 bout right a fink
haircuts ye prob 20
christmas birthdays say 50
broadband sky tv a cant get dis in contract n its 38
tryes mot service say 20 month

System

sorry dla a get helps with my son he damages alot in the house what needs replacing n that
a was gona apply for carers allance but this isnt guanteed

mwarby

ok so add in something like
home maintenance (and explain disability)

£240 a year for tyres service and mot - your doing well. MOT test and basic service gonna be £100-150 a year. if your burning £130 in fuel thats got to be a full set of tyres say £200. And my car rarely has nothing needing doing come MOT time if £100 in repairs I'd be doing well. I'd put down £50 min

£50 (£600 year) in present for 2(or is it 3 I can't really follow) kids of todler age may be seen as a little high

I think thats you at around 250 a month for IVA

System

thanks very much for your help n that
250 amonth thou would creditors accept dis when i owe so much money

mwarby

The creditors want an IVA to be sustainable. There's little point in having a budget which doesn't cover your true basic costs of living, as such an IVA is unlikely to last the 5 years

after the 5 years you'd have repaid around 15k or 20-25p in the pound. This return isn't unusual, and you return will likely be higher as you'll either be asked to release equity or have another years worth of repayments

System

cheers
equaity in even in 5 years wont have much
n am sure be hard to remoragge iva u fink

mwarby

its difficult to tell what you home may be worth in 5 years time, also we could be in very tight lending conditions or somewhat looser than today. If you do have to remortgage the repayments would need to be affordable. I dare say you would struggle to meet the affordability requirements of your current mortgage at the moment (excluding all the other debts)

Even if you end up with a remortgage its probably better than the alternatives of a 10+ year DMP(10 years would be pretty cutthroat budget) or bankruptcy where you would very likely lose your home

System

yep i understand
250 amonth for five 6 years would be do able for me a feel