What is an IVA?

Tia0101

Hi all,

My husband and myself have found ourselves in a bit of a financial mess and want to look into all of the ways to get out of it. I have tried to calculate all of the balances and its a whopping £24,000!!!:eek:

We are getting to the point where we are falling behind on our repayments and i am worried about money all of the time, i have applied for various consolodation loans including one to tag onto our mortgage but we have been declined. My husband is self employed and this causes all of the usual problems with proving income etc plus the fact that our rating wasn't great to start with its just becoming a real headache. We havent missed any mortgage payments, just credit cards etc.

A friend of ours recently got an IVA and i was wondering what exactly this is?? Is this an option? We are going to want to move house in a year or so when we decide to start a family, will this affect our chances of a new mortgage?

Any advice would be appreciated. I have tried to work out a SOA but my husband doesnt know his interest rates etc and neither do i if i am honest!

Thanks everyone.

Tia

CCCS_Matthew

Hi Tia,

First things first, well done for taking the plunge to look at dealing with your situation. Your head is probably spinning at the moment because of not knowing how to exactly deal with the problem, and which option is best for you.

If you want to know a little bit more about an IVA then you can click here. Although your friend has an IVA, it certainly doesn't mean that it will necessarily be the best option for you too, because as I'm sure you appreciate, everyone's situation is different.

In order for you to look at the options you have, you normally need to complete a financial statement as the foundation from which to begin. Whist we cannot advise you fully on your financial situation via this forum we do have an online advice facility called Debt Remedy where you can complete a financial statement and be provided with advice on the best way to deal with your situation. If you go to our website www.cccs.co.uk and click on Debt Remedy you can access our virtual counselling service.

Hope this helps for now, feel free to ask any questions!

CCCS