Advice - is an iva a good idea for me?

ToxtethO'Grady

The advice given already is good and you should be aware of the negative and wary of the IVA pushers. Get some free debt advice from Business Debtline. 2 things stand out for me though and I've listed them below.

1. Mortgage is 170k, house value 300k.

1. Your joint equity is higher than your total debts so creditors will be reluctant to accept an IVA when they can take this further and secure the debt against that equity, through charging orders. A lot will use amendments to the proposal to push you and your partner to not agree it. If your partner is only working part time they may want them to go full time and other shenanigans.

2. Car finance has 2.5 years left to run.

2. In 2.5 years they would expect the money from the HP or PCP to be paid in to the IVA - if the car value is then above £5K they will see that as an asset and may want to push for you to downgrade that.

Based on those  2 facts I think it would be unlikely for most creditors to agree to an IVA, in my experience, they'd much prefer a DMP where you pay what you can afford and I hope you've read Suseka's post on this.