Considering IVA

elsien

Is an IVA not pretty much guaranteed to fail anyway come September when you lose most of your income? 

Yaaadwubi

I was told I need a minimum of £75 for DRo. And I earn more than that now. Thank you for being patient . Am really stressed and maybe I need more information please ? 

Yaaadwubi

Am working now but won’t be from September. I have worked more this last year and that is why am scared I won’t qualify for bankruptcy as well or DRO . 

flipflopflo

You’ve got it wrong. What they said was to qualify for a DRO you need to have LESS than £75 a month left over after you’ve paid your living costs. From what you’ve told us about your income I can’t see you having any more than that left over a month. 

Right you need to calm down and take a deep breath and slow everything down. 

I’ve had dealings with the charlatans at citizens unhelpline and believe me they talk out of their behinds. They are in it for the money. 

The amount you worked will not disqualify you from either. 

flipflopflo

Pop up your SOA using the link. When you get to the bottom format it for MSE and then copy and paste it to this thread. 

https://www.lemonfool.co.uk/financecalculators/soa.php

But please for your own sake slow down and stop panicking and don’t rush into anything. 

fatbelly

Yaaadwubi said:

I have spoken to ukcitizens debt advice and they advised Iva . The debt is 25K thank you .

Nice they say in their small print

Uk Citizens Debt Advice is no way affiliated to the Citizens Advice Bureau.

Should choose a different name then

sourcrates

Yaaadwubi said:

I was told I need a minimum of £75 for DRO. And I earn more than that now. Thank you for being patient . Am really stressed and maybe I need more information please ? 

Ok, some clarity for you.

To apply for a DRO, you must:

• live in England, Wales or Northern Ireland
• must not be a homeowner
• owe less than £30,0000 (£20,000 in Northern Ireland)
• have less than £2,000 in assets (£1,000 in Northern Ireland) and a car worth no more than £2,000 (£1,000 in Northern Ireland)
• have less than £75 in surplus income per month after paying your household bills and living costs (£50 in Northern Ireland) this does not include any debt re-payments.

There is a 12 month moratorium period, in which you make no debt repayments, after this, so long as your circumstances have not changed drastically, all your debts are written off, and you are discharged from any and all liability for those debts.

Its much easier to understand things when they are written down, rather than listening to a phone advisor mumbling on reading from their script.

You should easily be able to make your budget show a £75 deficit or less, no budgetary checks are made, and any changes must be self reported, if your income is erratic, then use an average number to calculate your disposable income.

RAS

And maybe apply in September based on your student income? Which is going to be more relevant to your situation over the next couple of years?

Yaaadwubi

I think I have to wait till September to apply when I receive less money 

sourcrates

Yaaadwubi said:

I think I have to wait till September to apply when I receive less money 

That`s a good idea, as you need at least a 12 month period where your income/expenditure is going to be stable, so that your DRO can be granted, and completed without anything upsetting the applecart.