Can I protect home equity while having unsecured debts?

Grumpelstiltskin

You do realize the majority of IVA providers that advertise especially on social media are only interested in one thing, that is how much money they can extract from you , they are not interested in whether the IVA is the best way forward for you so be very careful.

sourcrates

IVA`s have had some bad press, mainly because they get mis-sold to unsuspecting people who literally have no idea how they work or even if they are suitable for their situation.

They can best be described as bankruptcy for homeowners, as they provide protection from further action by your creditors, and are best suited to very large amounts of debt, 50k and upwards, where the homeowner is able to make modest monthly payments over 60 months.

Under those circumstances a good portion of that debt would be written off by the plan, but you must be able to afford, and maintain those payments over 60 months, according to your SOA, you are £321 in the red for debt repayments, you just don`t have the disposable income available for an IVA.

It`s not the kind of thing you can just muddle through either, the payments must be made in full and on time, every month, or the plan risks failure.

I don`t think an IVA is affordable for you, so would look at paying nothing for the time being.

ManyWays

I already have 2 debts to dwp caused by their admin procedures, not communicating : esa and uc.
how large are these debts? They are being paid by deduction from your benefits I assume, when will this stop as it will increase your income then.

Payplan suggested an IVA? I am surprised, this case does not look remotely suitable for an IVA.

Can you clairfy the HP ? Is this car finance, when it ends will you own the car?

Do you have a spare room you could let out to a lodger?

I know apprentice wages are low, but I think she should be able to manage 200 or 250 a month.

I think you should make an affordability claim against Novuna, this is NOT going to resolve your situation, but it may help a bit.

What are your pension arrangements like?