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Is an IVA for me?
Hi,
My husband and I are facing the possibility of an IVA after his unexpected redundancy and years of over spending beyond our means. We have £20,000 debt from credit cards and unsecured loans. I thought I could just get a secured loan this time, but now my husbands out of work we'll risk losing the house. Do you think an IVA could help me?
Thanks!
IVA
It is best to talk to a debt professional about serious debt. The Debt Advice Trust Hotline number is 0800 954 6518. They can explain IVAs in detail and explain the best options tailored to your individual needs.
Hi Shelley, At the Debt
Hi Shelley,
At the Debt Advice Trust, we usually recommend IVAs for debts over £15,000, but of course that will depend on your individual circumstance. Are you currently in employment yourself? If neither of you are in steady employment, you might not be approved for an IVA, as you will need to have a regular income. Its best to contact us so you can explain the situation better. Our advice is free and confidential.
You have to be employed for an IVA
So another things that applies to people concerning an IVA is whether or not they are employed. This makes sense. Because in order for you to be able to make you IVA payments you need income. The payment plan in set up for 5 years. So you need a job with wages that you can deduct your payment every month for your IVA.