question category: Debt Management

i am currently paying my debts

Submitted on: 11th Jun 2009 by Non-Member | Total Answers: 2

so far i am not in any arrears but its at the stage where i cant afford to make the repayments and then live. i have child support to pay as well. do i have to be in arrears to get an iva

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Re: i am currently paying my debts

Basically NO.

However "Insolvent" means you will be unable to pay your contractual payments when they next fall due, this will mean you will be in arrears.

You can prove insolvency by doing a financial statement which is a list of your incomings and outgoings for your day to day living and what is left is there to pay to your creditors.

From what you have said it seems you are paying your creditors and tryng to live on what is left, which is the wrong way about.

Submitted on: 12th Jun 2009 by Justine Member

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Re: i am currently paying my debts

Its very important you live first and pay your bills - then pay your debts second if there is a danger of you falling behind with important bills such as utilities. You can come to an arrangement over debt but your electricity can cut you off and rent or mortgage can make you homeless.

You don't have to be in arrears to get an IVA or debt management. If you have any questions or want to look at your options click on my name and email me at Debt Advice Foundation

Submitted on: 15th Jun 2009 by Darren Member

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