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IVA repayment cheaper than bankruptcy?
Hi all, I saw an IVA company today (set up by CAB), and they went through monthly allowances, income etc etc and came up with a proposed repayment of £255 a month (£43K of unsecured debt) over 60 months. I think this works out at around 33p to the £ owed. I only have two creditors (MBNA and Lloyds TSB), what are the…
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A Change in circumstances
A few weeks ago I posted on this forum to explain that although my IVA was accepted & that a 3rd party would pay a one off payment on my behalf to settle my debts. However, due to my husband & I getting back together I no longer wanted my mother to take out a loan for me. I hoped that we could now pay each month for the 5…
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hows best to cancel my iva????
Hi there The situation i have is that my iva is only 7 months old and already going to fail due to my change in circumstances.I'm already paying the minimum amount and can't even afford this.I have spoken to the national debt line and they were great.I strongly recommend them to anyone. My wife is going to do a dro with…
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What happens at the end of a DRO?
Hi, I was discharged from my DRO at the end of October, just wondering what will happen next? Currently bank with Santander and I'm after upgrading my account so I can get a debit card (dont want an overdraft or anything). I've been rejected due after an Experian credit check (tried signing up to their site but you need a…
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Credit Rating - Effect (if any) of 'settled' annotations.
Hi, I recently paid off the remainder of my IVA a few months early. On checking my credit reports, a lot of the accounts are now showing as settled. Does this hold any sway with companies when they are carrying out credit searches, or once they see that the account was defaulted about 5 years ago is that all they care…
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iva
looking into a iva but hubby owes car on hp do they take this in iva or will the creditors want it back, had it since may10
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British gas cutting me off/debt relief order
Right i will try to keep this short. i am going through a debt relief order it will all be completed 1st december. i have included a bill from British gas in this. i was told due to me including British Gas in with this debt relief order i would need to change suppliers. Therfore i have gone to N power. N power will be set…
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Quick bank query
In readiness for IVA I have opened two Co-Op cashminder accounts. I have also been accepted for a Nat West Current account with chequebook (no g'tee card though). My plan is to use one Cashminder for DD's and servicing the IVA, then sweeping our allowances into the second one ( then draw grocery money at the beginning of…
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Saving in an IVA and improving my budget
Hi All, Ive been in an IVA for around 2 years. I recently had my payments cut due to a lesser paid job and had a new budget drawn up. I find it very hard having any money aside at all any month, and although the payment size is fair and I do pay it, I find if anything small pops up I struggle all month. If i get a higher…
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IVA set up - budget question
Hi All, This is my first time posting on here but I've been reading for a couple of weeks and it's really helped me not feel so daft for getting myself in this situation, thank you. I am in the process of setting up an IVA with Payplan, I have received my proposal and had a few changes to make to the budget as my broadband…
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Light at the end of the tunnel .....
... is getting brighter :) Just had the draft proposal through today. If it is accepted by the creditors it offers a dividend of about 24%. I notice that of our 16 creditors, one (Santander / Asda) represents itself. The others are represented by The Insolvecy Exchange (10), Grant Thornton (3), HMRC itself and MBNA by…
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IVA and Wages
My husband is currently trying to set up an IVA. We have informed Payplan of what our outogoings are. The problem I think we might have is that where my husband works he does not know from 1 week to another how many hours he will be doing, plus as the winter is here there might not be too many hours going so I thought the…
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Would an iva be right for us?
Motherinlaw keeps suggesting idea to hubby but im not convinced its right option for us. hubbys debts -loan 14.9% borrowed 17grand paying out 27grand with interest, been running nearly 2years got 4years left at 386 per month. hubbys od-pretty much stays at 2700 limit once bills come out. hubbys credit cards credit card…
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In Limbo ....
Well. I am in that no-man's land twixt giving up on trying to keep up te regular payments to my creditors and getting the IVA up and running. Draft proposal promised any day now, so creditors will get notice in just over a week, if all is OK. Anyway ... had my first creditors phone chase up this evening, from Capital One.…
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Surplus money in an iva
How much of the surplus cash in an SOA is taken in an IVA?
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Grant Thornton/Payplan
Hi, the CAB told us today they usually refer people on to Grant Thornton or Payplan for a IVA. would appreciate any feedback from you guy's who might have used these for your IVA. thankyou!
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direct relief order help
i hope some one can help me i am waiting til 30/11/210 to see the cab as i have alot of debts. the pickle im in at moment is sky direct debit is due on 1/12/10 i havent enough funds to cover it .if i cancel the dd will it affect me getting a dro? i have just about been making the lowest payments possible on debts without…
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IVA Termination Threat
Hello I need some urgent IVA advice. I started my IVA in May 2008, and have fallen into arrears after I varied by terms 8 months ago. The top and bottom of it is, that I received a letter at the weekend from the IVA Company saying they’d set up a meeting with the creditors to terminate my IVA. Through no fault of my own I…
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self employed annual review
hi alll am in iva with grant thornton one term states i must handover 50% of all additional net profits in future does this mean i & e will not be reviewed at end of each year ? im having a good year but working extremely hard ,i dont mind handing over the 50 % but am not prepared to continue to work nuts off if penalised…
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IVA and relationship breakup
Having been in IVA for approx 14 months, myself and partner are going our separate ways. Partner has new rented accomodated, however the joint mortage is in negative equity by £10k and I am not able to continue with the mortgage alone, meaning that partner needs to pay half of his share. In the process o updating I&E forms…
