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IVA & DRO

Archives for February 2011

IVA Advice and Help please
Hi guys, I have been on a debt management plan now for over 3 years and am thinking that a IVA may be the way forward, going bankrupt is not an option due to my career aspirations. I currently owe £41k and pay £113 a month on a debt management plan. My queries which I hope you can help me with are... 1. Will the company…
IVA and Inheritance
This is just a hyperthetical question im aware that whilst in IVA any extra money that you may come by whether it be a winning or by inhertiance needs to be declared to your IVA company but do they have a way of actally finding out if you have come into some or is it just by you being honest with them? Thanks.
Car Insurance with an IVA
Hi all, I just tried to renew my car insurance online (with the same insurer I had last year) and have been told my credit history is not good enough to pay by monthly installments! I am currently in an IVA but do not have any CCJ's. I cant afford to pay the whole amount in one go. Anyone else had this problem? What can I…
Increase in wifes income whilst on IVA
Just been reading through my draft IVA and one of the terms is that any increase in income, the IP will need to be notified then 50% of the increase (after the 1st 10%) will then be taken. My wife is currently employed part-time and a percentage of her income was included, if at a later date she goes full time, or gets…
opened new account,is it the right type?
Hi all,my wife and I are just about to apply for a joint interlocking AVI, a few of weeks ago we went to the Co-op to open a new account for each of us.we made them aware that we were going to apply for an IVA and that we would like a basic 'cashminder' account,the young lady there was very helpful and seemed as if she had…
DMP over IVA? What are the benefits?
Hi all, Currently torn between an IVA and DMP - and a decision needs to be made, because at the moment all the umm-ing and ahh-ing is driving me mad lol. In stark figures, the IVA seems a no-brainer, debt free after 5 years rather than the 7ish i have been quoted by PP on my debt of £66k (£761p/m). HOWEVER, there MUST be…
Is IVA right for me
Hi This is my first post so thank you in advance for any advise. I have got myself into a financial mess and after many months of robbing Peter to pay Paul, i have reached the point of throwing in the towel so to speak. I have a bank loan of £15,000 which I have never missed a payment. I now have an overdraft of £1000 with…
Selling my house, moving into rented, starting an iva?
Hi My first post so thankyou in advance for any advice you can give My husband and I have been paying our dmp for 4 years now expected debt free in about 6 years. We have paid about £20k off or near £70k starting point. I am an IT contractor working through my own limited company but my rates have reduced so don't have as…
Incorrect evidence given by solicitor to creditor
My ex husband should have paid a debt, re divorce proceedings, failed to do so, creditor came after me. Ex husband stated he was 'poor' and had an IVA, he did not, it was unsigned, but solicitor for the creditor used information as if it was signed. Is there any re dress.:j Solicitor did not check information correctly,…
DRO Change in circumstances
i'm under a DRO and need to get in touch with the official receiver due to changes in circumstances. i've started a new part time job which means that my benefits are going down but other income and outgoings are going up. i need to use the train a lot more, so will have to put increased travel expenditure. anyway i'm not…
un signed iva
an unsigned iva was used in paperwork, witness statements, in court hearing by a solicitor and insolvency practitioner. they knew it was not signed but used it anyway. What if anything can be done ?
Scottish DAS
Hi everyone, I'm posting as it's the weekend and our local CAB is closed. I've been trying to get a handle on our finances for a couple of years and am now at the point of requesting a meeting at CAB to look at the DAS route. It has come to a head as after months of cutting back and ebaying everything that moves we have no…
Iva accepted
Well our iva was accepted as of 18th feb with 25 modifications, which were mainly just the same but worded different. They kept our expenditure and monthly payment the same so all in all a huge weight has been lifted :) I wanted to thank you guys as you have been a big help when i was crawling the walls with worry....... I…
1st monthly contribution paid.
Thanks to the advice that has been given to me this forum, it really has been a lifeline. :T I made my first payment and I feel good. My circumstances have changed already as I posted before. But for now I can pay what was agreed as my partner remains in our home and is therefore making contributions towards the bills. I…
Contemplating an IVA
I'll give some background first: I finished my postgraduate study in July 2010, having trained to become a solicitor. Having done a none law degree, I was required to do the GDL and LPC in order to complete the final training stage within a firm. These courses cost £7,000 and £12,000 respectively and were funded by…
Advice desperately needed
Could someone please advise? I signed the paperwork to go into a Trust Deed with an IP on 28th December 2010, and the advert went into the Edinburgh Gazette on 14th January. I am inundated with letters from creditors, which I was advised to ignore, so they all go into a box, but today, 25th February, I received a hand…
Panicky
I have been in touch with Payplan and an IVA has been suggested and initially I thought this would be a good idea. Now I am getting a bit panicky. I have debts of £13000, mainly to Lloyds TSB (The others are to Egg, MBNA and Santander) Payplan said if my creditors don't freeze my interest I could be paying the debt off for…
Any advice please, IVA
Hello all, just joined this marvalous forum.After years of worry & depression & events leading to this pathetic mess have today plucked up courage to talk to payplan who have reckomended an IVA for us, self employed housing assotiation tenants, no assets or savings oweing halifax cc £9,357. MBNA cc £6,673, barclaycard…
Any advice gratefully recieved on IVA/DMP
I am so confused. I have debts of £45000 including 2 loans, 2 overdrafts and credit cards. Currently trying to repay £1140 a month. I have been late with the last few payments and got a couple of defaults. I have no option but to do either a DMP or an IVA. One of my credit cards put me onto Kesington finance and she just…
Nationwide requesting overdraft back
Hello Hubby has been in an IVA for 5 months. Our joint overdraft with Nationwide was included in the IVA. I know that I am now liable for the full amount. Anyway got a letter yesterday saying we have to pay back the whole overdraft (which is £3500!) I have been making a payment of £50 for the past 5 months which has just…

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