Cant get an IVA because im pregnant!

Wkdwill

After last time I honestly dont think an IVA is right for us but I wanted to go over every option rather than jump straight into bankruptcy.

My husbands only worry with IVA is that like last time we were left with no spare money, birthdays, christmases and anything else were out of the question, it wasn't so much as a problem before as we both worked full time and were too tired to go out but now we have a 18 month old and another on the way we would like to have days out and birthdays are a must , we dont want our kids to suffer for our mistakes.

RAS

LoOk. The allowance for bankruptcy are much more generous than for an IVA.

Without seeing your SOa, it is impossible to tell whether you were being reasonable or the IVA company was being unreasonable. But did you put in dry cleaning?

But the truth is that if your surplus is £150 you will end up with an IPA of £75 per month to pay for three years.

Not £240 for 5 years as you would with an IVA.

If your surplus is £99m you pay nothing back at all. And if your income fluctuates, your IPA will change.

So go over to the bankruptcy sub-forum and post your SOA and let's see what the real surplus is?

That might help you whenyou can get advice.

have you tried NDL or the Insolvency helpline?

Wkdwill

Thanks

Ill do my SOA now and post it on the Bankruptcy & Living with it board.

peachyprice

Hi Wkd,
I do hope you pop over to the bankruptcy board, we're a very friendly bunch, if only to get the facts straight in your head.

I'm afraid the IVA company have been feeding you a pack of lies regarding bankruptcy, obviously because they want to line their own pockets by getting you signed up for a max IVA.

You can bet your bottom dollar that when you look at the allowances for a bankruptcy SoA your £150 surplus will all but disappear. One other thing to take into consieration with a BR surplus is that child benefit is not taken into account when working out whether you have enough to pay towards your creditors. So in effect, before they can take a penny from your your surplus has to be £99 + child benefit, with yours about to go up with baby No.2, that's a fair size surplus you'll have to start with.

Wkdwill

peachyprice wrote: »

Hi Wkd,
I do hope you pop over to the bankruptcy board, we're a very friendly bunch, if only to get the facts straight in your head.

I'm afraid the IVA company have been feeding you a pack of lies regarding bankruptcy, obviously because they want to line their own pockets by getting you signed up for a max IVA.

You can bet your bottom dollar that when you look at the allowances for a bankruptcy SoA your £150 surplus will all but disappear. One other thing to take into consieration with a BR surplus is that child benefit is not taken into account when working out whether you have enough to pay towards your creditors. So in effect, before they can take a penny from your your surplus has to be £99 + child benefit, with yours about to go up with baby No.2, that's a fair size surplus you'll have to start with.

Thank you, that makes me feel a bit better.

I have just done my SOA on the Bankruptcy board if you would like to take a look, its titled My 1st SOA.

Thanks again.

natalouie

Just visiting from the BR board and think you should come on over at least to suss it all out. some very knowledable folk there. Even ones who can spell better than me! If you have disposable income after BR you woulld get an IPA to pay but if you have good advice re your state of affairs in your case you should be ok. Good luck see you on the other side?
natalouie