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IVA Questions
Hi,
Im thinking about an IVA, i have some questions if everyone would be so kind please.
1. My patner has a joint loan with me but would not want to be or in fact need to be in an IVA. What happens with joiunt loans if only one person is going for an IVA?
2. I will soon be a dad, what allowances are made for having a child? What is a fair cost to run a child? (For info my partner is currently part time which she should keep up even when he is born) Our income ratio is 80/20. I bring in 80 percent of the total house hold income, she brings in 20)
3. I have a motor bike, value 3K, i use it for work when i do over time as it's the only sensible way to get in off peak, the rest of the time i take the train. Could i keep this?
4. How do i work out what is fair to claim for? For instance clothes are seen as a luxury in an IVA arn't they? But i work in an professional office, i need to look smart...
5. Are payment holidays allowed, how often and how do i go about asking for them?
6. Am i allowed any money for anything other than basic bills?
7. I have a northan rock mortgage and loan, one IVA company said to me the Northan Rock loan can be included in the IVA. Is this true?
8 . If i was to get a better job and earn more money is it down to me to tell the IVA peeps or do they just look at my finaces every so often?
9. Do any people in real IVA's bend the rules slightly so they have spare cash each month? For instance if i factor in 20 a month for fuel to get into work when i work over time but don't spend it will the IVA peeps find out?
10. Who are the IVA peeps? And who regulates them?
11. How much does an IVa ?
12. Can i get out an IVA early with a lump sum.
13. How do i find my local IVA compnay?
14. At what stage does the IVA contact my creditors, as i dont want mycreditors knowing im in trouble if i decide the IVA does not work for me.
15. How long will an IVA effect my credit rating? Surely if it takes 5 years to finish it will take a further 6 to fall off my credit rating meaning im screwed for 11 years?
16. Debt free helplines only seem to give general advise and don't break down into the nitty gritty figures, have other people found this?
17. Will mortgage companies even want to touch me if im in an IVA and want to remorgae? (Note, i have no equity).
18. Will it effect my parters credit rating as she lives at the same address?
19. How much in the pound do i need to realistically pay off?
20. Will paying more in the pound up my chances of most of the creditors agreeing me for an IVA?
21. What if i have an emergency and i need a lump sum of cash? Such as the boiler blowing up?
22. Are you allowed any money to enjoy your self?
23. If i got a contract job, earnt double my normal salary for 6 months but then it may take me 3-6 months to find my next job would the IVA peeps allow me to have money saved for the period i could be out of work for or would they expect all the extr money from the first 6 month of work leaving me know savings if i could not find work after that contract finishes?
24. What if i have a second child while in an IVA could the payment be changed?
25. If i was made redundant and the new job i got was paying less could the payment be changed?
Think that's it.
Sorry to bleat on.
Many thanks.
John
Im thinking about an IVA, i have some questions if everyone would be so kind please.
1. My patner has a joint loan with me but would not want to be or in fact need to be in an IVA. What happens with joiunt loans if only one person is going for an IVA?
2. I will soon be a dad, what allowances are made for having a child? What is a fair cost to run a child? (For info my partner is currently part time which she should keep up even when he is born) Our income ratio is 80/20. I bring in 80 percent of the total house hold income, she brings in 20)
3. I have a motor bike, value 3K, i use it for work when i do over time as it's the only sensible way to get in off peak, the rest of the time i take the train. Could i keep this?
4. How do i work out what is fair to claim for? For instance clothes are seen as a luxury in an IVA arn't they? But i work in an professional office, i need to look smart...
5. Are payment holidays allowed, how often and how do i go about asking for them?
6. Am i allowed any money for anything other than basic bills?
7. I have a northan rock mortgage and loan, one IVA company said to me the Northan Rock loan can be included in the IVA. Is this true?
8 . If i was to get a better job and earn more money is it down to me to tell the IVA peeps or do they just look at my finaces every so often?
9. Do any people in real IVA's bend the rules slightly so they have spare cash each month? For instance if i factor in 20 a month for fuel to get into work when i work over time but don't spend it will the IVA peeps find out?
10. Who are the IVA peeps? And who regulates them?
11. How much does an IVa ?
12. Can i get out an IVA early with a lump sum.
13. How do i find my local IVA compnay?
14. At what stage does the IVA contact my creditors, as i dont want mycreditors knowing im in trouble if i decide the IVA does not work for me.
15. How long will an IVA effect my credit rating? Surely if it takes 5 years to finish it will take a further 6 to fall off my credit rating meaning im screwed for 11 years?
16. Debt free helplines only seem to give general advise and don't break down into the nitty gritty figures, have other people found this?
17. Will mortgage companies even want to touch me if im in an IVA and want to remorgae? (Note, i have no equity).
18. Will it effect my parters credit rating as she lives at the same address?
19. How much in the pound do i need to realistically pay off?
20. Will paying more in the pound up my chances of most of the creditors agreeing me for an IVA?
21. What if i have an emergency and i need a lump sum of cash? Such as the boiler blowing up?
22. Are you allowed any money to enjoy your self?
23. If i got a contract job, earnt double my normal salary for 6 months but then it may take me 3-6 months to find my next job would the IVA peeps allow me to have money saved for the period i could be out of work for or would they expect all the extr money from the first 6 month of work leaving me know savings if i could not find work after that contract finishes?
24. What if i have a second child while in an IVA could the payment be changed?
25. If i was made redundant and the new job i got was paying less could the payment be changed?
Think that's it.
Sorry to bleat on.
Many thanks.
John
0
Comments
-
As a start please read
http://www.moneysavingexpert.com/loans/pdf-iva-guide.pdf
If you still are interested in an IVA rather than a DMP then please speak to one of the debt charities about your situation before you go any further.The person who has not made a mistake, has made nothing0 -
Thanks for the link.
I have read it before, good general over view but alot of my auestions it does not answer.
Any one else?
Thanks0 -
Speak to one of the debt charities tomorrow.
Contacts here http://www.moneysavingexpert.com/loans/debt-help-plan#help
CCCs run their own IVAs so someone there should know the ins and outs.The person who has not made a mistake, has made nothing0 -
That's handy, thanks0
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