IVA Disaster or Saviour any experiences

sparkle84

missymugwump wrote:

http://www.thebusinessdebtadvisor.co.uk/html/right_solution.asp
is who we are meeting tomorrow they have mentioned a £10,000 lump sum in year 4 but we are ok with this.
I didn't know we could extended by 12 months instead but she will tell us all that tomorrow i guess.
My husband and I see this as easier than the horrific way we have been living,robbing peter to pay paul,juggling everything.We hope to face our demons and knuckle down and get debt free in 5 years.
The budget they are suggesting is doable it gives us more than we have been living off for the last 6 months.
My husband is due a pay rise in 4 months Of up to an extra £9000 per year so will they take all of that?

They have nice website and I am sure they are fine - I am also sure the IVA will work out fine for you as well I was just afraid that you hadn't been given the full information, re you hubby's pay increase - they won't take all of it but possibly 50% you need to be aware of that. You will have to provide your P60's every year and it will show up. You sound determined and I wish you the very best come back and let us now how you get on.

missymugwump

Thank you some people would see this as some kind of failure we are trying to see it as the most positive thing we have done for our future.Looking forward to being debt free in 2011.
Thank god I have a strong marriage and lovely kids I know many couples argue over money and I have not had that pressure.
I will come back and let people know how we get on.

sparkle84

missymugwump wrote:

Is there any allowance made for family holidays,childrens birthdays etc.. or are they supposed to go without also?
Can we build a modest sum into our budget for this?

I don't want to sound glum or to disappoint you but no not really!! you might get about £50-100 a month towards birthdays, christmas, hols etc obviously nobody least of all you wants kiddies to suffer BUT you won't be given much of an allowance for this I am sorry I really don't like telling you stuff like this talk to the IP, you should be able to budget for christmas and birthdays but holidays I would forget maybe breaks in the UK - but think on in 5 years it will all be over.

All the best

sparkle84

missymugwump wrote:

Thank you some people would see this as some kind of failure we are trying to see it as the most positive thing we have done for our future.Looking forward to being debt free in 2011.
Thank god I have a strong marriage and lovely kids I know many couples argue over money and I have not had that pressure.
I will come back and let people know how we get on.

Well said - you have each other and there is light at the end of the tunnel. Off to bed now but good luck tomorrow and keep on the board it is really helpful.

missymugwump

Well we have done the deed IVA in the process of being set up now,My main worry is that I have had to try & set up a new business bank account I have applied to Alliance & Leicester for a basic bank account with no overdraft or borrowing facility.
Do you think we will come up against problems with this?

We need somewhere for our business takings to go and understand from the insolvency practitioner it needs to be a bank unconnected to any of our creditors.

Anyone had experience of opening accounts while under an IVA???????
Should feel positive today but feeling very stressed as so much more to go through before this gets easier just had a supplier on the phone demanding payment and being sarcastic.

Hitme

As long as there is no overdraft on the account then you don't have to mention the fact that you are setting up an IVA do you ?. I'd pick somewhere like the Nationwide and just apply for an account.

IN_LIKE_EVERYONE_ELSE!

DO NOT ENTER INTO AN IVA !

My posting will raise a few hairs on the necks of a few visitors to this site, how do you know what will happen to you in the next 5 years? You have minimal equity in the house and huge debts, an IVA will be a living hell for you and heaven for the person writing it. You should consider bankruptcy, life is a one shot experience. Stay away from IVA. Send me a private message if you wish.

missymugwump

Well you raised a few of my hairs,it is not something we have done lightly.
I have beenwith CCCS for 5 months repaying my debts but without a line drawn under all our debts it was too little too late.
We have a disabled son so me working for someone else is out weve tried it,it end in tears.
We run a business that we basically put too much pressure on and took too much out,what we should of done is faced this years ago but like most people we keep hoping things would get better.
I believe that this route gives us a chance to rehabilitate and learn to manage better we will be able to carry on trading and as my husband has a job for another company full time he would be dismissed if he were declared bancrupt.(its in his contract due to the nature of is work)
Yes 5 years is a long time and who knows but if the end result of the IVA is bancrupcy if we fail or bancrupcy now what have we to loose by trying.
Some of our creditors are people we have dealt with and built relationships with they will only get 30p in the pound on there debts as it is.
I need to be able to sleep at night.

IN_LIKE_EVERYONE_ELSE!

Your situation is incredible, whichever route you take please ensure that the decisions you make are your own and you are happy with them.

I wish you the best of luck.

ILEE

missymugwump

Thank q I think we need a little luck god knows its been in short supply.