Looking at an IVA

ms_london

james23_uk wrote:

Thanks for the help, "honey", but I'm all too very much aware of how to cut spending.

I dont appreciate that comment. You are obviously not aware of how to cut spending, or you wouldnt be considering an IVA would you?? Doh!!

james32_uk

ms_london wrote:

A personal choice I suppose. Who does see any benefit in a Debt Repayment Plan that would take years to satisfy? Noone. But perhaps it's the ones who feel that they should repay what they spent who choose to do it!

I am sure that someone will be along soon to advise you & answer your questions.

I am afraid that I can only advise on how to budget & repay your debt through hard work & cutting your budget, sorry!!

And I didn't appreciate those comments. I repeat one final time, my income is less than my rent and my minimum credit repayments. This is before I have spent 10p on some out of date bread and milk. It's not helpful to have someone spouting on about cutting expenditure when you have none.

Have a nice day

Cantdance_2

Well now we've established that you can't cut spending any more then we can go from there.

I don't have any personal experience of this as I have hopefully managed to pull myself back from the brink but from what I've read on here, people on both IVAs and DMPs both end up with creditors 'trying it on' for more money even if they're not supposed to.

What PayPlan did explain was that 75% of your creditors have to approve your IVA, and if they don't then it won't go ahead. It was worth talking it through with them as they told me which of my creditors would most likely accept the IVA and which wouldn't... in the end, they thought that one of my creditors which they didn't think were likely to accept had too much influence over the decision so it would have been a risky thing to try.

See if you can talk it through with PayPlan or CCCS if you haven't already.

James

donnalove

my advice would be to speak to ccs or payplan.
with an iva your BUDGET is a lot more stricter than a dmp as an iva is a legally binding contract with your creditors and you have to give all surplass income plus overtime(in our case 70%of overtime).You are more protected from your creditors in an iva rather than a dmp,except if you don't stick to your iva 100%,then the ip can make you bankrupt,but this is normally only if the failure is continuing.
YOU DO NOT get hounded by your creditors and you personally do not have to attend court.
I think some peeps on here should keep oppinions to themselves.Some are happy to carry on with a dmp some can finish theres within a year or two years.Just because some have morals i don't think those that choose other way's should be slated.
In my case i have completed my iva but will still live with the consequences as £9000 had to be paid through a remortgage.I am happy the way mine went,i also do feel quilty some days as i didn't repay my whole debt but i paid some and if the crediters were not happy they would have had the other £30,000 equity that they let us keep for house extension.
Lets just keep oppinions to ourselves and offer unbiassed advice to those that need it.

james32_uk

Thanks for the info guys.

ms_london

donnalove wrote:

I think some peeps on here should keep oppinions to themselves.Just because some have morals i don't think those that choose other way's should be slated.Lets just keep oppinions to ourselves and offer unbiassed advice to those that need it.

Isnt the whole point of a Community Message Board to share your own opinions and views? If not, what is the point?

I am not slating the OP (original poster) for his choice to go down the IVA route, but it does irritate me when people offer advice (like posting a SOA for example) but the OP just wont listen & is rude about it.

We all know that you can either increase your incomings or reduce your outgoings - things CAN be done to prevent going down the above route, but I appreciate that sometimes it is the only course of action.

The OP is going to have to provide a SOA if he goes down the IVA route (or any other route), so I wasnt asking for the impossible. Sometimes it helps to look at things through fresh eyes - and you might be able to cut money without realising, that is all!!

james32_uk

ms_london wrote:

Isnt the whole point of a Community Message Board to share your own opinions and views? If not, what is.............asking for the impossible. Sometimes it helps to look at things through fresh eyes - and you might be able to cut money without realising, that is all!!

Thanks ms_london. Sorry for going off on one at you. I was out of order and I apologise. The stresses of debt, don't you know

headchef

ms_london wrote:

Sometimes it helps to look at things through fresh eyes - and you might be able to cut money without realising, that is all!!

Well said

My thoughts to the OP were that you are looking at things the wrong way - no offence - most of us do this to begin with and then we are advised to turn the problem on its head and look at it the other way.

That is, your income isn't about your debts first, then rent and mouldy bread. It's what do you NEED to live on (fresh bread) and the you look at what is LEFT to pay the debts. Even with a DMP you can (once you been paying for a few years) negotiate for a Full & Final settlement so they are not as restrictive as you might think. I started off by just paying £5 a month (£1 to each) and then have upped it to £30 and now £150. It might take a while to pay off but to be honest, i wasn't looking at that side of it in the beginning. I just wanted to find of having some money to live on.

I can understand your concern about credit checks when applying for rented accommadation - that's why we would like some more info to help you out.
For instance, can you rent before you enter into an IVA or DMP?

By the way read some of MS London's posts - she paid her debts back by taking on two jobs and working BLOODY hard. If you want to keep your credit rating in tact - that may be an option for you?

headchef

James23 I wrote my post before seeing your last one! Good on you

Rafter

Back to the original questions......

I think that yes, after 6 years your credit record should be back to 'normal' and all record of the IVA will drop off.

Taking out an additional loan to purchase a car during an IVA won't really be an option.

R.