We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
IVA - how much do they take?
Options
Am I right in thinking that if you enter an IVA ALL your additional income after essentials is taken to pay off your debts. Are you allowed money for anything like childrens' christmas/birthday presents or the odd day trip with the family? I'm not talking about expensive holidays or other luxuries just the things that make life bearable.
0
Comments
-
They have taken all of my extra income, I have only got £2 a month which is not accounted for. It does make birthdays and Christmas difficult but we usually sell stuff on Ebay to fund these things. We haven't ever taken our children on holiday.0
-
Thanks, we are just starting the process of sorting out our debts and feel it's difficult to get a true picture of life after the big decision. I feel so guilty that I've done this to my children. Do you think you made the right decision going for the IVA over br? I think it might be the better move for us so we don't loose the house. I also feel like I've got to try all options before br. It's good though to enter with my eyes open then I know what to expect, warts and all, for the next few years.
Cheers again.0 -
most iva compnies will allow you an emergency fund of 50 per month that wont be taken into account on income and expenditure this can be used for birthdays emas etc i can provide you with a list of maximum expenditure allowed if this helps?Aqua card - £250 Limit up to date, Jd Williams £150 limit up to date, Argos store card £400 limit up to date, Next £300 limit up to date.:beer:0
-
Thanks that would be great. Any tips are greatly appreciated. Looks like its a bit of moving money around, but clearly I'm not too good at that! haha0
-
Thanks that would be great. Any tips are greatly appreciated. Looks like its a bit of moving money around, but clearly I'm not too good at that! haha
they will review your account every year if things get hard in some cases depending on the rules they may be able to decrease your payments upto 15% all they really look for is income increases so they can up the payments and any strange large payments and credits on ya bank statments, if nothing changes on ya income it should be ok. it may be worth opening a small savings account to put the £50 per month into to save for xmas etc, you will be able to open basic bank accounts and saving accounts on an IVA in most casesAqua card - £250 Limit up to date, Jd Williams £150 limit up to date, Argos store card £400 limit up to date, Next £300 limit up to date.:beer:0 -
Thanks, we are just starting the process of sorting out our debts and feel it's difficult to get a true picture of life after the big decision. I feel so guilty that I've done this to my children. Do you think you made the right decision going for the IVA over br? I think it might be the better move for us so we don't loose the house. I also feel like I've got to try all options before br. It's good though to enter with my eyes open then I know what to expect, warts and all, for the next few years.
Cheers again.
as you state you have a house then an iva would be best for you, if you had no assetts etc then br would have been the best optionAqua card - £250 Limit up to date, Jd Williams £150 limit up to date, Argos store card £400 limit up to date, Next £300 limit up to date.:beer:0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards