IVA Couple of Questions

Svensson8

Hello there.
Yesterday I applied for an IVA and I got the paperwork back today to complete.

However I have a couple of nagging doubts about what I can or cannot do..

1. I have already booked and paid for a holiday in July? Can I still go on this, or will creditors take a dim view should they find out

2. I Have so far managed to keep making minimum payments on my debts, however this month the bubble has burst finally, what do I do with these companies whilst waiting for the IVA to be set up?

3. On one of my catalogues, I rather frivously treated myself to an ipod last week, will this stand against me?

To_be_Free

Hi,
1. An IVA can take up to 3 or 4 months to start so I would take the holiday as it might be some time before you will be able to afford another one if your IVA is accepted.
2. You should have done an SOA which will tell you how much you have left after paying your essential bills whats left needs to be split pro rata between the unessential bills.
3. I would send it back.

thegrimreaper

Svensson8 wrote: »

Hello there.
Yesterday I applied for an IVA and I got the paperwork back today to complete.

However I have a couple of nagging doubts about what I can or cannot do..

1. I have already booked and paid for a holiday in July? Can I still go on this, or will creditors take a dim view should they find out If it is already paid for in full then you probably wouldnt be able to get your money back now anyway as its under a month away so i would definately go and as said above make the most of it

2. I Have so far managed to keep making minimum payments on my debts, however this month the bubble has burst finally, what do I do with these companies whilst waiting for the IVA to be set up?

If i remember rightly the minute i sent back the paperwork to the ip i also sent letters to all my creditors telling them i was looking to enter an iva and i was stopping payments (your ip should advise you what to do in the meantime )

3. On one of my catalogues, I rather frivously treated myself to an ipod last week, will this stand against me?

Sadly i have to agree with the above poster that it needs to go back, especially if the catalogue company is going to be included in the iva proposal