Considering an IVA - Please can someone answer these simple questions!

Mercyknight_2

Mercyknight wrote: »

Another quick question.

As a teacher I get a salary increase every September.

Would it be beneficial to set up my IVA just before my salary increase therefore I would have a year before having to increase my IVA through my annual review because of my salary increase?

What about my latest question?

judojub

Mercyknight wrote: »

Another quick question.

As a teacher I get a salary increase every September.

Would it be beneficial to set up my IVA just before my salary increase therefore I would have a year before having to increase my IVA through my annual review because of my salary increase?

I suppose it's up to you really. You are in a DMP already. I guess it just depends whether you can live with interest and charges continuing to accrue within that time.

My own personal view is that if I had decided IVA is the way to go then I would just want to get the ball rolling. I know that surplus (if any) will have to be paid over at some stage so no point in putting it off!

Mercyknight_2

judojub wrote: »

I suppose it's up to you really. You are in a DMP already. I guess it just depends whether you can live with interest and charges continuing to accrue within that time.

My own personal view is that if I had decided IVA is the way to go then I would just want to get the ball rolling. I know that surplus (if any) will have to be paid over at some stage so no point in putting it off!

Well not exactly true, 2 months off my DMP payments making £1 token payment, gets me £600 I can use before I go onto the IVA...

Mercyknight_2

I have 5 creditors,

3 of those are in my name (the biggest debts) is it worth changing the other debts from joint back to my name only and then putting the IVA in my name alone?

judojub

Mercyknight wrote: »

I have 5 creditors,

3 of those are in my name (the biggest debts) is it worth changing the other debts from joint back to my name only and then putting the IVA in my name alone?

Hi.
I stand to be corrected on this but I think you will have no chance of removing your partners name from the joint debts. The idea being that you are both jointly and severally liable for the debt.
Your partner will be chased for the debt if you enter an IVA. Does your partner have any debts of her own? If so can she service them along with the joint debt on her own?
If not then she may well need to seek advice too.

Penelope_Penguin

judojub wrote: »

Hi.
I stand to be corrected on this but I think you will have no chance of removing your partners name from the joint debts. The idea being that you are both jointly and severally liable for the debt.
Your partner will be chased for the debt if you enter an IVA.

I agree with this Look at it from the creditor's point of view - it's a joint debt so they want to continue to be able to chase both of you for the balance.

Mercyknight_2

I have just been told that I may struggle to get an IVA as 90% of my debt is with Lloyds TSB.

The 5 creditors I have are:

Lloyds TSB Credit Card, Loan, and Overdraft (£2500, £18000, £5250)
HSBC Overdraft (£1000)
Barclays Credit Card (£2500)

Is this the usual case, has anyone had experience with Lloyds TSB.

PS. Thanks for all the useful answers you have all been giving!

judojub

The majority of my debt was with Lloyds. I had two loans and a credit card. I obviously needed for them to vote yes and they did with no modifications.
Your IP will have dealt with these creditors many many times and will have a good idea on how they tend to vote. I have read that Lloyds are quite sympathetic creditors.

Mercyknight_2

Whislt on an IVA will I struggle obtaining services such as:

Car Insurance
House Insurance
Mobile Phone Contract (Renewal)
TV Services (Sky)
Internet Services

All these companies do credit checks... Will I be tied to the same company for 5 years as I'm assuming I will not be able to move to another company? Is this correct? And what about renewals?

FoggyBrain_2

Some people in IVA have been rejected for insurance ( house and car) on the comparison websites, but have gone on to get accepted by ringing the company direct. Mobile phone is almost certainly a no, Sky seesm to be a moveable feast -- some have been accepted, some not, likewise with internet services. I have only had car insurancxe up for renewal so far and had no problems ( luckily they were cheapest quote in any case). Sky and Internet are usually a rolling contract, so they do not renew as such and are unlikely to carry out a further check. Best to assume you are stuck for the term though.