Need some answers please

Penelope_Penguin

mollymaybe wrote: »

hi yes we do want to keep our house. Another question is if they take my sons dla into consideration he will be 16 in 3 years time so this is his money, we then will be 3 years into a iva and our income will be reduced. Will this mean it will fail if we are not able to keep up payments which would be based on our income now?

If I was helping you prepare your SOA, I'd leave out your son's DLA - it's his benefit, for his specific needs.

If I did include it as an income, I'd have an identical expenditure for care or mobility needs.

If you only have sufficient surplus income for an IVA by including this income, you may need to reassess if an IVA is your best option.

HTH

mollymaybe

Thankyou for your reply. My oh and myself have a joint income of 2,130 if none of my sons money was taken into account. Tax credits are reducing all the time so that is not a secure income to guarantee and i would imagine in 3 years time when my son is 16 this would have stopped by then anyway. I will discuss all this when i go to the citizens advice and hopefully have a clearer idea on what to do.

debt_doctor

If I were doing your SOA then I too would do exactly as PP has suggested and for the same reasons. You need to make absolutely sure (without the luxury of a crystal ball) that the payments offered to the IVA are long term sustainable, otherwise you could pay for say, 3 years then the IVA is unaffordable and so fails.

DD