Thinking about IVA

singingsister

Hi everyone,

My husband has made contact with the CCCS about the possiblity of us entering into an IVA as including all debts (but not my student loan) we owe about 30k.

We live in a rented property and have a 20 month old daughter so don't have any assets. We do have hire purchase on a 55 plate Peugeot 307 but that's it.

My husband is of the opinion that we should just declare ourselves bankcrupt and be done with it, but I'm really not keen on that idea.

My concerns about entering an IVA is simply our ability to be able to rent a property if when our current contract expires August next year, if the landlady wants us out - we'll be able to rent again.

I'm not so fussed about the whole buying thing coz we'll never be able to get a deposit together at this rate!

My husband also seems to be under the impression that they can have access to any money in our daughter's bank account as I am trustee for the account, even though the account is technically in her name.

If you can help clear up these matters, I might feel a little clearer in moving forward. It's all such a minefield!


Sarah

FoggyBrain_2

Hi there. Might I suggest you or hubbie pops over to https://www.iva.com where you will find a list of IVA firms, with reviews. Even if you end up going with CCCS it's a good idea to have a chat with a couple of firms as you need to find one you can get on with for 5 years! I started looking into IVAs with CCCS, but ended up going with a different company. There is also a good forum on https://www.iva.co.uk where many of the IPs post, so you cabn also get a flavour of how they operate from there.

Your daughters money will be safe as long as the account is in her name ( and, of course, it is genuinely her money

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no recent deposits of several grand, sort of thing).

Renting will be as problematic in an IVA as in BR, although my feeling is that Landlords look on BR in a harsher light. Not impossible with either option, but difficult nonetheless.

With BR you will end up paying much the same per month as an IVA, but over 3 years instead of 5. There is a good chance that the OR will want to take the car, whereas in an IVA you are more likely to keep it. These things will need to be discussed with a few IPs.

Best of luck -- keep asking as many questions as you need.