IVA queries - declaring information & 2 properties

manz

Hi all,
This is my situation, which i would be grateful for your help on.
I am in £27k worth of debt with 4 creditors.
I am currently joint partner on 2 mortgages. They are both on rent.
House 1 - my family rent this out from me. I do not get anything from this house (Market value - £125k / Mortgage - £134k)
House 2 - this is on rent and i get surplus amount per month. (Market value - £140k / Mortgage - £159k)
Both houses are currently in -ve equity.

I am currently renting out in a different house at the moment and i have 2 children.
I am in a sales job and my salary can vary. I am married and my wife is currently not working but has no debts and has a better credit rating than me.

I am looking to go with an IVA. I am currently at the consultation stage and have not signed anything yet. I have just given my budget.

I have the following queries in respect to the IVA:
1 - I have told the IVA company that i am joint partner on 1 house. do i need to tell them that i am joint partner on the other house? ( i am worried about when the IVA is finishing and they go to evaluate the house for the remortgage option - i will loose out)
2 - I want to try and save up during my IVA so that my wife can get a house in her name so that we can go away from renting. Can this be done? We currently have about £7k and need about £30/40k.
3 - I have not fully disclosed my full amount of expenditure - i.e. i am £200-£300 out. I plan to use this money to save every month for the new house.
4 - I am planning to get all of the Direct debits into the one account. Can i have my salary into another account and setup a standing order to the direct debit account so that any bonus or salary increase is not shown on the bank statement shown to the IVA company? (is this legal? - again so that i can save more money).
5 - 2nd job - i plan on doing a 2nd job but not declaring it. Will the IVA company find out. I plan to have the 2nd job wages go into a separate account.
6 - I also want to try and start a small business selling small items online (amazon / ebay) so that i can start saving more. Do i have to declare this? Can the IVA / creditors find out?
7 - PPI - i have 3 credit cards and 1 of them has PPI. Can i still make a claim of PPI when in an IVA?

I know the above is alot, but i need to get out of the rut i am in.

I know the above sounds somewhat dodgy but am really desperate to start saving and getting a new house and provide a better life for my family.

Thanks for any help you are able to provide.
Mans

Devon_Sailor

Just my initial thoughts, but IF this is a genuine question as opposed to a trolling attempt....:

1 - Fraud
2 - Everyone would like to save but you have to have a strict budget. You owe money and creditors will want as much back as possible. No WAY you are going to be able to save those sorts of amounts.
3 - Fraud
4 - Technically possible but essentially a fraudulent attempt to deceive, and if caught your IVA will almost certainly be failed immediatly.
5 - Fraud
6 - Many people sell things on eBay and amazon to make a few pounds here and there to help; usually things they already own/do not need. If it becomes a business with a proper income you will have to declare it.
7 - Dont know.

You say that your family rent one property, but that you dont get anything from it. Do they not pay at all? If not, perhaps "mates rates" need to take a back seat for a while.....

All in all, if this isnt an attempt at a "bite", I would be really concerned both about your attitude and intentions. Trying to surreptitiously hide or not disclose money is daft - you will be found out in the end and then they will fail your IVA, and probably try and force you into bankrupcy.

Which, to be blunt (and sorry if it sounds harsh) you would deserve.

D_S

JustinCredibleGillespie

7 - Any lump sums you get from PPI or Windfalls will be paid to your creditors. Or the vast majority of it.

I'm 99 % sure there is a windfall clause in an IVA. You are going down a very dangerous route OP. You have a hell of a lot to lose if your found out. Remember an IVA runs for approx 5 yrs and you will worry yourself sick everytime you approach a review date.

If your PPI Claims is from one of your creditors, you may not even see the money. It could be offset against your debt.

JCG

xx

milliemonster

To follow on from the above

1 - yes you absolutely must tell them about the other house otherwise you will at some point be found out and your IVA will fail.
2 - you may be able to save from your allowances if you can cut back here and there but you will not be allowed an amount to save as such
3 - All your income and expenditure will have to be evidenced to provide proof, there is no way you will get away with being £2-300 out, if you deliberately try to hide this, you may find that your IP will refuse to take you on.
4 - You cannot hide any bonuses/windfalls, your proposal will most likely state you can keep the first 10% of any extra above what they consider your base salary and then split the rest 50/50 so you will get to keep some
5 - again, if found out your IVA will fail, not only that but your IP could take you to court for fraud
6 - yes you have to declare it
7 - yes you can reclaim PPI in an IVA but it will be captured

I am sorry but most of what you are suggesting is illegal let alone morally wrong, going into an IVA with this attitude is a recipe for disaster and will most likely see you ending up in court for fraud, you can't afford to repay your debts in total right? so deal with it head on with an IVA and stop trying to use an IVA as an escape route to not only not repay as much as you can, but by defrauding your creditors aswell. The only way an IVA will succeed is by being honest and truthful with your IP from day one

manz

All,
Thanks for your help and advice and will do the right thing and disclose what i have.

FoggyBrain_2

Manz. At the end of the day that would be best. You have spent the last however long worried about finance and bills -- you don't want to go through the next 5 years or so worried you might get caught out. You'll have a nervous breakdown !!!

An IVA isn't the free ride some of these companies make them out to be ( and those companies are to be avoided anyway!), but, at the end you will be debt free with a clean (ish) slate.