IVA Bonus and New Furniture

boblardo

We are in an IVA, we are finding it very tough as there is always something coming up so have very little savings

However, I have just been paid a bonus which is good news and had every intention of paying 50% into my IVA as required. Unfortunately, we had a bit of an issue.

Out 10 year old fridge freezer packed up so we had to buy a new one, great i thought, rather than take a payment holiday we can use some of my bonus money. Phoned the IVA Company who said keep the receipt and while they couldn't confirm or deny if this was acceptable they said it shouldn't be a problem.

Since then my 6 year old decided to use our sofa as a trampoline, crack the darned thing is now dumped. We we have had to buy a new sofa, again kept the receipt.

the other 50% was already earmarked to get the car fixed £600 quoted by Vauxhall to get it through the mOT.

however it has meant that the money i would have paid in to the IVA has been used up.

This wasn't premeditated but we are worried sick about what can happen to us, will they void the IVA?

Thanks in advance

Bob

NB: One other question, my wife is a stay at home mum, we have no family nearby to help look after the kids. she is part of an inter-locked IVA although I pay her £100 from my salary. surely bankruptcy would have been better for her?

Foxy-Stoat_3

They wont void the IVA but you will need to pay the 50% of the bonus either at a lump at the end or they will extend.

For future reference you dont have to buy a new sofa, as there are good secondhand ones for sale, same goes for fridges and other appliances.

Good luck, am sure you dont need to worry just expect a few more months of payments.

cheesedoffwithdebt

I can totally understand all that!!!

But have to agree with Foxy-Stoat- you just need to let the IP know and explain what you've done, and you will then owe the money to the IVA.

For future reference, check out Freecycle in your area, I get daily emails from other members with things to gift and sofas regularly appear, when people are changing theirs its often a nightmare getting rid of the old one, and from the descriptions I've read, often people are gifting nice things. Another alternative is the good old IKEA Klippan sofa, priced at just over £100. Mine was never intended for the living room but ended up there because my old sofa was so shabby. Its incredible sturdy, now has a cover (ebay) and throws to protect the fabric- very budget friendly.

Gumtree also have second hand goods, again you can pick up quite reasonable stuff at a knockdown price.

Regarding the car as well, I use an independent mechanic who comes to the house to do repairs and servicing. I came across him by accident, he is just amazing and charges a fraction of the cost of garages because of course you're not paying for premises and someone's rent and stuff. I'll continue to use him post IVA, but I've had to source many things at a lower price, so a long route to the point, but just check if you can get your car through its MOT for less than £600, I'd be surprised if you can't.

The IVA period isn't forever, and it is quite amazing how you can find things much cheaper - just a thought anyway and I have just realised that thought has taken up alot of space- sorry!!!

ellifain29

My husband got a bonus at work in May. I calculated how much we would need to pay the IP and we spent the rest on car stuff. unfortunately my calculation was woefully inaccurate. When I called my IP they allowed me to pay the extra over 6 or 12 months. Maybe yours will be as helpful.

Good luck.