IVA support and discussion thread

sourcrates

Micklincs wrote: »

Thanks for replying, it was the insolvency from gov.uk that advised me to go down the bankruptcy route. CAB were wanting me to go down the IVA route due to the mortgage. I think there may be some equity in it but I don’t want the house sold. Ideally I want off the mortgage but the ex wife can’t remortgage at the moment but is paying my engage without problems. I just hope the IVA practitioner doesn’t want to go down the house route.

Basically with bankrupcy, the house would most likley be sold to release your share of equity, or beneficial interest, in an IVA that would not happen, IVA `s are designed for people with assets to protect, you pay for 5 years, you are then asked to re-mortgage, if you cannot do that, then another year of payments is the norm, you are then released from any and all liability.

flexiflick

Hi. I have just entered my 5th year of existing IVA any my now partner and I want to live together. Will I have to increase my payments even though I will be no better off as I will lose as much as he contributes in lost tax Credits and council tax single person benefit

Kr’s
Flexiflick

fatbelly

flexiflick wrote: »

Hi. I have just entered my 5th year of existing IVA any my now partner and I want to live together. Will I have to increase my payments even though I will be no better off as I will lose as much as he contributes in lost tax Credits and council tax single person benefit

Kr’s
Flexiflick

Your income and expenditure will be reassessed. Your personal income may go down but your share of the expenses would too. That may result in a larger contribution.

Katkin85kat

Hi, we've 15 months remaining on our 60 month IVA. Original debt of £11,850. Monthly repayments of £100. We were lucky enough to win a monetary prize a couple of days ago which comes to more than our original debt. We, of course, want to pay our debt but were uncomfortable with letting the IP know the full amount of the win as they have just taken over from our previous provider and seem very money grabbing. Are we within our rights to request they tell us the full settlement amount so that we can clear it?
Also, there is a clause in our IVA that states that the balance of our bank account be disregarded for the purposes of the IVA. It is our only bank account and is where the prize has been paid into. Surely this is also now part of the balance of our bank account? Should it be disregarded? (I'm arguing the toss really, I know we want to clear the IVA but I'm scared that the IP will ramp up the charges to get the most out of us for their gain, not for repaying our debt)
Thanks for any advice!
Kat
Xx

PrettyKittyKat

Hi Kat, you are able to request the 100p in the £ figure from the IVA company. However when you come to pay the amount you will be asked to prove where this has come from by providing confirmation of your win - this is for anti money laundering.

Your IVA company is bound by the terms of your IVA just the same way that you are. They can't just 'ramp' fees up however they like. The nominee fee will be a set amount (uusually around 1k-2k) and the supervisor fee is usually 15% of any money paid in. There will also be 'disbursements' to pay which are costs of the IVA (postage for example) so is case by case but if you are paying it off soon then this shouldn't increase much more than it already is.

The bit about disregarding the balance of your bank account for the purposes of the IVA is irrelevant - your win comes under the windfall clause. As you say it is neither here nor there anyway.

Congratulations on your win and being able to pay your debts in full/quicker. I would recommend you arrange this asap then you can enjoy the feeling of being debt free!

fatbelly

Katkin85kat wrote: »

Hi, we've 15 months remaining on our 60 month IVA. Original debt of £11,850. Monthly repayments of £100. We were lucky enough to win a monetary prize a couple of days ago which comes to more than our original debt. We, of course, want to pay our debt but were uncomfortable with letting the IP know the full amount of the win as they have just taken over from our previous provider and seem very money grabbing. Are we within our rights to request they tell us the full settlement amount so that we can clear it?
Also, there is a clause in our IVA that states that the balance of our bank account be disregarded for the purposes of the IVA. It is our only bank account and is where the prize has been paid into. Surely this is also now part of the balance of our bank account? Should it be disregarded? (I'm arguing the toss really, I know we want to clear the IVA but I'm scared that the IP will ramp up the charges to get the most out of us for their gain, not for repaying our debt)
Thanks for any advice!
Kat
Xx

Ask for the completion figure. You'll be surprised by the 'disbursements' and wish you'd never got involved but that's all part of an IVA.

There's some room for a complaint but at this stage you just have to be honest with them and they have to state what they believe you owe.

https://debtcamel.co.uk/complaint-iva/

is helpful

Ex_driver

So my wife and I are in a real pickle so to speak, with huge changes in both professional and personal circumstances we just cannot keep up anymore and made the mistake of going further into debt as we tried to get out of it (stupid now but at the time made sence... well seemed to)

Top and bottom is we are home owners with now ruined credit ratings and adverse credit so unable to release any equity or at least not to the sum of 30k !

My question is I'm extremely warely nowadays of companies and dont know who to turn to or who to trust.

"Are there any recommended IVA companies out there ?"

Any help greatly appreciated

PrettyKittyKat

Ex_driver wrote: »

So my wife and I are in a real pickle so to speak, with huge changes in both professional and personal circumstances we just cannot keep up anymore and made the mistake of going further into debt as we tried to get out of it (stupid now but at the time made sence... well seemed to)

Top and bottom is we are home owners with now ruined credit ratings and adverse credit so unable to release any equity or at least not to the sum of 30k !

My question is I'm extremely warely nowadays of companies and dont know who to turn to or who to trust.
r
"Are there any recommended IVA companies out there ?"

Any help greatly appreciated

Posters tend to steer away from 'recommending' companies as I think people have varied experiences. You should not pay for any advice regarding debt solutions, so any that ask you to do this - steer clear! I would suggest first contacting a debt charity for advice, such as stepchange. Once you know which debt solution is appropriate for you, you can research companies and go with the one you feel happiest with.

SIRENS

Hi
Can I just double check, I've completed my 5 years and am in my 6th extra year (due to finish in August) are the overtime and extra earnings still at 10% then divide the remaining in half? My work bonus has changed this year from quarterly to once a year so it will take me over the 10% monthly now, when it was quarterly I could keep more of it as it's not that much anyway.
Thanks

PrettyKittyKat

SIRENS wrote: »

Hi
Can I just double check, I've completed my 5 years and am in my 6th extra year (due to finish in August) are the overtime and extra earnings still at 10% then divide the remaining in half? My work bonus has changed this year from quarterly to once a year so it will take me over the 10% monthly now, when it was quarterly I could keep more of it as it's not that much anyway.
Thanks

It depends what the extension was for.