Alternatives to iva?!

Pinkwhisk

Its likely as our rent goes up in march and we would like to be GF or in a house.

Pinkwhisk

We've decided to go with iva. Just hope it goes to plan on Wednesday !!

SueP19

An IVA for £11,500 seems a bit hardcore.................how did you get to an IVA ??

sourcrates

Pinkwhisk wrote: »

We've decided to go with iva. Just hope it goes to plan on Wednesday !!

Good luck, any advice you need, or anything you don't understand, feel free to PM me.

Been through 6 year IVA myself.

Pinkwhisk

thank you sour crates I imagine over the years lll have plenty!!

It was reccomended as it gives us a clean slate and stops creditors contacting us that was impacting our mental health

National_Debtline

Hi

Good luck with your IVA. If you do encounter any difficulties renting with an IVA on your credit file you could try contacting landlords directly rather than through a letting agency. Not all landlords run a credit check.

James
@natdebtline

[Deleted User]

HappyMJ wrote: »

Having a BR, DRO or IVA isn't usually a problem for landlords. I've replied a few times over the last few days on here.

Rent is priority bill number one. It comes ahead of all other bills including unsecured creditors. People making small payments towards their debts formally through a IVA will not be pressured by their creditors to make extra payments. People on DMP's can be pressured into making more payments even using the rent money to pay the overdue bills to avoid being taken to court and getting a CCJ or to magistrates court for a liability order for overdue council tax.

Tenants on IVA will always ensure the rent is paid first and any insolvency practitioner will always ensure the tenant has more than enough money to meet their day to day living costs.

As long as you've always paid the rent on time you'll be fine.

My landlord said he was ever so relived the day I moved out of my slum LOL
as he felt guilty that the rent increase didn't help and helped in contribution toward a DRO and as I was considered poor but an on time payer he never raised the rent by drastic amounts as could have.. Likewise no improvements took place But still I lived in a slum and we knew I'd never escape (used to see people on the benefits programmes living in better housing and it was so gutting)

in 2013 the only time I did try to move into the very downsize equivalent of a house share on finding out about a DRO they demanded a guarantor and raised the actual deposit

Just my 2pence in the South East and to be honest I don't recommend an insolvency solution without checking out the biggest picture. I'm not sure how anyone can say a DRO is a get out of free jail card with absolutely no consequence - beggars belief.

fatbelly

Pinkwhisk wrote: »

Hi

Our creditors meeting for our iva is Wednesday.

We owe 11500.

Our iva is being set up through Harrington Brooke's,

So you're paying for 60 months.

You'll be paying less than £200 per month (or a dmp would have made more sense) but more than £100 per month (2 x DROs). But in that window, would bankruptcy not have made more sense, with payments being made for only 36 months?

Was there an asset you are protecting?

Pinkwhisk

Hi

We are paying £88 p/m. No assets to protect (other than our mh)