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Iva or bankruptcy please help

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  • Disney_Princess85
    Disney_Princess85 Posts: 120 Forumite
    Fifth Anniversary 100 Posts Photogenic Name Dropper
    I definitely echo what has been previously said. Speak to stepchange and it sounds like a dump will be best. They'll be able to help, you can do the initial input of data on their website. Remember to fill something in for all categories so you can allow for clothes ,entertainment and presents etc going forward, as once you start you wont be able to rely on credit.

    I'm with stepchange and it's the best thing I did, if only for the peace of mind regarding my debts.

    Good luck!
    Emergency Fund: £500/£1000
    Christmas fund 2023: £94.60/£500
    House fund: £ 11188. 32
  • Shaunw1987
    Shaunw1987 Posts: 20 Forumite
    10 Posts
    Just spoken to stepchange and they are unable to help unless I cancel my agreement with the current iva company does anyone know if there are fees involved if I was to cancel? 
  • Galloglass
    Galloglass Posts: 1,288 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper Photogenic
     I cancel my agreement with the current iva
    Have you an IVA already in place? You can check here by searching on your name. Lots of people get bounced into an IVA and don't realise.

    https://www.insolvencydirect.bis.gov.uk/eiir/
    • All land is owned. If you are not on yours, you are on someone else's
    • When on someone else's be it a road, a pavement, a right of way or a property there are rules. Don't assume there are none.
    • "Free parking" doesn't mean free of rules. Check the rules and if you don't like them, go elsewhere
    • All land is owned. If you are not on yours, you are on someone else's and their rules apply.
    Just visiting - back in 2025
  • IrishSean
    IrishSean Posts: 397 Forumite
    Fourth Anniversary 100 Posts Name Dropper
    Hey Shaun, 
    The company you're with should be up front about fees to get out of the IVA. Even saying those words together 'debt solution' & 'fees' probably makes a lot of people on the forums toe's curl!

    There are some small administrative fees for some debt solutions but in the main it shouldn't cost you extra to get out of the thing you're struggling to afford anyway.

    Citizens Advice Bureau should be able to help with clarity about the terms and conditions of the IVA you're in at the minute.

    The good thing is it costs nothing to post your SOA here :smile:

    You'll be able to get support & advice from experts who've seen & assisted with most debt problems before on the forum.

    I've only really been on the forum since lockdown but it's troubling how many ppl are 'advised' through no fault of their own by companies wanting to make profit off them.

    It surprises me there aren't yet companies advertising to claim ppl's PPI tax for them (a 2 min form online).

    I think its a shame its left up to ML & charities themselves to say 'this is the free help' when you're in debt. The government could & should be much more proactive.

    All being well you'll get sorted; if it was me i'd call Citizens Advice to see how you could untangle yourself from that IVA company: in the meantime SOA here

    Good luck, namesake 😀👌
    Admin for Tilly Tidy to £1825 DFW challenge: 2021
    Rolling Total for 2021: £970
  • Shaunw1987
    Shaunw1987 Posts: 20 Forumite
    10 Posts
    I'm not yet in the iva just checked on the link you provided galloglass thanks I'm due to pay my first payment at the end of this month. 
    I've tried contacting the person who's dealing with my case hopefully geting a call back today. 
  • Shaunw1987
    Shaunw1987 Posts: 20 Forumite
    10 Posts
    [font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

    Household Information[/b]
    Number of adults in household........... 2
    Number of children in household......... 2
    Number of cars owned.................... 2[b]

    Monthly Income Details[/b]
    Monthly income after tax................ 400
    Partners monthly income after tax....... 740
    Benefits................................ 900
    Other income............................ 0[b]
    Total monthly income.................... 2040[/b][b]

    Monthly Expense Details[/b]
    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 720
    Management charge (leasehold property).. 0
    Council tax............................. 33
    Electricity............................. 28
    Gas..................................... 28
    Oil..................................... 0
    Water rates............................. 33
    Telephone (land line)................... 0
    Mobile phone............................ 30
    TV Licence.............................. 12
    Satellite/Cable TV...................... 0
    Internet Services....................... 19
    Groceries etc. ......................... 400
    Clothing................................ 40
    Petrol/diesel........................... 100
    Road tax................................ 17.5
    Car Insurance........................... 47.99
    Car maintenance (including MOT)......... 20
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 10
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 10
    Haircuts................................ 10
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 0[b]
    Total monthly expenses.................. 1558.49[/b]
    [b]

    Assets[/b]
    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 1500
    Other assets............................ 0[b]
    Total Assets............................ 1500[/b]
    [b]
    No Secured nor Hire Purchase Debts[/b]

    [b]Unsecured Debts[/b]
    Description....................Debt......Monthly...APR
    Barclaycard ...................6500......120.......0
    Virgin credit card ............3400......35........0
    Aqua...........................450.......30........0[b]
    Total unsecured debts..........10350.....185.......- [/b]

    [b]
    Monthly Budget Summary[/b]
    Total monthly income.................... 2,040
    Expenses (including HP & secured debts). 1,558.49
    Available for debt repayments........... 481.51
    Monthly UNsecured debt repayments....... 185[b]
    Amount left after debt repayments....... 296.51[/b]

    [b]Personal Balance Sheet Summary[/b]
    Total assets (things you own)........... 1,500
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -10,350[b]
    Net Assets.............................. -8,850[/b]

    [i]Created using the SOA calculator at www.stoozing.com. 
    Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]
  • Shaunw1987
    Shaunw1987 Posts: 20 Forumite
    10 Posts
    The soa asks my partners income but not her expenditure do I add that to the form I'm confused? 
  • Galloglass
    Galloglass Posts: 1,288 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper Photogenic
    edited 25 June 2020 at 11:37AM
    As stated above, an IVA is unlikely to be the correct approach. PIP should not be included in any debt plan as it should be netted off. You can chose to use it to pay debts but an "adviser" should not really be using it. 

    Would suggest you do not sign or pay for anything until you get a second opinion.


    • All land is owned. If you are not on yours, you are on someone else's
    • When on someone else's be it a road, a pavement, a right of way or a property there are rules. Don't assume there are none.
    • "Free parking" doesn't mean free of rules. Check the rules and if you don't like them, go elsewhere
    • All land is owned. If you are not on yours, you are on someone else's and their rules apply.
    Just visiting - back in 2025
  • Shaunw1987
    Shaunw1987 Posts: 20 Forumite
    10 Posts
    OK so I've just had an email from the iva company saying if I'm not willing to accept the latest modifications they will refer me back Spencer roe to look into alternative options. 
  • Grumpelstiltskin
    Grumpelstiltskin Posts: 5,494 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    They will still try and sell you something, just keep saying no I'm not interested. What ever they promise just say no.
    If you go down to the woods today you better not go alone.
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