I’ve just started my Iva and thinking about my future!

Peanutbuttertoast

So my Iva has been accepted by my creditors and I’ve made my first paymwnt.
I feel really nervous but I know that I had to do this.
just having random thoughts and questions though and wondered if anyone could help me?
Im a single mum to two children living in rented accommodation (council).
what happens if in the next 5 years I have my DRO I meet someone and move in with them? Would their earnings be counted in my incomings?
How often will they asses my income and what do they ask for? Pay slips etc?
do they consider if for example my car insurance or home insurance goes up?
do I need to change all my insurances now because o have a form of insolvency?

want to feel happy and settled and positive but feeling really nervous 🥺

Peanutbuttertoast

Ignore the DRO mention, I ment Iva! 

flipflopflo

Well if someone moves in you will be sharing bills so less of your income will be needed for everyday living so you will have more disposable income to pay towards your IVA.

You will normally have a review each year. 

May I ask why you went for an IVA instead of another debt solution like a DRO and who advised you? How much are you paying into your IVA. 

sourcrates

If you are renting, what assets do you have to protect ?
IVA` s are for those with assets who cannot go bankrupt, so why did you choose an IVA ?

I`m rather concerned as you are asking the classic questions a debtor should have asked before signing on the dotted line, which makes me think you have rushed into the first choice Google presented you with.

fatbelly

op got very good advice on the earlier thread

https://forums.moneysavingexpert.com/discussion/6410686/iva-advice

Peanutbuttertoast

I didn’t opt for a DRO because when I had the meeting I was told I wasn’t eligible for it due to the allowances I had put forward.

I don’t use this foroum a lot so couldn’t find my previous thread.

I was just after some encouragement because I feel really worried and nervous.

Peanutbuttertoast

Also yes I know these are basic questions but I just wanted to ask them from the point of view of someone who has gone through it compared to someone who is working on behalf of a firm.

fatbelly

I think flipflopflo has answered your questions

Freefalling

We only ever had to submit payslips and bank statements on the annual review and they only ever asked for 6 months.  IVA company were also very fair if a payment went up as long as we could prove it it was fine, however we never needed our payment reduced as we always balanced our outgoings to keep the payment the same.  We were also able to get new car finance during the IVA but again we didn't alter our payment.  I think it really depends on the company as I read on here some people had very different experiences to ours.  Good luck on the journey, I remember when I first signed up feel overwhelmed but for us completely worth it, hopefully it will be the same for you x

Peanutbuttertoast

Thank you for sharing, I really do appreciate it and I’m pleased to hear this worked out for you!
I have gone with Payplan and they seem lovely and supportive so far! 

I couldn’t have gone on as I was, I also didn’t qualify for a DRO so I know I’ve done the right thing.
ive spoke to step change and Payplan who suggested this for me so I’m sure it’s the right just, I just don’t have anyone to talk to who has actually been there and done that!

sourcrates

Peanutbuttertoast said:

Thank you for sharing, I really do appreciate it and I’m pleased to hear this worked out for you!
I have gone with Payplan and they seem lovely and supportive so far! 

I couldn’t have gone on as I was, I also didn’t qualify for a DRO so I know I’ve done the right thing.
ive spoke to step change and Payplan who suggested this for me so I’m sure it’s the right just, I just don’t have anyone to talk to who has actually been there and done that!

Sometimes making the wrong decision for the right reasons can be the way to go.

If it gives you piece of mind then you cannot argue with that.

Its also best to try and ensure your income stays stable over that period, as 6 years is a long time in monetary terms.
I wish you luck with it, if you have any problems or issues, feel free to ask on here.
Edited : thanks Fb.