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IVA question
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My wife and myself are currently with joint payplan since the start of this year and after the review they stated i could be eligible for a IVA.
Spoke to somebody from payplan partnership who do the IVA and they have informed me to change bank accounts again! i already did this at the start of the year when started the joint payment plan. i don't owe any debts to the bank i'm currently with, but informed to change banks in case they freeze the account.
I was with TSB but moved to Halifax at the start of the year when started the payment plan.
Any advice please.
Spoke to somebody from payplan partnership who do the IVA and they have informed me to change bank accounts again! i already did this at the start of the year when started the joint payment plan. i don't owe any debts to the bank i'm currently with, but informed to change banks in case they freeze the account.
I was with TSB but moved to Halifax at the start of the year when started the payment plan.
Any advice please.
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Comments
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OK A few questions.
Do you have a mortgage?
How much are the debts in your name?
How much are the debts in your wife's name?
The answers to those questions would help us.
If you go down to the woods today you better not go alone.0 -
Bank accounts are very rarely frozen in insolvency, bankruptcy yes, but not IVA, I think they are being over cautious with that advice.
If you can answer the questions above, we can help you further.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Do you have a mortgage? Yes
How much are the debts in your name? £13.5k
How much are the debts in your wife's name? £10.5k
they did say it’s protects the property and car0 -
A relatively small amount of debt to consider an IVA.
Honestly I would go on to the Debt Free Wannabee section of the forum. Debt-free wannabe — MoneySavingExpert Forum
Start a new thread, you ill be advised to fill in a SOA SOA Calculator (stoozing.com) format it for MSE and copy and paste. Then you will probably be advised to stop paying your DMP and given the best way forward.If you go down to the woods today you better not go alone.0 -
Have I got that right, your wife owes 10.5k, and you only owe 3k, and they want you to do an IVA ?
That is utterly ridicules, you do realise that individuals are only responsible for their own debt?
No question, for such small amounts of debt, its debt management for both of you, if they try to talk you into an IVA just walk away, they are talking utter rubbish.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Sourcrates It's £13K not £3KIf you go down to the woods today you better not go alone.0
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Still not IVA territory though is it, if it was £130,000 I'd say go for it, but not 13k.Grumpelstiltskin said:Sourcrates It's £13K not £3KI’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Grumpelstiltskin said:A relatively small amount of debt to consider an IVA.CheersI’ll give the debt free wannabe a look.
I did a SOA with payplan and didn’t have much change at the end so went on the payment plan with them at the start of the year.
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Neither the property nor the car are in any danger in a debt management plan.Angellcj said:Do you have a mortgage? Yes
How much are the debts in your name? £13.5k
How much are the debts in your wife's name? £10.5k
they did say it’s protects the property and car
There needs to be a better reason than that to switch to a formal insolvency solution.
If they can't give you one, stay as you are
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An IVA would likely include your other assets (car and house). They should give you proper advice on why an IVA is a better solution than your current DMP.0
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