11k debt

RAS

You do realise that if you do an IVA, you have to declare it whenever you are asked if you've ever been insolvent? For ever.

You're within a few months of the situation resolving itself, hopefully. Please don't agree an IVA until you know the outcome of surgery.

And right now your effort needs to be on checking whether you can get any benefits. How much is the Local Housing Allowance for a couple? 

ManyWays

The Moneybox accout is a LISA, you are hoping to save a deposit to buy a house someday? In that case you dont want an IVA on your credit record.

Who is this loan from, when did you take it out and how much did you borrow?

Nenusia

RAS said: 

You do realise that if you do an IVA, you have to declare it whenever you are asked if you've ever been insolvent? For ever.

You're within a few months of the situation resolving itself, hopefully. Please don't agree an IVA until you know the outcome of surgery.

And right now your effort needs to be on checking whether you can get any benefits. How much is the Local Housing Allowance for a couple? 

It's £695.
And thank you for saying about being insolvent as I was told it will be in my records for 6 years and after that I don't need to declare it anywhere 

Nenusia

It's so overwhelming and as you said previously I would double check about other benefits we might be able to get

Nenusia

ManyWays said:

The Moneybox accout is a LISA, you are hoping to save a deposit to buy a house someday? In that case you dont want an IVA on your credit record.

Who is this loan from, when did you take it out and how much did you borrow?

We were saving for the deposit as I don't want to rent my whole life.
Loan is with Lloyds, 10k on 5% interest, took it last year in June 

ManyWays

And thank you for saying about being insolvent as I was told it will be in my records for 6 years and after that I don't need to declare it anywhere 

That is wrong.  Many mortgage applications ask a variation on "Have you ever been insolvent?", wanting to know about bankruptcy and IVAs that have dropped off your credit record.  

RAS

AndManyWays said:

And thank you for saying about being insolvent as I was told it will be in my records for 6 years and after that I don't need to declare it anywhere 

That is wrong.  Many mortgage applications ask a variation on "Have you ever been insolvent?", wanting to know about bankruptcy and IVAs that have dropped off your credit record.  

And DROs, you'll probably be able to get a mortgage sometime, but not within 6 years and probably twice that with pukka mortgage advisor, at higher rates.

Defaults and DMPs don't affect your credit record after  6 years but evidence of  debts might. So plan to get as many discounted settlements in the 6 years. By which time you may well have enough to clear the rest.

Nenusia

Thanks everyone for your time and effort to explain everything. I really appreciate your help. I knew I should not sign for IVA but needed reassurance that Im not making huge mistake. 😄

sammyjammy

You need to put in a claim for Universal credit, you should have done this as soon as they went onto SSP if not before, help with rent will be paid as part of that.

KxMx

Is the SOA accurate or aspirational?

No cars, no travel expenses at all.

Even if car free is correct surely you get the odd taxi, train, bus?

For those of working age, unless living in supported or sheltered housing then help with rent is done via UC Housing Element.