General IVA Advice
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I posted yesterday asking what my debt options were. I've since spoken to a company called vanguard insolvency who have been really helpful. They feel that it's possible for me to get an IVA with my circumstances and have been very flexible around my needs. However, as I've been in jobs in the past which give commission/OTE I'm not sure how much of what they're doing is to help me out vs to line their pockets.
I have a family loan of £200 a month, I can't do anything about this as without it my family member can't afford to live. They have suggested falsely increasing my rent and some other expenses to hide the fact I'm still paying £200 a month, is that allowed? It sounds a bit dodgy.
What would happen to the £200 disposable income in 2 years time when the family loan is paid off? If it's that easy to hide where £200 is going every month what's stopping me claiming that my outgoings haven't changed and putting the money towards other things? Not that I would but I'm curious.
Another question I have is regarding a student finance overpayment as I suspended my studies half way through the academic year. This is being included in the IVA. If I wanted to return to University once the IVA was complete, what funding would I be eligible for of any?
I've read a lot of articles about IVAs but was wondering if anybody can think of anything they miss? Or things I need to consider about the impact of an IVA. I've thought about the impact it'd have if I wanted to move property, I know about what happens if I get a pay rise and I know getting pay monthly car insurance is still possible.
I think part of why I'm hesitant is that I am 22 and a 5 or 7 year commitment feels like such a long time. I'm worried it'll stop me being able to start a family and put me at a disadvantage for buying a house.
If anybody can think of any IVA advice that gets missed or has any info at all regarding IVAs or wants to share their experience to put my mind at rest please reply
I have a family loan of £200 a month, I can't do anything about this as without it my family member can't afford to live. They have suggested falsely increasing my rent and some other expenses to hide the fact I'm still paying £200 a month, is that allowed? It sounds a bit dodgy.
What would happen to the £200 disposable income in 2 years time when the family loan is paid off? If it's that easy to hide where £200 is going every month what's stopping me claiming that my outgoings haven't changed and putting the money towards other things? Not that I would but I'm curious.
Another question I have is regarding a student finance overpayment as I suspended my studies half way through the academic year. This is being included in the IVA. If I wanted to return to University once the IVA was complete, what funding would I be eligible for of any?
I've read a lot of articles about IVAs but was wondering if anybody can think of anything they miss? Or things I need to consider about the impact of an IVA. I've thought about the impact it'd have if I wanted to move property, I know about what happens if I get a pay rise and I know getting pay monthly car insurance is still possible.
I think part of why I'm hesitant is that I am 22 and a 5 or 7 year commitment feels like such a long time. I'm worried it'll stop me being able to start a family and put me at a disadvantage for buying a house.
If anybody can think of any IVA advice that gets missed or has any info at all regarding IVAs or wants to share their experience to put my mind at rest please reply
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Comments
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If your IP is suggesting lying on the agreement so you can pay another creditor (I appreciate its a family member) you should use someone else.
You are trying to "sort out" your finances by paying a small percentage of normal creditors and full repaying a family one.
Not going to happen nor should it.
Good luck0 -
Hi all,
Looking for a bit of advice re: IVAs and subsequent defaults on credit files...
My wife entered into an IVA about 6 months ago for numerous reasons. We had a NatWest personal loan in both our names which she entered into the IVA. We also had a current account with them (joint) which I can no longer use as her name is on it (no overdraft facility).
After discussing the current account with the bank it was agreed that it was best that my salary etc should go into another account solely in my name which I did.
I asked about the personal loan repayments from my side and was told I shouldn’t worry for the time being as it is attached to to IVA and if there were any developments in restarting separate payments they would notify me.
I have just checked my credit file through Noddle and noticed a default for the loan and the current account? A little confused...
I’m pretty sure they would have had it recorded somewhere that I had that discussion with them so not sure as to what to do next. I spent 6 years repairing my file and the last default dropped off literally 2 months before they added these two new ones so feeling a little crushed at another six years of being on the treadmill again.
TIA
Mike0 -
They have suggested falsely increasing my rent and some other expenses to hide the fact I'm still paying £200 a month, is that allowed? It sounds a bit dodgy.
Hi,
An IVA is a legal form of insolvency, lying to the insolvency service can result in your arrangement been rejected, or cancelled, if already agreed, and you could also go to prison, i would avoid this IP like a dose of the clap.
Look elsewere.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
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