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  • FIRST POST
    • Fidge2872
    • By Fidge2872 23rd May 19, 12:00 PM
    • 17Posts
    • 0Thanks
    Fidge2872
    IVA Advice
    • #1
    • 23rd May 19, 12:00 PM
    IVA Advice 23rd May 19 at 12:00 PM
    Hello,
    I have been in touch with payplan in the past few months & they have given me a solution of an IVA which I havenít taken as yet as I am really hesitant to go through with it, donít know why, just something is telling me not to do it! The other option I am considering is a joint loan with my partner to consolidate the debts but chances seem pretty slim as he is trying to build his credit history & the debts (we owe but in my name) add up to more than what my yearly salary is. My partner is self employed. We have a mortgage together.
    I have heard good & bad things about an IVA, I know it is on my file for 5-6 years but how does it affect things when we come to renew our mortgage in 4-5 years time? What affect will it have on my partner as he is linked to me? Any advice on an IVA or any other solutions is very welcome & appreciated, just donít know what to do
Page 1
    • Fidge2872
    • By Fidge2872 23rd May 19, 12:02 PM
    • 17 Posts
    • 0 Thanks
    Fidge2872
    • #2
    • 23rd May 19, 12:02 PM
    • #2
    • 23rd May 19, 12:02 PM
    I pay all my bills & debts monthly & never pay late, I only get paid £890 a month & at least £600 of that pays the debts
    • Willing2Learn
    • By Willing2Learn 23rd May 19, 12:06 PM
    • 3,274 Posts
    • 2,839 Thanks
    Willing2Learn
    • #3
    • 23rd May 19, 12:06 PM
    • #3
    • 23rd May 19, 12:06 PM
    … I have been in touch with payplan in the past few months & they have given me a solution of an IVA which I haven’t taken as yet as I am really hesitant to go through with it, don’t know why, just something is telling me not to do it! The other option I am considering is a joint loan with my partner to consolidate the debts but chances seem pretty slim as he is trying to build his credit history & the debts (we owe but in my name) add up to more than what my yearly salary is. My partner is self employed. We have a mortgage together.
    I have heard good & bad things about an IVA, I know it is on my file for 5-6 years but how does it affect things when we come to renew our mortgage in 4-5 years time? What affect will it have on my partner as he is linked to me? Any advice on an IVA or any other solutions is very welcome & appreciated, just don’t know what to do
    Originally posted by Fidge2872
    I and others have already commented on your other thread on the subject of a consolidation loan, so hopefully you will not be going down that road.

    As far as advice on an IVA or other debt solutions. We really need to see your Statement of Affairs (SOA) if you want quality advice, guidance and support. The link is below. If you do decide to post your SOA, then please remember to click on the 'Format for MSE' button near the bottom of the form. Thanks

    http://www.stoozing.com/calculator/soa.php
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • Fidge2872
    • By Fidge2872 23rd May 19, 7:42 PM
    • 17 Posts
    • 0 Thanks
    Fidge2872
    • #4
    • 23rd May 19, 7:42 PM
    • #4
    • 23rd May 19, 7:42 PM
    I will go through the SOA tonight & post it as soon as I can. Thank you for replying
    • Fidge2872
    • By Fidge2872 23rd May 19, 10:19 PM
    • 17 Posts
    • 0 Thanks
    Fidge2872
    • #5
    • 23rd May 19, 10:19 PM
    • #5
    • 23rd May 19, 10:19 PM
    With the SOA, do I include my partners bills (phone, etc), van, debts, etc?
    • Willing2Learn
    • By Willing2Learn 24th May 19, 12:17 PM
    • 3,274 Posts
    • 2,839 Thanks
    Willing2Learn
    • #6
    • 24th May 19, 12:17 PM
    • #6
    • 24th May 19, 12:17 PM
    Are you sharing bills 50/50?
    Are you going to share responsibility for both of your debts and move forward together?
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • Fidge2872
    • By Fidge2872 25th May 19, 9:01 AM
    • 17 Posts
    • 0 Thanks
    Fidge2872
    • #7
    • 25th May 19, 9:01 AM
    • #7
    • 25th May 19, 9:01 AM
    We don’t share the bills 50/50 at the moment even though we use to, my partner pays almost everything as I am paying the majority of my wage out to debt. He pays the money into our joint account & I make sure all is paid
    • sourcrates
    • By sourcrates 25th May 19, 9:44 AM
    • 17,427 Posts
    • 16,430 Thanks
    sourcrates
    • #8
    • 25th May 19, 9:44 AM
    • #8
    • 25th May 19, 9:44 AM
    Hi,


    You havent told us how much debt you have, that is the first thing we need to know to determine weather an IVA is suitable or not.

    IVA`s were initially designed for people with a lot of debt, but who also had assets to protect, such as a house.

    If you owe 25 grand or more, then an IVA may work for you, under that a debt mangement plan may be better, it all depands on the figues and your circumstances.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".

    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views expressed are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    • Fidge2872
    • By Fidge2872 25th May 19, 10:44 AM
    • 17 Posts
    • 0 Thanks
    Fidge2872
    • #9
    • 25th May 19, 10:44 AM
    • #9
    • 25th May 19, 10:44 AM
    Should I include my partners figures on the SOA or not?
    • Fidge2872
    • By Fidge2872 25th May 19, 10:45 AM
    • 17 Posts
    • 0 Thanks
    Fidge2872
    The debt in my name (although caused by both of us) is £20,380.47
    • sourcrates
    • By sourcrates 25th May 19, 11:01 AM
    • 17,427 Posts
    • 16,430 Thanks
    sourcrates
    The debt in my name (although caused by both of us) is £20,380.47
    Originally posted by Fidge2872

    Although there is no minimum or maximum level of debt for an IVA, due to the fee`s that are charged, and the length of time the arrangement runs for, simply put, the more debt you have, the better, sounds silly i know, but if you have say 100k of debt, but your budget only allows you to make payments over 5/6 years, that will only clear 40k, plus fee`s, the remainder is written off.

    Like wise in your situation, if your budget shows you can clear the full 20k plus fee`s over the period, you will pay back the full amount, but if it shows you can only pay back half, you only pay half, and the rest is written off.

    Its all down to your budget and disposable income, now my IVA, from what i recall, only wanted my individual budget, but as you are a couple, they may want to see a household budget, best to ask on National Debtline live chat, or maybe stepchange, they will be able to clarify this for you.
    Last edited by sourcrates; 25-05-2019 at 11:04 AM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".

    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views expressed are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    • Fidge2872
    • By Fidge2872 25th May 19, 3:19 PM
    • 17 Posts
    • 0 Thanks
    Fidge2872
    Thank you Sourcrates, appreciate your advice
    • katsu
    • By katsu 26th May 19, 2:41 PM
    • 4,487 Posts
    • 13,962 Thanks
    katsu
    You have said that the debt belongs to you both, and that your partner's wages pay the bills and yours pays the debt so it seems like this is not a problem for you as a person, but you as a couple. So, for us here, include your partner's income and all your household spending. That way people may be able to offer advice that frees up more money to help clear the debts.
    Debt at highest: £8k Debt Free 31/12/2009 (nine years and counting ) Original MFD: May 2036. MF Dec 2018
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