IVA support and discussion thread

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  • aisha0112
    aisha0112 Posts: 3 Newbie
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    Advice needed!
    Me and my partner are both in debt so the best option was a joint IVA, it sounds promising and we can pay off our debt a lot earlier than the original debt. We are currently living in a property that isn’t really suitable for our baby and I was wondering if the IVA would affect our chances of renting; if so what can I do to increase the chances of a landlord renting out to us? Also does anyone know of any landlords that would be willing to accept tenants that are reliable, pay their rent on time and are in full time work in the North West area
    Many thanks in advance
  • fatbelly
    fatbelly Posts: 20,494 Forumite
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    aisha0112 wrote: »
    Advice needed!
    Me and my partner are both in debt so the best option was a joint IVA, it sounds promising and we can pay off our debt a lot earlier than the original debt. We are currently living in a property that isn’t really suitable for our baby and I was wondering if the IVA would affect our chances of renting; if so what can I do to increase the chances of a landlord renting out to us? Also does anyone know of any landlords that would be willing to accept tenants that are reliable, pay their rent on time and are in full time work in the North West area
    Many thanks in advance

    Have you actually started your IVA, or just considering it?

    Once the IVA starts you have declared yourselves insolvent and your credit files will be marked. Anyone doing a credit search will see that and so that will affect your options for renting.
  • Am92
    Am92 Posts: 1 Newbie
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    Congratulations of now being clear of your IVA!! Please can you let me know the company name you entered into an IVA with?
  • mwarby
    mwarby Posts: 2,048 Forumite
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    It's worth bearing in mind that there has been quite a bit of consolidation of IVA providers over the years, the firm I used for instance no longer does IVAs and sold it's caseload on

    Much better off talking to a few and see what you think. It's also good to get some independent advice in wether an IVA is the best debt solution for you(the fees can make an IVA attractive to person selling it)
  • Redsetterkaz
    Redsetterkaz Posts: 2 Newbie
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    Hi there,
    I am currently 3 years into an Iva and I have inherited my fathers house, mortgage free. What is the best way of paying off my Iva? Or cheapest my credit rating is bad due to the Iva, but now I’m a homeowner would this help me?
  • sourcrates
    sourcrates Posts: 28,878 Ambassador
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    Redsetterkaz wrote: »
    Hi there,
    I am currently 3 years into an Iva and I have inherited my fathers house, mortgage free. What is the best way of paying off my Iva? Or cheapest my credit rating is bad due to the Iva, but now I’m a homeowner would this help me?

    Hi,

    You must inform your IP straight away as the decision is not yours to take, an inheritance is classed as an ”after acquired asset” and thus forms a part of your IVA.

    You will need to discuss the best way to release cash from this asset, with your IP.

    Remember you will be responsible for the remainder of the IVA payments, plus interest and charges that would have been applied had you not gone insolvent.
    You will not be able to negotiate this payment, it will be set by your IP.
    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-letter
  • Micklincs
    Micklincs Posts: 11 Forumite
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    Hello everyone,
    I have been getting advice from citizens advice and insolvency through gov.uk and they have advised me to go down the route of bankruptcy. Problem being my ex wife is living in the house that we still have a joint mortgage and the ex wife is not willing to sell. Leaving me in a whole load of debt. I am no longer paying towards the mortgage. I just wanted to know if the courts. Would go for her house to recover the costs even if she was unable to remortgage. She has tried but failed. She pays the mortgage and never misses payment. But on paper the mortgage companies will not offer a remortgage.
    I am in £32000 worth of debt in total and I am completely stuck. I have been told an IVA would mean that it will not affect the mortgage if she can’t afford to remortgage.
    Please help, Thanks in advice guys :(
  • fatbelly
    fatbelly Posts: 20,494 Forumite
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    Micklincs wrote: »
    Hello everyone,
    I have been getting advice from citizens advice and insolvency through gov.uk and they have advised me to go down the route of bankruptcy. Problem being my ex wife is living in the house that we still have a joint mortgage and the ex wife is not willing to sell. Leaving me in a whole load of debt. I am no longer paying towards the mortgage. I just wanted to know if the courts. Would go for her house to recover the costs even if she was unable to remortgage. She has tried but failed. She pays the mortgage and never misses payment. But on paper the mortgage companies will not offer a remortgage.
    I am in £32000 worth of debt in total and I am completely stuck. I have been told an IVA would mean that it will not affect the mortgage if she can’t afford to remortgage.
    Please help, Thanks in advice guys :(

    How much equity is there in the house as things stand? If CAB have advised bankruptcy (which I find surprising) they should have considered this.
  • Micklincs
    Micklincs Posts: 11 Forumite
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    Thanks for replying, it was the insolvency from gov.uk that advised me to go down the bankruptcy route. CAB were wanting me to go down the IVA route due to the mortgage. I think there may be some equity in it but I don’t want the house sold. Ideally I want off the mortgage but the ex wife can’t remortgage at the moment but is paying my engage without problems. I just hope the IVA practitioner doesn’t want to go down the house route.
  • fatbelly
    fatbelly Posts: 20,494 Forumite
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    The Insolvency Service should be directing you to impartial advice, not giving it!

    Yes, the normal route for someone who is insolvent but a property
    owner would be an IVA, so it's not a surprise that CA suggested it.

    If you can free yourself from the house you may have other options. Any chance of her agreeing to sell so that she can buy somewhere on her own?
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