Before IVA

[plasticdaft]

My IP firm is Tenon(not actually in an iva but a scottish trust deed,an IVA with a kilt on). The IP is a chap called Kenny Craig,but my point of contact is a chap called Thomas who answers emails almost before I have sent them!!

[ivas4us]

Glad to hear you are getting good service plasticdraft. The main ingredient for me.

[MelanieGiles]

An IP worth their salt will be concerned that you have used money to pay for a foreign holiday before paying your creditors. Whilst I am sure that in your situation most of us would want to do the same, this does put you in a difficult dilemma.

To answer your question, the monies ought to be set aside for the benefit of your creditors.

[ivas4us]

Thanks Melanie, Think I am sorted now. Just got a little confused.

[plasticdaft]

I would advise against using credit whilst on the holiday but if you can do it using the money you have sitting then its easy for me to say go for it(I am not an IP so its not a professional opinion)!!!

[David Mond]

I would not be happy for someone who spends money either saved or on credit going on a foreign holiday and then proceeding with an IVA. However if the cash saved is used then as long as credit is not taken it might me OK if there were "special reasons" to take such holiday for eg health reasons and then thereafter a 5 year frugal time whilst in an IVA.

I would certainly use the spare cash to settle needy household bills and do what Kallis suggests and explain that to your selected IP - he/she can mention that in the proposal for complete transparency. My firm has done that on one or two occasions in the past without any problems. No creditor wishes to be tainted with the accusation that they are taking money from kids and granparents etc.

[ivas4us]

along the same lines it was then!!!!!

[wonder]

As long as you have spare cash, if the bills are paid and you need some money for your trip which has already been paid for so use it. Any spare you can save towards your IVA.

[Fedup.com]

Hi all. I'm lost (not difficult in my case the way my mind is at the moment. I an working out what needs put into the kids accounts to take account of monies that they are owed. But in respect of the holiday I am confused. I would really like some guideance as to whether the attendance of a wedding is deemed as a special reason. Dont get me wrong we have other things that could well need money spent on ie "Boiler" etc as I dont think it will last the full 5 years of an IVA. Also I dont feel comfortable simply delaying an IVA any longer and upsetting the creditors for another 2-3 month period, even though I would look at making pro rata payments to them in the meantime. Obviously there would certainly be no Credit involved as all the cards etc have remained unpaid for a period of time. The only think I think I would have to do is apply for a Cashplus card which I think allows Car Rental.

[MelanieGiles]

This is a matter for your own conscience as to what you do with the money you have saved up. I can only advise you professionally that it should declared up to your creditors as cash in hand.

A holiday is not a special reason for spending the money, but essential boiler repairs might be if you are putting your family's health and safety at risk by running a damaged boiler.

[Fedup.com]

Melanie . thanks for being candid

[David Mond]

By bthe way Fedup.com how much cash are we talking about? How much cash after taking care of repoairs and re-paying monies owed to your children?

Actually it is a question of materiality - but certainly you cannot save a pot in anticipation of entering into an IVA.

Have you selected your IVA provider yet?

[Fedup.com]

Daid/Melanie...Sorry it has taken so long to come back to this thread, but my mind has not been on things in recent weeks and my wifes brothers wedding is getting closer.Hense we need to decide.
The probable amount for the repairs to the boiler etc would be £700.
The amounts owed back to the childrens accounts for Birthdays etc and xmas monies etc from Grandparents is approx £3000. (This is 6 kids over the last 2 years)Part of this would probably be used towards the holiday costs.
Rge remainder is probably circa £1500. This could however simply remain in my business.
I am sure you can appreciate this is causing many heated discussion with my wife as I am concerned as to what we should do, however she is partially blinded by the fact that it is her only brothers wedding and she would not be in attendance.
Your further advise would be apprecaited.
I have sent details to Tina so far and am due to speak to her next week.

[wonder]

You have to have some money for emergency's etc so keep it aside. I would go to the wedding myself as your wife says its her brother. As long as when the iva starts you have money to pay it.

[Fedup.com]

Thanks Wonder for the encouragement, but I am still lost and would really like some further advise from one of the IP's. Do you have any idea how to get this thread back into the active topics.