Brilliant attitude to have!

[skintali]

Can someone please give us some of your thoughts on this. We have just started the IVA ball rolling, with CCCS(IVA). has anyone else gone through CCCS? And now having read the forum posts, I am starting to panic. We owe about £65k and are in a privately rented house, so no house to sell. We have a car worth about £3000 - I assume they won't ask us to sell it, as my partner wouldn't be able to get to work. We have worked out that we have only about £360/month spare for the IVA but they are basing it on our basic wages. My partner's wages vary each month as he gets some o/t. How do they work this 50% thing? Is it every 3 months? Has anyone got a positive story to tell please? I was hoping this would be the solution, and now I'm thinking it won't. My partner is already on anti-depressants, and I want us to be in a better position not worse.

[aguise]

Hi there
Most iva's are worked out on the basic wage as overtime is not usually regular and will vary. Most proposals ask for 50% of overtime and bonuses. We do overtime and each month I ring my company and pay the 50% over. I do this because I dont want to have to save it. The extra just goes as extra it does not reduce or change the monthly payments, but at least you get to keep the other half and it does make a big difference. Our overtime before the iva just kept our heads above water now we get to enjoy that bit extra albeit only half. I am in an iva and we are so much happier we pay half of what we were on the debts before and though not well off we have no worry about how to pay eveerything at the end of the month. CCCs will tell you how to pay the extra over but as I said I preferred to do it each month then at review there is no bill for the extra.

Hope this helps

Ang

[ivoriva]

I agree that Ang's strategy is spot on.
I am hoping to do things a little different though, in that I hope my reviews will be annual. So Im saving the whole lot (even my 50% of extra earnings), in the hope that I only have to give 50% back. After the annual review I will then move whatever is deemed to be 'mine' to another savings account, so in effect I am forming a rolling contingency fund so I can cover some unexpected expenses without going back to the IP.
I would be interested to know if this is a reasonable strategy - or whether 'cos I haven't spent my 50% of extra earnings they will want it all?!
As for the CCCS they are highly recommended. The IVA product is new to them though (previously they only sourced third party IVA providers for their clients), so only time will tell how they do in this respect.

[aguise]

I agree with you also ivor we do the same thing we save our 50% and use it for the extras that will pop up in the future i am sure. Ivor they cant ask for the extra 50% that is yours as that is what is in the proposal. I have done a silly little spreadsheet to keep track of all the incoming wages outgoing extra paid and any thing that can be offset from the overtime and so far it is working out well I have just sent everything off for a 6 month review so we will see how that goes.

Ang

[ivoriva]

Thanks for that Ang, let us know how the review goes so we know that is how it works in practice...

As for spreadsheets, my OH swears by them and has one for just about everything conceivable - probably even how often I visit the toilet! So Im sure they do help gain a fuller picture...

[MelanieGiles]

You two are the perfect clients! If only more people were responsible like you are being towards your IVA, I am sure that there would be less failure and despondency about the process.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[aguise]

Melanie Thank you for your encouraging words. We have had so many years of money worry that I want so much for this to go well and to reach the end so that we can enjoy life a little. We have paid the price for our mistakes but the iva has given us the chance to get it right now and I am going to make sure I do everything I can to get there.

Ang

[JoeB]

HI - just hoping to get to that position! - proposal being drawn up - but we do have our spreadsheets!! As Ivor says I think the key will be to as best we can build up a reserve so we can cover unexpected expenses.

[aguise]

Thats the thing I think, but easier said than done. |We are lucky in that at present the overtime has stayed though the threat of losing it is always around, so as you say while the opportunity to build a little reserve is there then we will use it. You never know what is round the corner. The thing is some do not have the luxury of overtime, so doing it then is not so easy.

All the very best to you for you up and coming iva I hope it goes well for you.

Ang

[skintali]

Thanks so much for the positive answers, I feel much better now, that I was right in the first place and that we are doing the right thing. Although there is no other solution anyway other than bankruptcy and I would prefer to avoid that, even though some of our friends say it would be easier on us. I feel that we should be paying back as much as we can, after all we borrowed it in the first place.Thanks again guys, I will keep you posted on the progress of ours. I am glad I found this website, it's really helped.

[MelanieGiles]

Brilliant attitude to have! Wanting to pay back as much as possible, but realising that if creditors push too hard that bankruptcy is not as bad as it seems.

Sincerely hope you get enough "Yes" votes on the day!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Dominic]

at my annual review if it is suggested that payments increase i am inclined to say yes if affordable if it will speed things up.

[Angelus]

Hi everyone.
Am I the only one who had his overtime classed as a constant and incorporated into the IVA payment? 'Cos I'm sad to say that I haven't been able to do overtime in nearly 8 months ( in IVA for 9 months ) since being made redundant in month 1 but found a new job within 2 weeks. However, I now work as a civil servant doing a 9-5 job where there is no overtime. When I told my IP about this they said it shouldn't really affect the IVA and to carry on as we were.

Hope it works out for you Skintali and I hope it works out for your Partner. It should at least take some of the pressure away.

[aguise]

Hi Angelus
So they included your overtime as part of the basic for the iva. I thought it was standard for it to be worked out on your basic and overtime at 50%, as overtime and bonuses are not guarenteed, we have regular overtime, but it could stop at any time and then we would be in trouble if this had been included originally.

Ang

[lily]

Hi skintali

If you are realistic with the income and expenditure you will be fine, if you agree to something thats not realistic then you will struggle. I wish you the best of luck. It would be very interesting to hear about the cccs IVA process as it is, I believe quite a new thing.

Good luck with everything

lily