Just wanted to say thanks for the support from everyone over the weekend.
Is now a possibility that we might be eligible for IVA.
Melanie and her team are going to take a good look at it,
I have a couple of questions,
1) We have appied for a Co-op account and currently our credit rating is ok, we have applied for a standard account but not cashminder is that ok?
2) Over the next couple of years my salary will rise and our childcare costs will fall, will this make the IVA more favourable.
3) My husband has the option to retire at 55 (currently 50) with a cash lump sum, if we were still paying the IVA would this have to go into the IVA? He can carry on working and we need the lump sum as we owe some to my mom who bailed us out of a secure loan on our last house. If he carries on working beyond the end of the IVA would this protect lump sum ??
Sorry for all the questions just trying to make sense of loads of issues.
So tired but just cannot sleep!!
X
7 down 53 to go
The pedal uphill may be hard but remember once you reach the top you can take your feet off and freewheel all the way down!!!
I think you will be ok for the bank account as long as you don't have an overdraft facility on it.
Would think the rise in salary etc would be looked on favourably.
I have the same problem with my pension. I can go at 60 with a lump sum, but IVA will still be running and I have been told that I would probably have to pay the lump sum across, so won't be retiring until I've finished.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Jayne, that's great, wish you the best of luck with your proposal. Don't worry about your account, I managed to do exactly the same. As Jan says, just don't get an overdraft. X
Hi
1] yes,but don'take an overdraft facility
2] yes,it will give a better return to your creditors
3] I would work beyond the IVA otherwise it may be deemed as a windfall.Melanie will give you the corect advice regarding this
Regards
I would prefer to discuss these things with you privately, once we have decided that you are eligible to propose an IVA. Carry on getting the new account set up and we will speak over the next coupld of days.
You are noew in the hands of an experienced IP and Melanie will advise you well. Good luck
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
