Just started on my IVA

[Shining]

It's not Fozzy but we're always here to listen if you need us. All the best. x

[Fozzy Bear]

4, paid 56 to go LOl

[Fozzy Bear]

I will be getting made redundant from my present job soon but will need this money to set up as self employed can any one advise what will happen?

[kallis3]

Sorry Fozzy, no idea about that. You will probably be expected to pay this money (or some of it) across to your IVA. You need to speak to your IP.

[Fozzy Bear]

Am I obliged to tell my Ip adviser about redunancy money coming to me because i need this money which is not going to be a lot anyway , to set up as self employed ?

[Fozzy Bear]

Also if I start to earn more money as a self employed person will I be able to pay off my debts quicker than 5 years on the iva?

[kallis3]

I think you do need to inform your IP about any extra income and you need to inform them that you are intending to go self employed.

If you earn extra money then it will all go towards your IVA but it won't complete any quicker unless you are able to pay off 100p in the pound plus fees, plus any statutory interest.

[Fozzy Bear]

Thanks Kallis , I have come up with a plan to get my debts settled within the next two and a half years I just hope it works , I think if you are determined enough it will, and I will never ever ever get anything on credit ever again. I used to try and explain to my ex wife that if you hav'nt got the money you dont have things its as simple as that , but she would never listen to me she was always right , well this is the proof that she was wrong I agreed to take on the debts as she moved out of the family home and had to find money for rent etc. I have never had a slate in a pub in my life if I have not got money to pay for a pint I dont have the pint , and that is how I will live my life from now on.

[kallis3]

Must admit that I was the one who always spent the money and told hubby everything was ok.

I don't think any of us can ever say we will never take credit again - what about mortgages, possible car finance?

As long as we are sensible then I don't think there should be a problem.

I hope your plan works!

[Fozzy Bear]

Spoke to a solicitor yesterday because I am starting the ball rolling on my divorce, and she advised that I can share the debts with my wife as they were joint debts and not just mine, we are amicable about all of this at the moment but I think this is going to stir up a Hornets nest.

[kallis3]

Your wife will be liable for the joint debts as well as yourself and she will have to continue to make payments to those debts unless she is in an IVA or DMP.

I presume you both signed the loan agreements?

[Fozzy Bear]

I had a private pension I was paying into and my IP made me freeze this , does anyone know if it is possible to surrender the funds in this and pay off some of my debts with it?
thanks.

[ginger3232]

Would have thought that your pension may be subject(or partly to) a divorce settlement.Your pension and its encashment term will be subject to your age/and other conditions, So perhaps its better you speck direct to your IP and pension team or advisor.

Also surrending your pension now to pay off debts now sound great - however come your pension age what resources are you going to fall back on -relying on state pension(at this rate - may not be such a good idea)

[Fozzy Bear]

I appreciate what your saying ginger , but I have been paying into the lgps for the last 14 years and I will also recieve an army pension at 60 so I will probably be ok

[ginger3232]

Its worth talking it over with your pension providers - as i said you pension may be subject to a divorce settlement/or encashment regulations - (they keep changing b*****s!)