Melanie will you help me

[sjbyron]

Hi Melanie,

im currently discussing a DMP with Andrew, at Brightoak, but i think with my level of debt it should be a tempoary solution. Would you help propose an IVA For me in the future, at the same as a DMP (£300 a month)?



Thanks

Stu



Stu J Byron

[MelanieGiles]

I would be delighted to help you in the future Stu.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[sjbyron]

Thanks Melanie

am I right in leaving the second IVA for about 6 - - 12 months, do a DMP and then consider a second IVA.

Is £488 a month to housekeep for my mum ok also.

Thanks

Stu

Stu J Byron

[MelanieGiles]

Not sure what you mean by a second IVA? And I would need to look at you whole income and expenditure situation to see whether the money you pay your Mum is likely to be acceptable to creditors.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[sjbyron]

Hi Melanie,

We have spoken before a while back, I had an IVA with debt matters and it failed.

My income is £1251.99 and outgoings are £950 excluding IVA.

Hope this helps

Stu


Stu J Byron

[MelanieGiles]

OK - well there is no reason why you cannot propose a second IVA, so long as the first one has definately concluded. I will speak to Andrew tomorrow about your case.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[sjbyron]

Thanks Melanie,

I spoke to Andrew the other day (and am in regular EMail contact with him) I suggested a meeting in Cardiff next January, apparently you were unsure of whether an IVA would be suitable, especially as some of the housekeep to my mum includes £372 a month towards a loan in her name that she took out for me.

Stu J Byron

[MelanieGiles]

If you're coming to Cardiff, then Andrew's office is just down the road from mine so I will come along and we can discuss a way forward for you then. I remember the case now, and you will not be able to include your Mum's loan repayments as part of your housekeeping in an IVA.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[sjbyron]

Hi Melanie
I need to repay that £372 to my mum each month, the loan ishers its in her name, she charges me a reduced rent to accomodate it to in effect im paying her £488 rent each month for her to deal with.

Stu J Byron

[MelanieGiles]

Then an IVA is not likely to be an option for you, as you cannot prefer your Mum's loan over your other creditors.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Andrew Graveson]

As a general comment a similar scenario would apply to a DMP.

Any ethical debt management company would feel the need to disclose the nature of that family arrangement to creditors so that they may draw their own judgment in an informed way as to whether it represents a fair offer of repayment to them.

Andrew Graveson
Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[sjbyron]

I dont know what to do then, isnt £488 a reasonable payment for housekeep to my mother. Is it not upto my mother what she decides to do with that £488 a month?



Stu J Byron

[Andrew Graveson]

Hello Stu,

I'll email you directly on this tomorrow and fully address your email of earlier today at the same time. The money that you give to your mother is clearly made up of housekeeping and a loan repayment. Housekeeping is fine; the element of the payment meant for the loan has implications for the availability of debt solutions if you insist on preferring this debt.


Andrew Graveson
Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[MelanieGiles]

And creditors would not accept such a high payment for board and lodge for someone living at home with parents.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Adam Davies]

Hi Andrew
How do creditors,in general,deal with family debts in a debt managment plan ?
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp