Hi all,what a good site this is.There are more people than you think in the same position, we are not alone.
My questions are
1)i can just about afford an iva but to give myself some life i would like to do more work self employed as well as being a full time employee and wondered how this would affect the iva or creditors coming after more money.
2)how would i be affected after the iva in getting a mortgage or loan for a car.
3)can monetary gifts be accepted from family during an iva.
4)is getting a loan and offering a percentage of what i owe to clear once and for all worth considering.(i cannot get any money off family and there is no equity for my share in house due to remortgage before)
5)why do iva amounts differ so much between companies.
6)i have approx £300 per month left to pay debt what would be the best solution.i am considering iva but would like to pay debt but thought of 25 years doesn't seem too good.
Hi Robster.
I will answer a couple for you and I am sure a technical expert will pop on soon and answer fully for you.
2 your credit will be affected for six years from the dat of approval of your iva, it may take a while after to get your credit rating going again.
3 A gift is a gift and is yours.
4 Personally consolidating our loans just compounded the problem and made matters worse. I wouldnt consider it.
5 Payments differ as an iva is individually tailored to the client. We all have differing wages and needs for expenditure. The payment is tailored so that you pay the best you can afford but can still live to a reasonable standard for its duration.
6 An Ip will give you all the advice you need to make an informed decision on the best way to deal with your debt, so many factors to be considered, what may be right for one person may not be for another.
The one thing to remember is that there will be a solution for you.
Hope some of this helps.
Someone will put me right if I am wrong.
Keep us informed as to how things go and keep posting with any questions you have.
The usual rule for overtime ie, your extra work,is that you can earn 10% over your normal wage,after this point 50% of any extra goes into your iva and the other 50% is kept to spend as you please.
So if you normally earn £1200,you can earn £120 extra a month without losing it into the iva,if you earned £1500 you would keep £1410 of it and £90 goes into the iva pot,so its worth doing extra work if you can get it.
Hope that helps.
Paul.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
1 Any income that you have at the time your propose your IVA will be included in the calculation of your disposable income. If you take out another job after the IVA has commenced, depending upon the terms of your arrangement you will usually be allowed to keep 10% of the amount you declared as salary originally and then split any further earnings on a 50/50 basis.
2 Your credit rating will be affected for six years from the date of your creditors meeting, but this is also the case if any of your creditors have defaulted the account - which is generally done if you miss more than three payments. Bankruptcy and DMP will also affect your credit rating in the same manner.
3 Gifts are not captured under the voluntary arrangement and are yours to keep.
4 This is possible, if you could find someone to give you a loan, but not advisable unless you can clearly demonstrate affordability. It is more acceptable if the loan is from a family or friend, rather than from a financial institution on an unsecured basis.
5 I am not sure what you mean by this comment. Please clarify? And has this been made as the result of experiences in talking to several insolvency practitioners?
6 An IVA generally runs over just five years, so I am not sure who has been advising you about a 25 year repayment plan! Surely this would have been a DMP company, trying to persuade you to pay off all the debts in full?
As Andy says, please post a little more about your circumstances so we can try and advise you a little better.
