My husband and I are considering an IVA

[charlie]

Just had a thought,
when going into an IVA does it matter when you last used your credit cards?

[ivoriva]

Nope, it wont matter when you last used the credit card, though obviously you should stop using them right away as it is time to address your problems rather than compound them. It could be a slightly different story if you recently obtained a loan, as some creditors dont like a IVA being proposed within 12 months of a loan being given.

In BR, regarding your car, it would be upto the OR as to what he deems is acceptable evidence. If there was a statement that showed an amount coming to you, which then left at the same time you bought your car that may be good enough. As long as everything adds up, I doubt the OR would question it and if your dad puts it in writing that the money was given to you for this purpose, then I would think there can be little doubt. But I'm only speculating on other peoples experiences that I've read about...

[aguise]

Hi Charlie and hello
We used our credit card a week before ringing about an iva and it didnt matter , but I would avoid it if poss.
You do tend to hear more of the problems on the forum but that is for obvious reasons that you dont need help if all is going well. We have been in an iva for 6 months and it is going well . I also would have gone bankrupt though if an iva had been unreasonable, dont accept anything that you feel you could not manage on as five years is a long time to struggle. If you do go the iva route then make sure you cover everything in your living costs down to dental and prescriptions, its the little things not accounted for that can add up and cause the difficulties.
All the best keep posting and let us know how you go.

Ang

[charlie]

Hello Ang,
Thanks for the reply, I didn't mean to sound negative about this site just the general impression was a lot of failed IVAs.
I am coming to the conclusion that there are a lot of not very good Ips out there that add to the problem rather than help. On here though I feel I have made the right choice as the experts here seem very genuine and are of course very helpful going to be discussing things with and IP this afternoon to see where we stand,
Wish me luck!

[aguise]

Hi Charlie
Didnt think for one minute that you sounded negative about the site, just wanted to explain that there is always more written of the bad things than the good for obvious reasons. The company you choose is most important as you say. you can look at iva.com they have a lot of reviews of ips and companies, agian personal opinions but does tend to show some of the bad from the good.
All the very best for today and the ip meeting. let us know how it goes.

Ang

[charlie]

Thank you, waiting for the phone to ring now!

[MelanieGiles]

You should not incur any further credit if you know that you will not be in a position to eventually repay it.

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

[iva.com]

Hi Charlie,

Congratulations on taking the first step! As Keith and Ang mentioned (thanks guys!) we at IVA.com maintain a list of IPs and firms who arrange IVAs. There are a lot of reviews, submitted by people who have entered into IVAs, that will hopefully help you to choose the right people to work with.

Good luck, please let us know how it goes.

Terry
IVA.com - Regulating the IVA industry by using customer feedback.

Please rate your IVA company or Insolvency Practitioner by reviewing them here: http://www.iva.com/submit_iva_review.asp

[ray_a]

Hi Charlie

Even though I have a major problem I still rate IVA's.

It did keep us going and despite our problems we will be able to settle our creditors at 100%.

It also allowed me to carry on working which BR is not an option.

I like IVA's for the reason that you are trying to behave responsibly to your creditors. Unfortunately people outside don't understand this!

I would talk to a few IVP companies and make sure you are comfortable with the proposal.

Do keep in touch as we have a lot of experience!

Good Luck

Ray

[Skippy]

I agree with you Ray. If I could have done I would have continued with my IVA, but I knew that I couldn't afford it after the first couple of months and decided to bite the bullet and go BR instead. If I could have had a variation and even paid for 6 years I would have carried on, but as that wasn't a possibility my only option was BR. The ironic thing is, if my IVA hadn't had a modification stating no variations for 24 months my creditors would be getting a dividend, but in BR they will get nothing. I think that's called shooting yourself in the foot!

Well done to all of you who complete your IVAs

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[aguise]

I think its like most things what can work for one may not for another,but some of these modifications as you say can break an iva and leave you in no position other than failure, I still cant see why these companies dont see people doing their best to give some back, but they still try to cut already tight expenditures and lately are not seeming to look at people as individuals,which is supposedly what an iva is, but are deciding a set level and not moving from it. Looking at the individual circumstances should be a priority not just saying we want and if not no.
Hope you understand my ramblings.

Ang

[Skippy]

I totally agree Ang - an IVA is supposedly individual (hence the name!) but some companies insist on a minimum dividend and won't change their mind. I suppose they think that people won't go BR and will agree to a DMP.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[aguise]

I dont wish bankrupcy on anyone, but if more did it then maybe they would see the merits of a sensible indvidual arrangement.
It would be nice if some of these creditors could explain on the forum their views and why they reach the decisions they do, mind you they might not go down too well with some but would be interesting.

Ang

[Skippy]

I hope that no-one took my last post to mean that BR is wonderful and because I've done it so should everyone else!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[aguise]

No skippy
Not at all I just meant I think they are counting on people not going bankrupt. Neither an iva or bankrupcy could or should ever be undertaken lightly. I worded it badly./

Ang