New to the furom

[R1CHARDT]

Hi, im Rich

going through the process of trying to get an Iva, sending all my stuff off the a company to get one on track..

i had however, nearly got one with synergi.

was all set to start paying, when i started reading this forum, read a few posts from other users about synergi, i instantly weld cold and phoned a company from this site...

just in the nick of time i cancelled my application with them..

if it wasnt for this furom, i now would be paying synergi, and prbos getting trouble like alot of peeps have said on ere..

thank you all. [:D][:D]


anyho - got a few questions -

firstly - can i still sell bits and bobs on ebay? as the money i get from ebay goes into my bank account, which would show on my statements?

can i still have a saving account, to try and put a little away ere and there for christmas for my youngs uns present?

me and the girly friend are thinking a getting a house, i dont want to wait 5 years, more of 2 - 3 years? as her dad and my parents have offered to pay our deposit (10 - 15 %)?

it wouldnt affect my payments a id be going from renting to paying mortgage - plus her payments on top (i rent alone at the mo)..

when i get a pay rise - will all the rise got into my iva payments?


thanks for reading - ill be around for the next 5 - 6 years!! hehe - [8D]

[Sadsack]

Hi richardt and welcome to the forum
I am not an IP but just another person with debt and in an IVA. Therefore, it would be in your best interest to seek a qualified IP for clarification.

The way I understand it, you can sell bits on ebay or car boots etc. As it will appear on your bank statement, your IP will pick it up at your annual review - I believe the problem will only arise should the items you are selling generate quite a significant amount of cash. Regarding a savings account - I am sure you can have one, I am not sure how much you are going to save though as once your IVA has been accepted, all your disposable income has to go into the IVA.

Getting a mortgage in an IVA is possible, the only drawback is that you are not going to get the best interest rates and you would probably have to look at borrowing from a sub-prime lender. Your IVA will allow you to purchase, with your IP's approval of course, and your mortgage payments cannot be higher than your present rental.

In some IVA's, there is a modification/clause which requires the debtor to pay 50% of any commissions, payrise, bonus etc into it.

As I said at the start, you would be best if you did speak to the comapny presently dealing with your IVA as they are the professionals and have the answers for you.

Hope this helps

Sue



Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[R1CHARDT]

Cheers Sadsack - if u dont miond me asking, how long have you been on your iva, and are you finding it hard??? can you see the light at the end of the tunnel yet?


as for savings, the idea i had was to seel bits and bobs on ebay, try to save up say - 500 for each christmas via ebay car boots etc to buy presents? or would i be better shoeboxing it?

[MelanieGiles]

Hi Richard and welcome to the forum

In my opinion, there is no problem with continuing to use e-bay, as I imagine the amounts you are talking about are relatively small.

A savings account is a good idea, as you will need to cover certain contingencies such as car maintenance, which tend to go out in big lumps a couple of times a year. So long as the balance remains below say £500 I would have thought your IP would be happy with this.

If you are lucky enough to have your parents-in-law give you a deposit for a property, then this is fine, so long as your new mortgage payments are no more than you are currently paying in rent. At the time that you both move into the property, it would be sensible to review your income and expenditure given that your girlfriend will now be contributing to the shared bills.

Pay rises will be regularly reviewed by your IP, in the context of an overall annual review. Generally, modest pay rises tend to be absorbed by usual cost of living increases, but each case is judged on its own merits.

As I am just one of the several forum experts, perhaps others may have a different view - and of course your own IP's opinion and decisions are those which are most important.

Good luck with your proposal.

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

[R1CHARDT]

yes the amounts i general make at between 5 - 50 a time.. i probs a sell an item once every month or two. (old consoles games clothes etc)

also i do car boots.. once every month or two , and make in between 25 - 100 pound. (two of us)

however thats is split between me and the girlfriend.

however this isnt regular, i do it to save for christmases, birthdays, trips etc.

ive been heavily in debt for the last two years well its mounted up since i was 18 (im 25 now), i know its my own fault, but now im taking control, its hard to admit you need help but i do do.

whats made me take control is the fact i dont want my young un to go with out - so better now then whens he older (hes four now - i want to be debt free by the times he 9 - when the start getting more expensive.)

[MelanieGiles]

That's a very responsible attitude Richard, and one which I am sure that your creditors will respect.

The very best of luck to you!

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

[Sadsack]

Hi Rich

I have been in my IVA since September 2006. I will admit that it was not the easiest thing I have ever done but I knew I had a problem and it needed to be sorted - and very quickly!!! I have a mortgage and with interest rates increasing as they have done over the last 10 months, I would be lying if I said it was not a struggle. I still have a way to go in this IVA - I do miss doing the things I love - golf, paragliding and diving but I know that it will be there for me to start again in 4/5 years time. I do wash cars and mow other peoples lawns, paint etc to bring in the bit of extra money so that I can get the odd round of golf in!!!!! At 49, its not easy!!!

I have my Mum coming over for a visit next week for 6 weeks and I know that she is going to wander around my house and poke her nose into everything, telling me about all the things I don't need and get them down to a car boot!!!

So, if you are anywhere near me, look for me at the car boots with a 75 year old selling my goods!!!!

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[R1CHARDT]

i miss my golf too (and my Nottm Forest season ticket..)

i used to play twice a week, but ive only played three times this year, each time when ive been taken by a company supplier - little perks of my job as a project manager / estimator.

ive been doing all stuff like that, seems odd, as im 3 months away from being a fully qualified project engineer yet however i do odds jobs at the weekend and nights when i can for extra money - i earn more then most of my friends,, and am getting sick of explaining why i cant come out for that meal, or away for the lads weekend etc!!

im salaried so dont get paid for any overtime.

oh well - cant moan about its my own fault - but i can DO something about it..

[Sadsack]

I am in the same boat - earning a lot more than friends. The times I have had to say no is hard and I make all sorts of excuses and end up sitting at home feeling sorry for myself.

But at least I have my dog, cats, fish in a tank and 17 koi carp in a pond!!! The best thing about them, they don't argue nor tell you "I told you so!!!!"

Hang in there Rich, keep posting on this forum as we all rally around and support each other.

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[ivoriva]

Well, Im a Leicester fan so I can honestly say I would never miss a forest season ticket!! Come to think of it, I havent really missed having a Leicester one though! Look on the bright side Rich, the next time you can afford a season ticket they might actually be worth watching....

[R1CHARDT]

ivoriva!! a leicester fan??, well i guess sumone has to be!!

well at least i havent missed out on a trip to the new wembley this year!!!

went to the walkers staduim a few seasons ago, when we won one nil, about then only game we won that season !!! lol

not a bad shout to be fair, ill give em 5 years to get back to the premiership!







------------------------

Rich.

[sps]

Oooh that's harsh Ivoriva mind you when my husband was seriously depressed when Forest lost to Yeovil last week I told him look on the bright side at least you're not wanting to pay for an expensive day out at Wembley now - strange he couldn't see it somehow!
Sue

[Sadsack]

Not much of a football fan myself (father will no doubt turn in his grave as he was a professional footballer!!!) but I guess if I had to be, I would have to support my local ----- Yes!!! It is the Canaries!!!!!!!!!!!!!

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[ivoriva]

Well Rich - I think to be fair that 1-0 was probably forest's greatest achievement over the last five years!
SPS Sue - believe me, saving that money was the best outcome for him and fellow forest fans!
And SadSack Sue, well, I dont have anything bad to say about the Canaries, other than Nigel Worthington is available again if you want him!

[Skippy]

Glory glory Man Utd, the Reds go marching on on on!!!

Sorry, had to get that in!

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/