Hi, i am in an IVA and have been since March 08. Everything has been going good until recently, i called my IP in Decemeber as i have no where to live and needed to pay £175 for a credit check...they allowed me to miss decembers payment and pay extra for the next 4 months to cover this. But my worry now is i need to pay a bond and a months rent in advance at the end of Jan....thats £700 out of £1040 i get, then i need to start to buy furniture etc as i have never had a house before and can only get a few bits given from friends/family....i have worked out just with bills/car etc i will have approx £100 left a month...will this be enough to continue in an IVA....i dont want it to fail but now i am scared it is going to...and i did not really want to go bankrupt shame i have no family or friends to give me £10,000 for a full n final. So confused on what to do. will they except £100 or will i be forced to bancruptcy...i have no assets except a car worth £500 that i need for work.
Hi Worryhead, I suppose it all depends on how much you currently pay monthly and how much pence per £ was agreed at the start. Did you ask your IP for the settlement figure?
Worryhead I think you need to speak to your IP as soon as possible to put them in the picture as to the change in your situation.
It may be possible for them to ask for a variation, but £100 a month is not a lot of money to be paying across to your IVA.
How much did you owe originally? What are your payments? I agree with drg as well - who did you have to pay £175 to for a credit check? That seems like an awful lot of money.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Putting a proper roof over your head is far more important than the IVA at the moment. I suggest that you put your IP in the picture as to your current circumstances and reappraise the position when you have moved. It may be possible to arrange a payment break to cover any missed payments, but nothing can really be decided until you know what your living arrangements are.
Thanks for the replies guys, i currenlty pay £210 per month at 35p/£ Original debt was approx £24000 i have only paid 8 payments so far due to missing Decembers...its difficult to speak to your IP, i speak to someone different everytime but i guess it has to be done. £175 was Reeds Rain estate agents to credit check me and a gaurantor for the property...i wont find out till monday the outcome, but if it fails i loose that money they said the other alternative is to pay 6 months in advance...where do they expect you to find this money. But thats my situation atm, i cant seem to get a house without using a full months wage for deposits and rent in advance
Insist that you speak to your IP on this very important issue. And try to saee whether a private landlord is less choosy about credit checking, than a tenancy via a letting agency.
We have the same issues with our tenancy company - however we were lucky enough that bank of mum stumped up the first six months rent for us at the beginnning - now each month we put our rent into an account to gather interest and then at the end of the six months withdraw it all any the next six months rent .....however our tenancy company have said they will try putting us through the credit check for free - if it comes back as ok then they will charge us the £150 if it comes back as no then they won't charge us........i think this is because we are now 12 months in with them and they can see we are ok tenannts and have no wishes to move on.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I think it's disgusting that agencies can get away with charging these sort of fees. I really don't understand how they can justify £150 or £175 just for a credit check. I'd be interested to know how much is for the credit check and how much is an admin fee.
Worryhead, like Melanie has said you do need to talk to your IVA, not a member of their admin staff. If they refuse to put you through you can find your IPs email address on the Insolvency Service website and email them directly - http://www.insolvency-service.co.uk/newipsearch.htm
When we had to have a credit check for the rental house it cost us £25, I really do not see any reason for these high fees that some agencies seem to be charging
Good luck from me too - these Agencies are ridiculous - cannot you find accomadation by looking in the newspapers for appropriate hoiuse/flats to let? Important you appraise your IP of your current predicament and try and work out an appropriate solution. What about the local housing officer of your local council?
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
shame i have no family or friends to give me £10,000 for a full n final. So confused on what to do. will they except £100 or will i be forced to bancruptcy...i have no assets except a car worth £500 that i need for work.
