on the way

[gavin]

3 down 57 to go

Empty pockets never held anyone back. Only empty heads and empty hearts can do that.

[johnpaul]

or sooner if you have a lump of moey

JOHNPAUL

[johnpaul]

all it takes is a win on a scratch card and could offer that and as f&f with ip fees and int

JOHNPAUL

[Skippy]

Can I just point out that if anyone does have a win on a scratch card it will more than likely be classed as a windfall in your IVA and have to be paid over in it's entirity.

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/

[johnpaul]

whos to find out skippy
you are right about handing it over i think you might be able to keep 50?% of it

JOHNPAUL

[pippa]

No John Paul

Skippy is right. Any windfall would have to be handed over (100%). At the end of the day its all about doing whats right and paying back as much as possible even if that is 100% plus fees and interest.

Pippa

[Maz]

I think the idea would be to pay back the balance outstanding on debts and get out of the IVA and be clear of owing anything. whatever is left after that invest wisely - no more crazy spending sprees!!

[Skippy]

Sorry, I can't agree with that - if you owe the money and have the means to pay it back then you should do so. After all you borrowed it in the first place. As Melanie has said the spirit of an IVA is to return as much to your creditors as possible.

It would depend on the terms of your IVA, but most windfalls have to be paid over in their entirity. If you won or inherited enough money it would all have to be paid over to your IP. Your debts would be cleared in full, plus IP fees and possibly statutory interest at 8% per annum if applicable. Any monies left over would be returned to you to do as you wish. It's generally only overtime and bonuses that come under the 50% payment.

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/

[pippa]

Good luck with your IVA Gavin

let us know how you get on

Pippa

[Skippy]

Sorry Gavin, I got side tracked - I meant to say good luck with the rest of your IVA!

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/

[johnpaul]

you are far better going bankrupt as theyt get nothing

JOHNPAUL

[johnpaul]

and one more thing pippa if you did win whos to say your mum would not look after it and put it in her name my iva meeting very soon pippa being offered 38p in the £ plus 50% overtime

JOHNPAUL

[pippa]

John Paul

Bankruptcy is a serious issue for anyone, I would never advise anyone to do this without seeking professional advice first. I am sure Gavin did this and it sounds like an IVA was the best solution for him, as has already been stated by myself and skippy Its about paying back as much as possible.
Those of us that went BR did so because of circumstances beyond our control. I have to find someone to but back the equity in my house and although yes you are nearly correct, they will get very little back after the costs are taken out of the estate, but it certainly is NOT an easy option.

[johnpaul]

pippa in my terms of contract in my job it states that anybody who goes into in a big way will be sacked if my bosses find out i will have no choice to go down that same line thats why i am hoping my iva goes though

JOHNPAUL

[Skippy]

I'm sorry if I'm speaking out of turn, but Johnpaul you sound very bitter towards your creditors, and if you feel like that about your creditors why on earth are you proposing an IVA? Gavin and many others on here are to be applauded for deciding to go down the IVA path to try to repay as much as they can to their creditors.

A lot of us on here have gone bankrupt, and it hasn't been an easy decision for any of us. I tried an IVA first as did quite a few others - none of us went bankrupt just to make sure our creditors didn't get any money. If I could have repaid my debt in full I would have done, and if my IVA had been realistic I would have seen it through. Do you think I wanted to go to court and have my name in the papers just to make sure I didn't have to repay my creditors? My credit rating will be tarnished permanently. If I apply for anything in the future and am asked if I ever went BR I have to answer yes, otherwise I am committing an offence. I doubt that I will ever get a mortgage at the best rate going as most lenders ask if you have ever been bankrupt. I will probably struggle to get a full bank account again as a lot of banks don't want even discharged bankrupts. Dave and I are moving very soon, and because of my bankruptcy everything has had to be done in his name as none of the utility companies will touch me. Believe me, if I could have paid my debts and not gone through bankruptcy I would have done so. It's not as easy as you seem to think.

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/