You are probably right, although he has been told that at the end of the 5 yrs he has to try and re-mortgage to use any possible equity back to the IVA. Thanks again.

So can he not buy another house if selling the current one, say downsize ? Can he only go into rented ?
Guess he will be waiting until the 5 yrs is up then!

Thanks

Thanks Melanie for your prompt reply. He is not moving anywhere but we have discussed it but as far as he is aware he is not allowed to move as in sell the house & is stuck for a minimum of 5 yrs ??

Cant remember now, my partner set up an IVA earlier this year, does this mean that he cant sell the house in the 5 yrs while he is in the IVA or does he simply have to ask for permission?

This place is great, thank you all [:)]

But what happens if the Inland Revenue refuse to change his tax code, can they do this & if so should I contact the IVA team to have them removed from the list of creditors?

Right, update is I spoke to Payplan today re Nick's tax code & how to change it back to normal since the Inland Revenue will be getting the money owed to them via the IVA & they told me that Nick would have to visit the nearest Inland Revenue Office ( sadly not one here on the Isle of Wight ) taking...

Thanks, I will try & remind Nick to check it out when they call him on Monday to go over the IVA now its been approved. Its all a worry eh .

Hi again. Nick had his IVA approved yesterday & on his list of creditors was the Inland Revenue for a tax rebate he was issued last year then told it was in error, there were a lot caught up in this at the time, it was in the media. His tax code was adjusted accordingly so that he would pay it back ...

Hi, my partner has just been approved his IVA today. He was with Barclays bank but due to one of his debts being a Barclaycard he was advised to change banks before the IVA was approved just incase. He now has a new account with Nationwide, same bank as me so hopefully everything will be fine from n...

Thank you Pennyless. I have just been looking around on this forum & am astounded as just how many people have gone into IVA's, its actually a comfort to be able to read people's experiences. I am glad Nick did this now & look forward to a debt free future in 5 / 6 yrs time [:)]

Hi there, Nick, my other half has been with Payplan for a few years now, it was them that put him onto the IVA as he would have been paying Payplan for years & years! Its a relief now its all sorted even know I realise that there will be hurdles on the way. So you pay your extra payments to Payplan ...

Thanks Pennyless, that is very clear & I get it, just what makes is difficult is that my other half is paid weekly & it varies hence why its not so easy to work out as dont know how much to save each week. I have done some rough maths & am going to put away a set amount each week hoping that each mo...

Yes, you are correct Foggy, his basic monthly income is around £1500 on a good month. I am just trying to work out how to put aside any overtime per week if working on a monthly basis, if he were paid monthly if would be easy to do. All advice is helpful, thank you [:)]

hmmm, not very clear is it what I mean exactly. The guy from the IVA called today to say that my partner's IVA had been accepted by the creditors & went on to explain about paying extra if overtime has been worked. He went on to say that overtime up to £150 was safe, my partner could keep that but a...

Will 50% of overtime get taken on a monthly or weekly basis ?