I always believed that no-one could apply for any additional credit, such as an unsecured loan or an overdraft, whilst in a IVA. Not that I intend to take up this 'possibility' (my current situation is perfectly tolerable), but I have been offered a £500 loan for 12 months at what I regard as a very...

I understand that I cannot be required to pay more money back over the 5 year duration of my IVA than I originally owed. Does that include the part of the monthly payment that goes to my IP rather than my creditors ?.

Thanks.

Adam

Thanks all, that's what I expected. The ironic thing is that I now calculate that if my monthly payments are raised after my first annual review (by the full difference of the tax resulting from the change in company car) I will actually end up exactly paying off as much (including what I will have ...

Thanks for your reply Michael, my IP is Payplan - when I first submitted my pay slips the first quarter after entering into my IVA I was totally open with them and explained that the change was due to a different company car. And I have received formal letters from them every subsequent quarter conf...

I have my first annual review on my IVA due in approximately 2 months time. I have submitted all of my monthly pay slips to my IVA provider on a quarterly basis and been formally advised that nothing is owing. Whilst my salary hasn't increased at all since I entered into my IVA I have changed compan...

Thank you all for your kind words and helpful contributions.

Thanks for your replies, yes I have switched to a new basic bank account that has no ties with any of my creditors. I spoke to Barclays this morning who suggested that just because they neither attended the creditors meeting nor voted by proxy this did not mean that they would not be included in the...

I had my IVA approved last Friday which was good news. When I recieved the paperwork on Saturday I noticed that two of my creditors had failed to either attend the creditors meeting or vote by proxy. One of these was Barclays Bank, with whom I had a bank account with an agreed overdraft of just over...

I will do as you suggest, having already spoken to a couple of companies and received positive feedback re. being a suitable candidate for an IVA. The situation is slightly clouded by how my current take-home salary fails to take into account the fact I have just got rid of a gas guzzling company ca...

Well yes I would just be able to pay back what I owe within 5 years, whereas if I don't go down the IVA route there's absolutely no chance (given interest etc.) of me doing so. In simple maths, I owe just over £49000. My salary (at 80% level) is just over £2100 a month, cost of rent/bills etc. come ...

I am currently in the early stages of going into an IVA. I've already worked out that I should be able to pay back off of my debts together with the relevant fee charged by an IVA provider in 60 monthly payments and be just about left with sufficient for living expenses. However, I am currently on 2...

Last Friday I filled out the relevant IVA forms and authorised a company to act on my behalf. Yesterday I found out that my working week is almost certainly going to be reduced due to economic circumstances and therefore the income figures I provided on the IVA forms are no longer accurate, and unti...

If everything remained constant I calculate I'd end up owing about £8000 after 5 years, but as I say I know that (touch wood !) I will get an increase in salary and annual bonus plus my company car tax reduction will allow me to pay that extra £8000 over the five year period. As things stands today ...

Thanks, I've never missed a payment in my life and like you am embarrassed by the mess I'm in. Basically I was made redundant and move to another job where I had a particularly expensive company car forced upon me, so from living comfortably and gradually reducing my debts I now find myself in this ...

Would people agree that if you are able to make your monthly repayments and be debt free within 5 years then wiser not to enter into a IVA. Particularly if during that period you know your salary will increase plus bonuses and a reduction in company car tax. My problem is by doing this I only have a...