If I were the enter an IVA and then decide I want to go back to how things were, meeting my payments as was (can't think why I would, but I really want to know where I stand in every eventuality here), would that be possible?

Is there a process for reversing an IVA?

A lottery win in your name would constitute a windfall and therefore all of the money would have to be paid over to creditors. If the money were to come from a third party that would give you grounds to negotiate. I think I ought to stress Melanie, following your kind advice on this matter, that my...

If you have a large lottery win, money from parents or friends, you can offer to pay off your IVA early. How much will depend on how much you owed and what the creditors were willing to accept. You will never pay more than 100% of what you owed, plus fees. Thanks. So to ask the obvious question, sa...

There is no guarantee that a Debt Management Plan will be agreed by all creditors, it is totally informal and they can still add interest and charges whenever they like. It also can take years to pay off. An IVA is legally binding on both sides, they have to accept the payments, all charges and int...

Sorry to play Devil's Advocate but reading on here that CC companies are unlikely to want to bankrupt you, why is it necessary to enter into an IVA as opposed to offering to pay creditors a few quid each month as an alternative to paying them nothing?

Purely hypothetical in my case I'm sure but having negotiated an IVA is it then possible, if circumstances change considerably for the better (eg a lottery win), to settle up with your creditors and then have your name removed from the Insolvency Register? If so, are we talking 100% of everything th...

Once an IVA has been negotiated and agreed, does anybody have day to day access to my new bank account and detailed knowledge of all my transactions?

Not that I'm planning on having anything to hide, but it would frighten me to think that somebody was scrutinising my every transaction.

When applying for an IVA obviously one needs to itemise one's outgoings. However, have the creditors the right to insist that non-essentials (Sky TV, mobile phone, broadband etc) be discarded prior to an agreement being made? And what outgoings are factored into the overall equation? Obviously thing...

kallis3 wrote:

Give Melanie a call and she and her team will go through all your options with you.

You should then be able to make the right decision based on that information.

Thanks Kallis. Like I said, I will be contacting Melanie shortly.

Your wife's income will be taken into account, as creditors may well take the view that she will have benefitted from your debts. Her savings will not be taken into account. What were the debts actually taken out for, and how did you spend the money borrowed? Also how much do you actually owe to cr...

In the sense, I mean, that she will no longer be allowed to have an overdraft etc?

Will her income be taken into account? Or her savings?

These are my debts, incurred without my wife's knowledge or approval.

Somebody advised me that I should open an account with a bank which isn't one of my creditors. But what's the score if my new bank merges with one of my creditors, or is taken over, during the IVA period?

pda93, why don't you give Melanie a call? Melanie is my IP and her and her team are great. My IVA was accepted a couple of weeks ago. There will be no upfront fees that are non refundable either. We seem to be having a bit of a problem with new forum members showing more posts, don't worry, it will...

Have you approached an IP yet? I managed to pay all my minimum payments by using other credit so I can understand how you've been juggling! You really need advice from an IP, they will explain everything to you. There are fees for an IVA but they will come out of the agreed monthly payment so there...

Thanks all, really helpful advice.