If this was a gift paid for by finance then potentially this is what is known as a 'transaction at an undervalue' if the loan was unsecured. This would have been disclosed in the proposal so probably little to worry about now.

My own mortgage is a lifetime tracker and I am currently paying less than 2%. If I had to raise money on the property a second charge would almost certainly be cheaper for me than switching the entire mortgage. I have a client with a tracker deal who is paying 0.72% interest only on his mortgage. He...

The offer may be a little on the low side unless your situation has changed making ongoing payments difficult. However it is your offer and your IP must put it to creditors if you ask. If rejected you can increase the offer so worth a try. Timescales vary between firms so put your request in writing...

If your father in law is lending the money your surplus will be needed to repay him. You can also call a variation any time you like so there is no requirement for a six month wait. However if you did propose an IVA at a monthly payment and then settled six months later the IP would usually get a bi...

There is also the possibility that you may actually qualify for a remortgage which would mean your entire mortgage plus any additional equity could be moved to sub prime rates and your term could even be extended. A secured loan or second charge may actually be a better option.

That is some turnaround! Best of luck with the new vehicle and definitely your post will show others that insolvency does not mean your financial life is over.

I agree. Once you put your IP on notice that this could affect your career they should speed matters up. It is arguable that you are not insolvent anyway as you have completed all your obligations to creditors and the delay is not your fault. However being on the IVA register is a problem so better ...

Pensions are usually exempt unless you cash them in. I would think transferring an old one to a current one would not cause a problem but get the okay from your IP first.

This depends on a number of things. If you are going self employed then your profits would be reviewed to see whether you could an increase once the returns are submitted. If however you form a limited company then any review would be based on salary and dividends. You would be expected to draw from...

This will have to be disclosed to creditors as it is a breach and they could ask for the IVA to be failed or even bankruptcy. I also wonder how you managed to get more credit while in an IVA as surely these companies carry out checks!

Some guarantor loan companies have different criteria to the usual banks and often reject if these criteria are not met. This rarely matters whether the loan is guaranteed by you or for you by someone else.

If your partner does find a job this will lead to expenses anyway whether childcare, travel, meals at work etc. The best thing is to do a new I&E and see what is affordable but bear in mind your partner's surplus income is hers to keep and not for your creditors. A new job may only lead to a small i...

It is part of the proposal that you seek to release equity at an affordable level in month 54. This is not unreasonable as in bankruptcy creditors would be entitled to the entire equity and you could lose your home whereas in an IVA you do not. Most people cannot remortgage anyway but this may chang...

IVA stands for 'individual' voluntary arrangement so each person should be looked at in their own right. If you could maintain the payments to your creditors then you should not be in an IVA and if your wife could only afford an IVA with your money then she should seriously look at bankruptcy. https...

If you instructed a claims company to act for you then you could find yourself with a debt to them for their commission. If this is the case you could ask the IP to pay it as a cost before they distribute to creditors which some firms will do.