It will affect it if you cannot afford the repayments and do agree with Foggy that you should ask for a payment break to look for work.
If you can't afford the mortgage then your flat is likely to be repossessed so perhaps it might be as well to let the IVA fail so you can sell the flat and get your boat but of course you will still be in the same position with regards to your debts.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I have been advised to fail the iva allowing me to sell and then to deal with creditors personally in regards to offering them a payment plan. is this good advice
It is totally up to you - if you let the IVA continue and you can't afford repayments then you stand a chance of losing the flat anyway. If you do sell then you won't get much money back and may not be able to afford the boat and you need the permission of the IP.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by billy90
I have been advised to fail the iva allowing me to sell and then to deal with creditors personally in regards to offering them a payment plan. is this good advice
It is a possible course of action, whether it is a good one will depend on many other things and, in the end, what you really want to do.
There is a risk that your creditors, now slightly miffed that you threw the lifebelt away, will bankrupt you before you manage to sell and you lose the flat -- or even after you have sold and bought the boat they can take the boat.
At the end of the day you owe them money and they will want it back. It could work out as you want it to .. but it could also go horribly wrong.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi thank you all for the advice. would a payment plan placate them, the boat would be in somebody else's name. I just need the iva to stop so I can sell then pay them again.
It may do - depends on the creditors and don't forget that they can still apply interest on your accounts so you will possibly end up owing more than you do now.
If the boat is going to be in someone elses name then get them to sort it and, if you let the IVA fail you can sell the flat. As Foggy has said - they can bankrupt you if they want to.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Doesn't matter if the boat is in someone else's name, if the OR can see that you paid for it from the sale of your flat. If you are made bankrupt it is a relatively painless procedure, apart from losing all assets. But, if you try to hide money the OR has far reaching powers to get it back .. and will, in a nutshell, make your life hell on the financial side.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi thank you all for the advice. would a payment plan placate them, the boat would be in somebody else's name. I just need the iva to stop so I can sell then pay them again.
No, giving the money away would not help and could even be looked on as a device to stop your creditors getting repaid. The OR can demand the return of any monies thought to have been transferred for that purpose.
If you allow the IVA to fail the creditors could be in contact at any time .. maybe not at all. Much depends on the level of debt you have with each one as to how they will react. You could go for years with no hassle, or wake up next week with a High Court Sheriff at the door! There is no way of telling.
The restriction should be lifted as soon as failure formalities have ended .. probably a few months. In the meantime creditors might even put their own charges against the property. Your credit records will show the IVA for 6 years.
Depending on which firm you are with things could go well, or, if your IP is particularly enthusiastic or so instructed by the creditors, you could find yourself made bankrupt fairly quickly.
Bottom line here is that you are playing with fire. Be careful !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Totally agree with Foggy - don't try to hide money by giving it away.
The IVA will fail after three missed payments and shortly after that the restriction should be lifted.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I don't want to rip anyone off. I presume they would accept payment offers rather than take me to court. I just want to sell it's got to be better than repossessed
You have to weigh up all the possibilities ... nobody can decide what to do for you.
I would presume nothing ... in the past few years I have seen creditors being very generous, but I have also seen them being very harsh --- even to the extent of repossessing a car that would actually cost them money to sell on !!
Thing is -- if there is £30k in the flat that they can get now versus ... what? ... £50 a month which you might never actually pay ... which would you go for ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
They can take it all if they wish - you should be allowed enough to pay legal fees but that would be it.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
