We are considering applying for a joint IVA as have been robbing Peter to pay Paul for years and are not going to be able to offer much to our children in the future unless we sort it out.
Unfortunately, we have received conflicting advice. My wife is on maternity leave and her salary will vary for the next six months, as will our childcare costs, until she returns to work in January 2010 and things will then be firm going forward.
One company suggested an IVA would be possible, but Payplan suggested that we would only be suitable for a debt management plan due to the variance on circumstances. From now until Jan 2010 we can probably afford somewhere between £900-£1100 per month towards paying back our debts (about £110,000 in total) and from Jan 2010 will have about £1000 going forward.
Is it possible to go for an IVA when my wife’s income will fluctuate over the next three months? Has anyone got any experience of this working out? I think I would prefer bankruptcy over a debt management plan, as at least that way it would be over once and for all, but we want to try and pay back as much as we can...
Please help.
Last edited by Left_It_Too_late on Sat May 23, 2009 1:17 pm, edited 1 time in total.
I think what Payplan are suggesting is possibily a temporary DMP whilst your wife is on maternity leave and then applying for an IVA after that.
However, if you can afford a reasonable amount of money to be paid across between now and next January it may be possible, especially if the creditors realise that the payments would be steady as from then.
Personally, I would take advice from more than one company. Visit www.iva.com for a list of companies and reviews. Give one or two a ring and they will give you free and impartial advice as to all the options open to you and the best one for your circumstances.
The forum is always here as well for any questions or support you may need.
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
You most definately could apply for an IVA with fluctuating income in the early months - and I am very suprised at the advice that you have already been given.
I have done this type of proposal lots of times, and it is absolutely acceptable to creditors given your current circumstances.
Do make sure that you take full account of all of the costs you will encounter when the little one arrives - childcare, additional household expenditure, and also the benefits you may be entitled to - including child benefit.
Left_It_Too_late wrote:
We are considering applying for a joint IVA as have been robbing Peter to pay Paul for years and are not going to be able to offer much to our children in the future unless we sort it out.
Unfortunately, we have received conflicting advice. My wife is on maternity leave and her salary will vary for the next six months, as will our childcare costs, until she returns to work in January 2010 and things will then be firm going forward.
One company suggested an IVA would be possible, but Payplan suggested that we would only be suitable for a debt management plan due to the variance on circumstances. From now until Jan 2010 we can probably afford somewhere between £900-£1100 per month towards paying back our debts (about £110,000 in total) and from Jan 2010 will have about £1000 going forward.
Is it possible to go for an IVA when my wife’s income will fluctuate over the next three months? Has anyone got any experience of this working out? I think I would prefer bankruptcy over a debt management plan, as at least that way it would be over once and for all, but we want to try and pay back as much as we can...
Please help.
You are certainly fit and proper for an IVA and I don't know why you have been told differently.
Please have a chat with an IP and give him/her details of all your personal and financial circumstances and particulars.
Visit www.iva.com for reviews on firms and practitioners and select one or two to have a chat with.
They will give you the appropriate advice and it is free.
Let us know how you get on.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
i'm sure you can apply while on maternity leave because a good friend of mine who told me about the IVA solution was on the last 2 months of maternity leave when she had her IVA accepted.
however her first few payments were reduced and when she returned to work she paid the approved amount. i think she has to pay for an extra few months at the end of IVA to make up the promised amount.
i had a bad experience with payplan, but people have also had successful IVAs with them. like David advices go to iva.com and read up the reviews to come to a decision. there are a few good companies so speak to a few chosen ones and then decide which one you want to go with.
**PLEASE REMEMBER to be absolutely sure and comfortable with your chosen company, ask as many questions as you'd like, no matter how silly they may seem because once you have been approved an IVA and have entered it you can't back out or decide to change you IVA company**
sorry for long post but i feel its very important you understand and know these things.
EVERYTHING HAPPENS FOR A REASON................
[IVA JUST ACCEPTED!!]
