I'm on an IVA, which I joined in 2012 while still single, my total debt was £8500 with 8 creditors, and I have been reliant on benefits throughout this time, a year after undertaking I moved in with partner, married and got pregnant, we now have a son, still reliant on benefits, no better off, other than our money being joint, my husband has debts of his own to pay, and has hire purchase accounts which he still pays towards, he manages to make all payments and still uses some accounts, Could me being on a IVA affect this, and how is this assessed on the income/expenditure on my IVA.
I am surprised that you are in an IVA for that level of debt while on benefits so perhaps it is a debt management plan. In an IVA you must keep your IP aware of any changes in cirucmstances and there is an annual review.
Who are you with and how much are you paying as a debt relief order may be your most appropriate solution?
Hi, its definitely an IVA, I have checked and Im definitely on the register, I am with Harrington Brookes and was paying £100 a month, more concerned as our annual review now takes into account of my husbands finances too, husband is worried they may force him to hand over his accounts that he has managed since before we were married, despite making regular payments, as I have declared these as outgoings on our household expenditure.
Your husband's income is his own and your IP cannot take his surplus for your IVA. Provided you both pay your fair share of the household living costs I doubt if there will be much of a difference to the overall surplus.
Where do we stand in terms of child benefit, and child tax credit which we only recently started to get for our son, as my husband gets this paid to him and he insists on putting a little each month into a savings account for sons future. Are they able to insist we hand this over or not.
Your husband can do whatever he wants with his money and the IP has no right to even see his income. If his income is not produced the IP can assume a 50/50 split on the household expenses and base your payments accordingly.
I have been paying towards an IVA for two years, at £100 per month, totalling £2300 of monthly payments, however have just received an annual review which states my creditors have only received a total of £200, is this normal or not. It doesnt seem to me as if they are recieving much of the payments I am making. I understand there are fees etc, but surely £2000 is a bit much for fees.
Hi Becca. Your fees will be detailed in your paperwork and Chairman's report.
Usually they consist of Nominees fees ( for preparing and getting the IVA accepted) and would be in the region of £1750-ish. This comes out of the first payments. After that there are ongoing fees, usually these days at 15% of the payments.
The creditors have agreed these fees and are happy that the balance is what they will get in the end.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014