I have been considering various options to help my debt problem and think an iva would suit me, one of the problems i have is my girlfriend filed for bankruptcy last year and to help her out at the time i opened a bank account in my name to get her wage paid into it, we do not live together and i dont use any of the money. how would that affect me applying for an iva? thanks
You should have no problems with an IVA, just inform the IP of what you have done. Could your girlfriend not get an account of her own now? The Co-op are usually BR friendly.
I would speak to one of the IPs on www.iva.com for free and impartial advice as to all the options open to you and the best way forward for your circumstances.
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
Is the account with a bank to whom you owe money? If not, then the account will not be affected by your IVA at all, but you should inform your IP that you also receive your partner's money so they do not get confused when reviewing your bank statements.
You would also need to have a chat with an IP and give him/her details all your personal and financial circumstances and particulars. Should not be a problem (as long as you don't owe money to that bank)
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.
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.
That is fantastic, thanks ever so much for the advice, i have been worried sick about my situation but did not know where to start. Are there any IP's you can recommend, i imagine this is an area where you have to be careful not to receive bad advice and sign up with a bad company?
It is very important to choose the right professional to act for you, and by trying two or three different companies you will soon find one that you feel comfortable with.
Thanks Melanie however i am a little confused with your reply, try 2 or 3 companies? i thought that once i chose a company that i would have to stick with them or is that not the case? What sort of thing should i look out for in a company, would you be able to give me a step by step run down on what i need to do? Sorry if i am asking too many questions
For initial advice you can contact as many companies as you like. It is only once the IVA has been accepted that you would be unable to change companies without it costing a lot of money.
Your company should give you free and impartial advice on all the options open to you. If you speak to one who asks for upfront payments, ask what happens to that money if your IVA is accepted. If the money isn't refunded, then I wouldn't go with them. There are enough companies out there who don't charge.
If you use the companies on www.iva.com they come recommended. Make sure you are happy with the company you choose as five years is a long time.
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
Have a look at my blog titled "Choosing an Advisor" which may give you some pointers to look out for - and I would check that the firm you intend to use is fully IVA protocol compliant to give your proposal the best chance.
If you have HSBC as a significant creditor, it would also be wise to choose a firm approved to offer dividends at lower than this creditor's normal hurdle rate of 40p in the £.
Hopefully you will be able to find the right firm to go with - only 9 firms have no hurdle rate with HSBC and if they are your creditor with 25% or more of your liabilities it will be important then for obvious reasons. Both Melanies and my firm are part of those 9. Remember the firm you ultimately go with is there to support you for up to 5 years and you have to feel comfortable with them. Good luck and let us know how you get on. acceptable by HSBC
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.
How would not making my payments affect my being accepted for an IVA? Whilst all of my payments to credit card companies and my loan are being met i am finding it difficult to make my payments such as board to my parents, daily living expenses such as food, petrol, clothing etc, a lot of this is going on credit cards and my situation is getting worse. If i were to miss some of my debt payments in order to free cash to cover these things would i be less likely to be accepted for an IVA when i apply for one?
Whether you make payments or not makes no difference to whether you are accepted for an IVA.
You need to service your priority debts such as your rent.
To miss payments will enable you to have a little money behind you, but be warned that as soon as you do miss any, the creditors will start hounding you.
If you have not already phoned anyone, then as per previous posts, contact an IP as soon as possible.
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
The payments your are missing, are more important than debt repayments and must be prioritised. If you cannot therefore afford to meet your debt repayments, you are insolvent and ought to seek advice from an insolvency practitioner as to the solutions available to you.
I took my first steps over the weekend contacting 2 companies, Cleardebt and IVA Advice Bureau and had a phonecall from Cleardebt this morning. I feel a whole lot better now i have spoken to someone about my situationas i have cancelled my dd payments and my health was starting to suffer, here's hoping everything runs quite smoothly from here on in.
