Hi Catherine - when I said about saving the DLA I only meant that you save to offset lost income rather than being able to put forward expenses to completely offset the 'income'. I think what you do is very sensible. I didnt mean it to sound any other way. Good luck with what you decide! I would be interested to hear whether an IVA or BR is more suitable to your circs. xx
Don't stop posting The Major. You are obviously well versed in the ways of BR, and, as this seems to be a suitable option for an increasing number of people your input is most valuable.
The problems we face here ( and it might well be more "defined" in BR) are often caused by interpretation of the regulations. Even the experts have differing views, so we chew things over and toss them around a bit.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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
An Income Payments Agreement has only been around since 2004 and is an agreement bewteen the trustee and the bankrupt to be approved by both parties normally wthin a period of 14 days of the proposal. Once it is signed by both parties it becomes an Income Payments Order that is the only difference.
Kallis do you still fancy that pint, I have to agree with Andy as a volunteer on this website your are priceless its just that even after publishing an extract from the Insolvency manual to verify the information I gave Catherine you still felt a professional would come along to verify things. Anyway God Bless you all this is my final post it has been fun most of the time, from now I am a reader and not a poster
We need people like you to stop the inherent bias and agenda setting , please stay [:(]
There is no bias stewpots - where do you get that from?
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
kallis3 wrote:
There is no bias stewpots - where do you get that from?
A recent poster asked the difference bewteen a DMP and an IVA and a IVA manager posted there was no benefit what so ever for someone going into an DMP.
An IP whos living is derived from getting people into an IVA might see things differently from someone asking debt questions thats all.
This site is never biased towards IVA, DMP or BR. Posters will always be pointed towards iva.com so they can have some free and impartial advice.
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 personally like to see a mixture of advise and different views.
I think it helps form a well rounded opinion for what is right for you! If everyone only talked about one thing then people wouldn't know about all the options available to them.
Rather than the IP coming across as bias I feel that they are just giving there opinion on what they specialize in.
If we were all the same then this world would be a very boring place!!Thank you to everyone who posts as it has helped me no end to come to the decision of what I feel is right fir me.
Just to clarify my previous post having just read it again - what I meant to say was that the site isn't biased towards any one solution in particular. Even though it is aimed primarily at IVA, we have posters who are in a DMP and posters who have been bankrupt. We will always tell the posters to speak to a professional to have their options explained to them.
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 spoken to cccs again the guy i spoke to has now confirmed that DLA is offset in BR for the purpose intended and he doesn't think the house would be taken but no one is clear about how the equity is calculated for BR, even phoned the insolvency helpline today and was told i give my valuation the OR would get comparables from the area.House has been on market for 3 years and if we achieved asking price minus the agents fees we would be left with £3400, but given the lenght of time we have been trying to sell i dont think this figure would be achieved. I was under the impression from cccs that equity was calculated in the same way for both iva and br, thats how our paperwork looks for returns to the creditors. Our figures show a neg equity of £28000 for IVA and £28000 plus selling costs (total £36000) in Br. Does anyone know the answer?
I don't unfortunately - I would have thought that the equity would be the same for both as it is all down to what a house sells for and how much is outstanding on mortgage and any secured loans.
I'm sure someone with more knowledge than me will be along later.
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
Thanks Kallis, thats my understanding of how it works but dont want to go BR then find they take the house, its been worked into my cccs documentation in the same way.Hope someone has the answer here before the 21st may have to speak to my IP on Monday who is dealing with the IVA.
I would definitely speak with your IP but someone will be on before then - the experts will be around next week probably.
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
If you go BR they won't make a decision on the house straight away & there is always the possibility that you do gain equity & lose it although if you have a lot of negative equity this is very unlikely.
