We are coming up to our 2nd year in our IVA. When we took out the IVA (joint) - even though there is no joint debt and I am not on the mortgage, I was recieving JOB SEEKERS ALLOWANCE ( JSA)(CONTRIBUTIONS BASED) which only lasted for 6 months. The only disposable income we had was the £238 per month from JSA and £134 child benefit. We have not been in reciept of JSA for 18 of the 24 months and we will loose child benefit in April because of my Husbands income level.
This will mean effectively in april we will have 0 of the diposable income as calculated at the outset of the IVA.
I have a three and four year old along with the current climate is making it difficult to get a job.
My two questions are this
1. Should we have been allowed to enter the IVA on the basis of the large majority of our repayment came from an unsustainable source ( JSA Contributions based)
2. Would we be able to apply for a full and final ( if we could raise the money from friends and family)
Final point our remainder is £14,976 over 36 months ( includes supervisors remaining fee)
We own a property but with no equity and no other assets - WHat would be the amount likely tp be accepted.
You can enter an IVA if your income is benefits based and yes a full and final offer is very possible, if you can offer to return the amount that your creditors were expecting over the five years you stand a very good chance
I can only concur with Andy's comments - IVAs are a solution for folks on benefit income, but should be treated with caution as benefits such as JSA are only paid for a certain length of time.
A full and final settlement sounds like an ideal solution to put this behind you, if you can find a donor prepared to assist.
