Get expert opinion. This is the place for new questions to be posted.
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Chris14781
- Posts: 11
- Joined: Tue May 05, 2015 8:03 pm
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I'm 3 years into an iva I have £7900 left too pay but have started a new job which has doubled my disposable income too £740 a month. I have offered the iva a settlement of £6000 they don't think it will be accepted as the creditors will hold out for the £740 a month. Is there anything I can do. I really need too get my life back on track was hoping the new job would solve everything but just seems to me that whatever I do to better myself backfires.
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lifenoteasy
- Posts: 3248
- Joined: Thu Feb 05, 2015 2:26 pm
- Location: United Kingdom
All new job is offers the chance for you to have extra money in your pocket after they take their 50%.
If the 6k can demonstrate overall cost savings for everyone it should be ok.
Maybe offer the 6k plus any payments between now and the date of a creditors meeting.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
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Chris14781
- Posts: 11
- Joined: Tue May 05, 2015 8:03 pm
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They just don't seem too want to put it forward to the creditors like they want to keep it going for the extra money.
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lifenoteasy
- Posts: 3248
- Joined: Thu Feb 05, 2015 2:26 pm
- Location: United Kingdom
Who are you with?
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
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Chris14781
- Posts: 11
- Joined: Tue May 05, 2015 8:03 pm
- Location:
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lifenoteasy
- Posts: 3248
- Joined: Thu Feb 05, 2015 2:26 pm
- Location: United Kingdom
You have 2 conversations going -
http://www.iva.co.uk/forum/topic.asp?TOPIC_ID=71361.
There will be extra expenses having sole custody of your child balanced out by any maintenance, child benefit etc.
You could argue exceptional circumstances but doing the maths I think they would want 10k.
However in reality a lot comes down to how your IVA company are prepared to be helpful.
I'm sure that a couple of the IP's that contribute will provide further advice.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
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Chris14781
- Posts: 11
- Joined: Tue May 05, 2015 8:03 pm
- Location:
Yeah they did say they would be looking for £10k. But I can only get £6k. I don't see how they can factor in Csa etc. as that money isn't mine. And they allow me the grand total of £16 a month for entertainment for my daughter tats £1.333333p a week. Can't even buy her a drink and go to the park for that! Sorry about the two posts.
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Chris14781
- Posts: 11
- Joined: Tue May 05, 2015 8:03 pm
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Can you elaborate on the exceptional circumstances?
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dancer
- Posts: 151
- Joined: Tue Jun 24, 2014 11:27 pm
- Location: United Kingdom
Any maintenance/child benefit for your daughter will be included as income in the same way that extra costs incurred due to her living with you will be included as extra expenditure, ie, your income will go up but so will your outgoings.
Check your IVA, you may find that you get to keep 50% of your salary increase - the IVA won't last forever & when it finishes you will benefit from the extra disposable income.
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Chris14781
- Posts: 11
- Joined: Tue May 05, 2015 8:03 pm
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Thank you. I'm waiting for them too finalise the income and expenditure. Suppose I can't complain too much as they did put it back 9 months while I sorted out all the court costs for custody. Was just hoping too start getting my life back on track and don't want too be put back on the breadline when I have my daughter too think about. I want to give her a normal life and be able to spoil her. After all she deserves it with what she's been through.
