www.iva.co.uk

Hi, joined here 2 weeks ago in desperation and have since faced up to the mess we're in and spoken to a company highly thought of here. Had phone interview yesterday, lady was incredibly nice and put me totally at ease, just waiting to hear now.

Sitting down and actually going through all the numbers was frightening but strangely made me feel better as it was all out in the open.

Just a few questions though:

If we go into an iva and get pay rises (either annual pay rises or promotions) how does this get dealt with?

If we come into money (elderly parents) what happens to that?

Surviving son is 16, in year 12 at school so looking at uni in 18 months or so. Has anyone any idea how this will affect anything, or has anyone any experience of this happening to them?

Now that we think iva is a possiblility ( just waiting to hear) I feel really panicky and don't know why. We don't have any money left at the end of the month at the moment - in fact there's a lot of month left at the end of the money! - so that won't make any difference. Maybe because there will be no plastic to fall back on. Am I just abnormal or something?

Thanks for listening

Hi Pap, first of all well done for tackling your problems.These questions are frequently asked, an expert will give you a fuller explanation but I will try and fill in some gaps.

You will be liable to pay over 50% of your pay rise into your IVA. This will continue until your annual review when your creditors and your IP will decide if you need to up your payments dependant on your updated income & expenditure.

Any money you come into above £500 will be classed as a windfall, and this is all payable into your IVA. If it is a big enough amount, it could be used to pay off your IVA early.

Can't answer the Uni one I'm afraid, but I know people on here are in the same position.

Hope this has helped but as I said, the experts will fill you in better, also, you shouldn't be frightened to ask your chosen company these questions as they will be able to explain fully.

Hi there Pap

I have looked at your case notes this evening and am pleased to say that I believe that IVAs are workable for you. Melanie (the other one!) will contact you tomorrow to confirm this properly and let you know what we need to progress matters further.

Turning to your questions:-

1 Your IP will conduct a review of your finances on an annual basis, and payrises will be taken into consideration, but in my experience these are largely absorbed in increased expenditure.

2 This would be classed as a windfall, and you would be required to pay over sufficient money to discharge your debts in full together with the costs of the arrangement, or all of the money depending upon the level of inheritance you receive. Let's hope that this is not something we have to face.

3 This is a very valid point, and will need to be discussed with you further. It will of course depend on the circumstances at the time, but it is vital to consider now to ensure that IVAs are the right solution for the future as well as now. Support to your child during further education is bound to affect your budget in some form.

Hope this helps - and I look forward to speaking to you personally very soon.

I have a daughter who is currently in her 3rd year at University. Apart from small amounts when we can, we have not funded her at all other than by providing a roof over her head and board.

She has had the student loans for the rest - not ideal, but it's meant that our IVA is on track and her education will be completed.

Hi Pap


it is important to make sure education is achieved whatever the situation. My suggestion would be to make sure that when your son goes to uni you have maximised all funding opportunities that are available to you. I would get advice about what funding options are open at the time of entry. The chosen uni will have a students union who will have an advisor who can help with this, similarly if going to college first then the educational maintenance allowance is an option to look into.


Best advice seek out an advice service local to you and go along and see them.



Good luck



John

Don't forget that EMA is only payable if you are below a certain income. Our daughter was never able to claim it.

Hi Jan
My daughter is in her first year of A levels but is starting to mention university.
Cause we have an IVA, would this effect her getting student loans etc,,, to fund her uni ?
My daughter to cannot get EMA.

you advise is most welcome cuase this worries me
carol
x

We weren't in an IVA when she applied for her loans originally. We were in a DMP for the start of her second year, and an IVA for the start of this last year. She had no problems getting hers.

If I remember rightly, we had to send in details of our income the first year, and payslips. We haven't had to do that since though, and I don't remember having to answer any debt related questions.

Sorry if I'm a bit vague, but it's been awhile and my brain cells aren't as young as they used to be!

Try looking on here for some pointers.

http://www.slc.co.uk/

Thank you to everyone for your support and information.

I've had a really bad day today feeling ashamed and guilty. I know that it's all our fault and we both want to pay back as much as possible, if I could pay it all right now I would. We made some really stupid decisions in the past, although if I'm honest, we're probably where we are now because we didn't make conscious decisions and I feel so stupid.

The last two and a half years have been horrific for us but that's still no excuse. I hope that somehow we can find a way where we pay back everything that we can and not hurt anyone but I still can't see light at the end of the tunnel.

Added to that, having been off anti depressants for just a few months, my gp advised me to start on them again this morning as I don't seem to be coping with life. (!)

Sorry to be a downer but I'm at the end of my tether and really don't know which way to turn.

Thanks for listening anyway.

We are here for you at any time Pap if you just want to lt off a little steam. This often happens when you reach the point of knowing that a solution is in sight - and you almost get worried about not having anything to worry about.

The forum, and the friends you will make on here, will keep you sane, and please do try to stop worrying. At the end of the day you have a few debts, that you are in the process of dealing with. Everything will soon be fine.

I totally agree with Melanie Pap.

You can come on here and have a moan or a rant whenever you like. We're not just here for advice, we are here for support as well.

And sometimes, we even manage to have a laugh or two!