www.iva.co.uk

Hi all! I have two queries.

1. I have currently no flatmate to share my property with me and am struggling to find anyone suitable. I am currently on a payment break. There is a possibility that my family MAY be able to help me, either by loaning me a largish sum of money to see me through the next few months IVA payments. If i was to recieve this money from them, would it be seen as ok to use it for my IVA payments...ie effectively its to help me pay my rent whilst i maintain IVA payment. It would not be a windfall as i have to pay it back once IVA is over! I dont know if there is a concrete answer for that one?

2. I am doing really well at work right now and there is a chance of a bonus at the end of the year...poss around october. Does the net amount of that bonus have to be paid in, does it lower the monthly payments for the rest of the term and also is it the whole bonus that has to be paid or do i get to keep 50%?

Would be great if anyone could shed some light?

Stu

Hi
It will not be seen as a windfall as it has been loaned to you on the condition that it is used to help you pay the IVA etc.
You will have to pay over 50% of the bonus and it will not reduce our monthly payments, it will just give your creditors a larger dividend.
If you are still struggling with income at that point you could argue that you need all of it to bridge the gap in your finances caused by the loss of a flatmate
Regards

Ok Great thanks Andy...would i need to set up a legal agreement with the family memeber loaning it to me...to prove it is going to be paid back etc?

Your family member may want you to enter into a deferred loan arrangement on the basis that they be paid back once the IVA has finalised.

Melanie, I posted about a firm called Atlantic Solutions offering overseas credit cards and loans to people in IVAs - I sent it off to Trading Standards. If my memorary serves me correctly there was a firm in Cardif doing the same sought of thing - the owner ended up in the slammer. Ring any bells? IVA people should not take credit cards - overseas or not.

Not come across that one David sorry.