www.iva.co.uk

Hi I'm new, good morning to you all.

I am fairly close to pursuing an IVA. I have about £23k of debt, mostly credit cards. I separated from my husband last year and have had to move in with my parents. I can't really afford to move out at the monent as almost all my money goes on repayments. Anyway, what I wanted to know was if I apply for an IVA will it affect my parents house? Their money in any way? If it will I will try and move out and do it then. Would really appreciate any advice, this is getting me further down than my divorce! Hope I've put this in the right place

Hi missy80 and welcome to the forum. An iva sought by yourself should not affect your parents house as I'm assuming you're just staying there and not included on any mortgage?

Why not take a look at www.iva.com where you will find a list of companies and reviews of these that may be able to help you. Our professionals who post on forum also come highly recommended and can be found via the experts link. Always take the professional advice of 2 or 3 IP's who will give this free, impartial advice specific to your circumstances.

All the best x

Hi there and welcome from me too!

Your IVA will not affect your parents property at all. An IVA is merely a contract between you and your creditors, and is therefore a private arrangement which will not affect the people you live with.

Thanks for your replies, that's kind of you. I've been on iva.com now and filled in the calculator - it's crazy to see it all there like that. Just deciding whether/who to to send it

all the best missy80, I would advise you definitely talk to 2 or 3 companies before making any final decision. Let us know how you get on won't you?

I just thought of something else – should I be including my student loan from the SLC? I always forget about it as it’s so low and I’ve barely made any repayments! It puts my total up by a lot (long degree – and abroad)

I'm not sure on this one Missy, so we'll keep this bumped up for a professional opinion.

Cheers

Btw, I like your blog!

Thanks Missy x

Dear Missy80,

Usually this would not be included as an unsecured debt. It would be treated as a priority debt with the repayments being paid directly from your wages.

I hope this helps you.

It is perfectly right and proper to include the student loan debt within your IVA, but if it represents more than 25% of the overall debt then this is likely to see your IVA rejected as the SLC do not generally support IVAs unfortunately.

Some IPs will put forward an IVA for you excluding the debt - which is fine so long as all of the other creditors agree to this. You will carry on paying the loan from you salary until it is paid in full - so this particular creditor will eventually be repaid whereas the other creditors will agree to writing off a percentage of their debts.

Student loans will shortly be excluded entirely from IVAs - we are expecting a change in legislation sometime this year.