www.iva.co.uk

I live in a static caravan
and my only home would I have to sell it if I go on an iva

Hi ..if your caravan is your home then no you would not be expected to sell it. I am sure it would be treated in the same way as a brick built property.

I agree with Luluj -- your home will be safe in an IVA, but subject to the usual terms regarding the property you live in.

At the end of my iva would I have to sell my caravan

I'm new to this been told my only choice is to go on an iva
Very scary. Been told to stop paying my creditors as from the end of this month how long will it take to set up an iva .and how hard is it living on an iva
I'm worried about my future at the moment..can't see a future. Any help advice would be a great help..
I have a full time job and it's secure .
How will I ever survive..!!!

Try not to worry about it, I finished mine just over a year ago, there is light at the end of the tunnel.

If it is the same as a house, then nornmally at the end of the 5 year IVA they value the property and compare it against the mortgage/ secured loans you have on it. If this exceeds £5000 then you have to try and remortgage or pay an extra 12 months in lieu of the equity.

Living within the IVA is not plain sailing but as long as the I&E figures and reasonable and you have a good reasonable IP you get through it.

For myself it took around 8 weeks from first contacting the IVA company to having the IVA in place and through that time my creditors were just told I was going into an IVA and to contact the IP.

Now my IVA has finished I have a newer car, a credit card to rebuild my credit score and have been on a couple of holidays and weekends away.

This forum has been a godsend to me through mine with plenty of advice and support .. most of the people oh here have been through the same as yourself.

Good luck

Hi,

It is a daunting thought but it is doable as most of us on here will vouch for. It is up to you whether or not you stop paying your creditors but you will get phone calls and letters and by not paying you can build up a bit of a contingency fund.

The only thing you won't have money for in an IVA are luxuries but the allowances should be enough for you to survive.

Make sure, when the paperwork comes through for you to sign that you put down everything such as dental, prescriptions, haircuts and, if you smoke, some IP's will give you an allowance for that.

Once the proposal is sorted it's usually 6-8 weeks. Can I suggest that if you do any online financial stuff that you go in now and remove your phone number.

Unlike many on here, I actually felt I was living easier ( if not better) in my IVA than I was when struggling beforehand. I was with a company that allowed reasonable expenses for essentials and everything I needed was allowed for and then budgeted for from those allowances.

Might I ask who you are going with ?

The caravan should be fine but it would need to be disclosed and excluded. It is an asset that could be lost in bankruptcy but creditors rarely ask for them to be sold in IVAs unless they have large values and the ground rent etc is expensive. In such instances renting privately may be cheaper.

It is helpful to remember that an IVA is an alternative to Bankruptcy, and that one of its main advantages is that assets are protected.

You should be fine, but any questions then don't hesitate to ask them.

Regards.

Hi whoever is advising you on the IVA should be able to reassure you about these questions. If you're not getting sufficient information to put your mind at ease I am concerned about your choice of IP. Shop around and maybe get a second opinion.

You should be able to keep the caravan and it should be excluded from the IVA, or the 'equity' dealt with someway or other - probably in the same way a standard brick home would be dealt with.

Best of luck.

im going with a company called vincent bond & co
£35000 in debt worried sick daily..
up to now i missed only one payment of a loan
outgoing are actually more than i earn as my take home pay is £1150 my ground rent is £460 a month with electric and gas.
going into an iva is more scary than trying to pay my creditors to be honest .but i have no money left after payng everything out.
Help !!!!

Vincent Bond come recommended and they will put you in touch with a good firm.

An IVA will help you out - you will sort your finances out and not be hassled by creditors and the forum is always here for you.

VB should be able to alleviate you of your fears.

They wouldn't have recommended an IVA if it wasn't going to help you. If accepted, once in place it should give you stability and relief.