www.iva.co.uk

I’ve just applied for an Iva, got myself into some debt as I had to give me job up for the time being as I can’t leave the house. I receive benefits at the moment till I manage to get well enough to go back to work. My Ip has said that even though I’m on benefits I can still enter an Iva. They have asked if for any reason I couldn’t pay the Iva down the line eg. My benefits stopped that a family member would agree to pay it. (Which they have) all this stress is making my health even worse I’m not sleeping or eating, has anyone else had an IVA accepted when on benefits?

There have been a couple of posts recently by people in an IVA on benefits only.

I am a full time student and therefore don’t have an income as such other than my student bursary, loan and receive top ups of tax credits and housing benefit. They were fine with this as long as my Iva was paid.

Leigh.p wrote:

I am a full time student and therefore don’t have an income as such other than my student bursary, loan and receive top ups of tax credits and housing benefit. They were fine with this as long as my Iva was paid.

Hi thank you. Can I ask how much you pay a month into your Iva for it to be accepted. I’m so stressed about it all it’s making my health worse. I’ve read that sometimes they aren’t keen with taking people with their income on benefits.

I pay £98 per month at the moment, I’m due my first annual review x

Lucy2222 wrote:

Leigh.p wrote:

I am a full time student and therefore don’t have an income as such other than my student bursary, loan and receive top ups of tax credits and housing benefit. They were fine with this as long as my Iva was paid.

Hi thank you. Can I ask how much you pay a month into your Iva for it to be accepted. I’m so stressed about it all it’s making my health worse. I’ve read that sometimes they aren’t keen with taking people with their income on benefits.

The amount will depend on what you have left. Usually less than £70 - 80 would be considered unviable, though there is one poster at £60 (with an extended term to compensate).

Leigh.p wrote:

I pay £98 per month at the moment, I’m due my first annual review x

Hi thanks for the reply. I suppose it depends on how much debt as well, mine is quite a bit and I’m offering £85 a month and offering to extend to 6 years if need be . Not sure how much pence in the pound that would be though. My debts are £23000! X

Is there a reason you have dismissed Bankruptcy as an option?

Lisa Thomas wrote:

Is there a reason you have dismissed Bankruptcy as an option?

Or a Debt Relief Order if the criteria are met and you can shave off a little of the debt beforehand ?

Lucy2222 wrote:

Leigh.p wrote:

I pay £98 per month at the moment, I’m due my first annual review x

Hi thanks for the reply. I suppose it depends on how much debt as well, mine is quite a bit and I’m offering £85 a month and offering to extend to 6 years if need be . Not sure how much pence in the pound that would be though. My debts are £23000! X

At £85 a month and a £23k debt, is an IVA the best solution? 6 years at that amount wouldn't even repay back half, unless the outcome is to right off a big chunk of the debt. That said, is it worth them putting you through all that stress and worry, to get a small percentage of money back? and extending the 6years wouldn't gain much all round either. I wonder sometimes if IVAs are suited for the person and circumstances put before them.

Lisa Thomas wrote:

Is there a reason you have dismissed Bankruptcy as an option?

Hi
I need to keep my car to get to my hospital appointments and doctors, as I live in the middle of no where. I was advised that I would have to give up my car on bankruptcy and it would take me many years to pay back through bankruptcy and with my health the way it is, it would add further stress to me.

What type and age car is this ?

Payments into BR usually last from 1 to 3 years and, on your income, possibly wouldn't happen at all -- depending on all your circumstances.

I was told a debt relief order wasn’t an option as it would be take me years to pay that back (think they said about 20years) my main concern is my car. I’m hoping Within a year I am back to work even if it’s part time, that’s why PayPlan suggested an IVA.

Foggy wrote:

What type and age car is this ?

Payments into BR usually last from 1 to 3 years and, on your income, possibly wouldn't happen at all -- depending on all your circumstances.

It’s a ford and 63 reg. I think it’s valued at 4,400 if it was sold privately according to PayPlan.

I would suggest a chat with another firm, just to compare advice.