www.iva.co.uk

Hi all, I’ve recently staft an IVA abs I hve a tricky questiin if anyone can help....I orderd a musical instrument about two years ago, to be mae, which is quite alot if money. Stuoid thing to do I know but at the time I didn’t even think there was going to be a problem. Now I have alreay paid the £2,000 initially to start the work on the instrument, When it’s ready in a couple fo months and I have to pay the other £2,000, will this be a problem with my IP? It’s tricky because when I ordered it I didn’t envisage these problems but it’s done now and I clearly have to pay for the instruent or I will lost my Seposiv

Where would you get the £2k from ? You cannot get more credit.

Hi all, wondering if anyone can throw any light on this tricky situation I have...

I ordered a musical instrument about two years which costs £4000 and won’t be ready and finished to buy until later this year. Having just being accepted for an IVA you may think this was a stupid thing to do, but at the time when I ordered it I didn’t realise I’d have these financial problems that have led me to an IVA. Anyway, when I ordered it I paid a £2000 deposit so they could begin the work. Later in the year the instrument will be ready and I will have to pay the remaining £2000 balance, which is saved in a separate savings account. Can anyone tell me will this cause any problems? Will my IP know about the payment even though it will come from a separate savings account? It’s a tricky situation that I’m just a bit worried about if anyone has any answers? Thank you

Topics merged - duplicate

Thu May 20, 2021 11:53 amFoggy wrote:

Where would you get the £2k from ? You cannot get more credit.

I already have it in a separate account...

Thu May 20, 2021 9:25 pmBrum32 wrote:

Thu May 20, 2021 11:53 amFoggy wrote:

Where would you get the £2k from ? You cannot get more credit.

I already have it in a separate account...

OK -- yes, this could get messy ! Two grand in a separate account is an undeclared asset (assuming it has not been declared). Discovery of this could fail the IVA.

Are you a professional musician and is this regarded as a tool of your trade?

Thanks Foggy. But what I don’t understand is that if you can’t get credit while in an IVA then surely you need to save money for when you need to change your car, so surely you will need to have so many thousand saved up for the change of car? This savings account I have is primarliy for that change of car in a few years when the time comes....apologies if my questions seem a but daft but I just don’t fully understand how it all works and what you are allowed and what you’re not allowed

Fri May 21, 2021 7:57 amlifenoteasy wrote:

Are you a professional musician and is this regarded as a tool of your trade?

No I’m not a professional musician, just for leisure, but it’s my biggest passion in life

Fri May 21, 2021 10:13 amBrum32 wrote:

Thanks Foggy. But what I don’t understand is that if you can’t get credit while in an IVA then surely you need to save money for when you need to change your car, so surely you will need to have so many thousand saved up for the change of car? This savings account I have is primarliy for that change of car in a few years when the time comes....apologies if my questions seem a but daft but I just don’t fully understand how it all works and what you are allowed and what you’re not allowed

Most of us, if the car blows up, are expected to use the bus or, as I did, "E-Bay specials" to tide us over. You are formally declaring in an IVA that you have no money with which to pay your debts.