www.iva.co.uk

hi,, everyone, i am so glad that there is an iva forum like this because it helps me relieve at least a little pressure while on the process of setting up my iva with my husband.. as well.. i didn't know about iva until i went to cab for advise and they feel that iva is the best option for me, i got in touch with one of the iva company and they said that they will try to pursue the iva application but not sure if with the two cars which are very important to us because we work in different shifts, they will be approved.. any experience regarding this kind of situation please.. thank you

lss

Hi I have just been accepted for a joint IVA with my wife and we have 2 cars and they did not seem to bother about it.
But I suppose it depends on which IP firm you use.

Scooby

Hello

Rest assured that you are allowed all "reasonable" expenses whilst in an IVA. If there are two of you and you each need a car then this will never be a problem unless your cars are worth a significant amount of money. If you are currently driving about in a Lexus you may be asked to sell it and downgrade but otherwise you will be allowed to keep the cars and have a budget for the running and up keep costs.



You can access Video Clips giving additional information about IVAs at:
http://www.thomascharles.com/interview_ ... an_iva.asp

If you would like more information about IVAs, other debt solutions, or just want to arrange an informal chat, please visit us at www.thomascharles.com.

Best Regards
Oliver
www.thomascharles.com

thank you for your kind response that really helps hoping indeed that this will be over soon with a happy ending..i'll keep visiting on this forum everyday from time to time because you guys are just such an inspiration and a shoulder to cry on if i may good luck to everyone

lss

You are more than welcome. It's great to know that you are benefiting from this forum.

Good luck and please let us know how you are getting on.

You can access Video Clips giving additional information about IVAs at:
http://www.thomascharles.com/interview_ ... an_iva.asp

If you would like more information about IVAs, other debt solutions, or just want to arrange an informal chat, please visit us at www.thomascharles.com.

Best Regards
Oliver
www.thomascharles.com

Hello,


Thank you for your kind words.

The creditors will expect you to propose the whole of your disposable income after payment of your reasonable domestic expenses.

This does not mean that you will be living on bread and water for 5 years, but as you won't be able to afford foreign holidays, a new car or home improvements from your own income, a third party would have to pay for these from his or her income.
However, as Oliver rightly says you are allowed to have 2 cars if you and your partner each need a car unless your cars are worth a significant amount of money.

Good luck.

Julia


For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

What classes as a significant amount of money? I have a car worth 10K but need it for work (i do 25,000 miles a year so need something decent to last the 5 years of an IVA) Only a one car family too, so would that seem ok?

In bankruptcy any car valued over £1500 can be potentially sold or the money equivalent asked for (over and above the £1500). As IVAs are always comparable with bankruptcy the same rules apply. However, in my experience I have found that the application of this is more lenient in IVAs. I would say that cars valued up to £3-4k would usually be fine. Any car valued over this amount would have to be justified. In your personal case, seeing as you currently do more than double the average number of miles, I would see it as reasonable that you have a reliable car. However, sadly I am not your creditor and as the names suggest IVAs are totally individual. Take this point up with your IP and discuss it further with them.



You can access Video Clips giving additional information about IVAs at:
http://www.thomascharles.com/interview_ ... an_iva.asp

If you would like more information about IVAs, other debt solutions, or just want to arrange an informal chat, please visit us at www.thomascharles.com.

Best Regards
Oliver
www.thomascharles.com