www.iva.co.uk

Hello everyone!!!
Well I hav'nt been on here for some time, I guess my IVA has been running ok and I have had no great dramas.
I have got a couple of questions to ask if anyone can help though.
Firstly we are in the armed forces and are due to be move to another camp soon, part of this move entitles us to a "Disturbance Allowance"
which is to cover paying utility bills on the previous property and buying new school uniforms etc. We will receive around £1000, do I need to let my IP know about this as it will be paid direct into our bank and therefore show on our statements? Also do you think they will expect to receive half of this?
Secondly, I am considering changing my bank account to the CO-OP, as I have read that they do not charge bank charges and I can receive a SOLO card to enable me to do my grocery shopping on line (This works out cheaper than spending the petrol going to the supermarket). I am not in the habit of causing bank charges but my bank recently charged me £29.50 as I was £1.20 short on a direct debit despite being paid the next day. Do you think that I will be accepted for their basic account or will they refuse it due to being in an IVA?
Any help or advice will be greatfully received, thank you.
Spenmotherhen

Hi
Yes you will have to contact your IP and seek their advice regarding your allowance.If you can explain to them that you will need this money to fund removal costs etc then you may be able to keep it all.
The Co-op bank have seemed to be a good bet from other posts on this site and I doubt that they will ask for details of your current bank if you are just opening a basic account.
Good Luck

Thanks Neverending, Its typical really as soon as you get a bit of money its in one hand and out the other. Beans on toast is becoming our staple diet lol!!
Still only 50 payments to go yippppppppeeeeeee!!!!
Thanks again.

I know EXACTLY how you feel..............You need to look after your own interests sometimes and I can tell you that had I,d been paid an allowance in CASH then it would have been used on my family...........bad I know but honest.
There have been posts stating that a debtor wants to pay back as much as they possibly can to their debtors..............not me,I just want to pay them the minimum to keep them happy and to clear my debts.
Not politically correct but thats the beauty of not being tied to a financial body or regulator and having to give advice that is "by the book".

Hi Neverending

Does that mean we have a choice? I mean can you actually offer 40p/£ even if you could offer more and get away with it? My family are really important to me and have nothing in material terms, I have worked hard with their disabilities and given up time to help other people with newly diagnosed children, especially fathers, who often feel left out in the cold. I dont want to hand over my parents hard earned cash if I dont have to.

Kind regards

LILY

I agree Neverending. I went through a stage of feeling guilty, but that has gone now. Yes, I applied for the loans / credit cards, but each time I was honest about what I already owed, so why did the companies keep lending to me? I am going to survice the next 56 months, and then re-start my life.

Three down, fifty seven to go until freedom!

No,you need to offer as much as you can afford in an IVA,but the area that is a bit grey is how much to allow for "reasonable" living expenses.Also if you won £100 on a scratch card you should declare it to your IP............I WOULDN,T.....WOULD YOU ??If you can inflate your costs and get them agreed then good luck to you.I wouldn,t feel guilty because I wouldn,t be spending that money on myself......it would be on the kids.
Regards

Skippy
I had a business for 8 years and my bank earned thousands and i mean thousands out of me and when I fell on hard times they were posting record profits.Yes my downfall was my own doing and no one elses but I certainly have never felt guilty.
Like you I have always been totally honest and before I went under I paid up ALL my suppliers[local small companies] and the tax man..........for the simple reason that I did not want to put any one else out of business AND i have to live in the same town as these people,also the tax man is an inflexible b*****d.
I took a gamble in business and lost.....banks took a gamble on me and should lose aswell.

What if you had the means to offer a lump sum only and not enter a 5 year agreement and offer lump sum some time during?

After the stress I have had from the creditors I would much rather have gone bankrupt and they would have nothing, no longer an option. However I signed on the dotted line and am wanting to get out of this mess, so a good return would give me more chance of a positive outcome, creating peace of mind when going through the IVA process. This would result in me being a better parent to my kids.

No I wouldnt nor would I declare anything that didnt leave a paper trail.

Sorry to intrude on your post spenmotherhen and Hi, I remember how much support you gave me in the begining. thank you
Kind regards

LILY

Hi Freelili
No worries, hows it all going anyway? did you decide not to go bankrupt in the end?
Neverending and Skippy, totally agree with the "bonus money" coming in and not declaring it after all the paperwork has been completed, so long as my IP is receiving the monthly payment anything else I manage to get cash wise goes on treats for my children as they are going without alot more than we are. Just wish that our disturbance allowance was paid in cash lol!! Perhaps then we could have pizza for tea!!
Thanks for all your comments, nice to be chatting to you all again, by for now spenmotherhen xx

Just out of interest, is there anyone else who is in an IVA and also in the armed services?

oooooh its long really long story, i am going for a full and final IVA, I think? Although if I propose a meteor might hit the earth, or something else a bit less specific.

anyway good luck to you and yours

LILY