We are currently looking into an IVA, however are in so much debt that we are staying with family right now. Obviously this cannot carry on as we need a place to live. How can I factor this cost into an IVA when I am not currently renting anywhere. I am going to need to save up for a deposit somehow so will they allow me a little space to put money by for this?
Hi Anon and welcome. You need to speak to a professional or two and be absolutely sure an iva is right for you before doing anything else. Once you know you are embarking on an iva, you need to stop paying your creditors and save that deposit. It will be virtually impossible to save that money once the iva is up and running. When discussing your options with the pros, you will need to substitute realistic rent, council tax and bill projections in lieu of real figures. In terms of sequencing, it is easier to move first and set up an via on that expenditure than set up the iva and then need creditor approval for the move. Best of luck xx
Hi anon I would definitely talk with 2 or 3 professionals to get some impartial free case specific advice. All debt solutions can be discussed and there will be one for you. Why not try www.iva.com for a starting point, there you will find a list of companies and some reviews of these.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi and welcome from me as well. I'd have a look round and see what sort of rent you are likely to need and estimate bills so that you know what figures you are looking at.
Visit the link posted by Lesley above, it's a great starting point.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I would get onto that rented property straight away. At the moment you will be able to get a house with a months rent as a bond. Once your credit record is in tatters, you will need 6 months rent as a deposit, in most cases. Just something i would give serious thought to.
Hi
The rental cost can be factored into an IVA aplication and finalised along with utility bills once you have moved in. An IVA application can take approx 3 months so I would contact several experts/companies to make sure that the IVA is suitable and if it is stop paying your creditors and save for the rental deposit
Regards
