I am fairly close to pursuing an IVA. I have about £23k of debt, mostly credit cards. I separated from my husband last year and have had to move in with my parents. I can't really afford to move out at the monent as almost all my money goes on repayments. Anyway, what I wanted to know was if I apply for an IVA will it affect my parents house? Their money in any way? If it will I will try and move out and do it then. Would really appreciate any advice, this is getting me further down than my divorce! Hope I've put this in the right place
Hi missy80 and welcome to the forum. An iva sought by yourself should not affect your parents house as I'm assuming you're just staying there and not included on any mortgage?
Why not take a look at www.iva.com where you will find a list of companies and reviews of these that may be able to help you. Our professionals who post on forum also come highly recommended and can be found via the experts link. Always take the professional advice of 2 or 3 IP's who will give this free, impartial advice specific to your circumstances.
All the best x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Your IVA will not affect your parents property at all. An IVA is merely a contract between you and your creditors, and is therefore a private arrangement which will not affect the people you live with.
Thanks for your replies, that's kind of you. I've been on iva.com now and filled in the calculator - it's crazy to see it all there like that. Just deciding whether/who to to send it
I just thought of something else – should I be including my student loan from the SLC? I always forget about it as it’s so low and I’ve barely made any repayments! It puts my total up by a lot (long degree – and abroad)
Usually this would not be included as an unsecured debt. It would be treated as a priority debt with the repayments being paid directly from your wages.
Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.
We can also setup a complete range of solutions including debt management plans, IVA and bankruptcy support.
It is perfectly right and proper to include the student loan debt within your IVA, but if it represents more than 25% of the overall debt then this is likely to see your IVA rejected as the SLC do not generally support IVAs unfortunately.
Some IPs will put forward an IVA for you excluding the debt - which is fine so long as all of the other creditors agree to this. You will carry on paying the loan from you salary until it is paid in full - so this particular creditor will eventually be repaid whereas the other creditors will agree to writing off a percentage of their debts.
Student loans will shortly be excluded entirely from IVAs - we are expecting a change in legislation sometime this year.
