I have been speaking to a company over the last few days about an IVA. Originally I was advised that I would be eligible to apply. Today I have been told that my income is too high, and that the only way to proceed with the IVA is to lie about my husband’s income. I’m told that this is something that happens all the time and that nothing will come of it as they don’t ask proof of my husbands income on an IVA.
I’ve already decided to get further advice on this elsewhere, as it doesn’t sound right to me at all.
You should never be asked to lie about anything on an IVA. I was once told the same thing and went elsewhere and had no problem. You are dong the right thing by looking around. Which company was it?
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
An IVA is, in great part, based on honesty and you should never be asked to lie outright. That said, what has your husband's income got to do with it ? YOUR IVA - YOUR debts !
Usually they only need to know the partners income to calculate the fair share of household expenses --- if the partner earns more than you, they pay a bigger share of expenses and so you can pay a little more to your IVA. Your husband is within his rights not to tell them, then they will assume 50/50. That said, a few firms do work on household income ( incorrectly, in my opinion).
Adding £5 to haircuts because you are £5 short on housekeeping is a common thing, but outright lies ......No !
Speak to another firm.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi Dani, I was told to do the same thing. He told me that it was the only way that it would be approved and that other IPs do the same and that it didn’t matter anyway as he’s not taken into consideration in any of this as they are my debts.
Now reading all these posts I feel a little silly and wish I had found this forum a little sooner!
Fri Aug 21, 2020 3:42 pmSleepybunnie wrote:
Hi Dani, I was told to do the same thing. He told me that it was the only way that it would be approved and that other IPs do the same and that it didn’t matter anyway as he’s not taken into consideration in any of this as they are my debts.
Now reading all these posts I feel a little silly and wish I had found this forum a little sooner!
What do I do now?
Sometimes a partners income has to be used to make an IVA viable -- but, if this is the case, they should explain this to you. If you haven't had your meeting yet you can still have a chat with other providers to compare advice
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Fri Aug 21, 2020 4:11 pmdani529 wrote:
Thank you all for your responses. I’ve decided not to go ahead, It doesn’t seem worth it to lie and risk having a failed IVA!
Looking into it further, I don’t think I qualify at all for an IVA to be honest.
@Sleepybunnie I do wonder if we have been speaking to the same company! Have you gone ahead with the IVA and signed already?
Dani -- why do you think you don't qualify ?
I would love to know who this ( these) company (companies) is (are ) !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Fri Aug 21, 2020 4:11 pmdani529 wrote:
Thank you all for your responses. I’ve decided not to go ahead, It doesn’t seem worth it to lie and risk having a failed IVA!
Looking into it further, I don’t think I qualify at all for an IVA to be honest.
@Sleepybunnie I do wonder if we have been speaking to the same company! Have you gone ahead with the IVA and signed already?
Dani -- why do you think you don't qualify ?
I would love to know who this ( these) company (companies) is (are ) !
I looked at a guideline of “allowed expenditure” and based on my income I can technically still pay my minimum payments each month. So I’m not sure an IVA would be accepted by the creditors.
It worries me that there are companies out there putting people and their finances at such risk! I’m not sure what they achieve from it, except perhaps commission (as it sounds like this is a third party company).
Dani -- I was still making minimum payments right up to the start of my IVA journey ( I did stop just before the meeting ), but, of course, that led to the debt still getting greater with interest ! No arrears, no missed payments, but mine was accepted.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Fri Aug 21, 2020 4:47 pmSleepybunnie wrote:
Yes! I do wonder if we have come across the same company.
I have already signed my IVA agreement...
Now I am a little worried tbh...
I’m far from an expert but I would probably get in touch with the IP firm themselves and explain the situation. I think it takes 16 days for the IVA to start from you signing? If you’re still in that period you may be able to stop it if you explain the circumstances. I’m so sorry I can’t help!
I’m going to speak to StepChange next week and see what my options are. If an IVA isn’t possible legitimately, it will be a case of me speaking to everyone individually I think.
Fri Aug 21, 2020 4:47 pmSleepybunnie wrote:
Yes! I do wonder if we have come across the same company.
I have already signed my IVA agreement...
Now I am a little worried tbh...
I’m far from an expert but I would probably get in touch with the IP firm themselves and explain the situation. I think it takes 16 days for the IVA to start from you signing? If you’re still in that period you may be able to stop it if you explain the circumstances. I’m so sorry I can’t help!
I’m going to speak to StepChange next week and see what my options are. If an IVA isn’t possible legitimately, it will be a case of me speaking to everyone individually I think.
You are not bound until the IVA gets accepted by creditors and most firms will not require payment for any work done up to that point if the application is withdrawn or the creditors refuse to accept it. You would, of course, need to check your terms of engagement with the proposed provider.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
