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Townsend_family

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Post by Townsend_family » Thu Sep 23, 2010 12:46 pm
Hi all

I'm diving into the world of an IVA due to debts of 15k and only one income.
My wife can't work due personal circumstances, and we have two kids, my eldest with Aspergers.

I have spoken to Clear Debt, and planning to call more companies to get a good choice of companies.

I have several questions already and thought this might be a good place to start.

My son gets Disability Living Allowance which is a good chunk of income (£267 every 4 weeks). Clear debt state this can't be added to my income due to it being my sons DLA. Is this right, as i potentially will have this money completely spare if the IVA is approved?
Also i will be looking to pay 20p in the £, is this likely to be approved?

This is a big thing for us and i want to get it right before things get worse.
Life is like a never ending boxing bout, you just got to keep bouncing back for the next blow.
 
 

Michael Peoples

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Post by Michael Peoples » Thu Sep 23, 2010 1:07 pm
Hi and welcome to the Forum.
I agree with Clear Debt that your son's DLA should not be used for calculating your surplus income. While it is an income it has specific purposes and would not really be spare at all.

If 20p in the £ is your best offer there is no reason for it to be rejected so proceed with your IVA and good luck.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

liamjames

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Post by liamjames » Thu Sep 23, 2010 1:09 pm
Hi Townsend Family, and welcome!

A DLA is awarded to assist with the additional costs associated with the disability, so I completely agree that it should not just be treated as additional disposable income. But it makes things complicated or misleading if you neglect things on your income and expenditure calculation, so I would prefer to include it and then show how it is spent or saved for contingencies.

As for the chance of being accepted, it completely depends on how much your creditors would expect in bankruptcy, the likelihood of the IVA completing successfully, your creditors and your personal circumstances. But I've certainly seen IVAs accepted at much lower dividends.

Take care! :)
Take care,

Liam James
Varden Nuttall
http://www.vardennuttall.co.uk

Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp
 
 

Townsend_family

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Post by Townsend_family » Thu Sep 23, 2010 1:20 pm
Thanks for the quick replies.

I've been honest with the DLA payments so leaving the paperwork and submitting to Cleardebt.
At the moment the DLA just gets sucks into everything else, but it would be good to seperate out what we do extra for my son, and be able to give him the full support he needs with it.
The idea of getting the DLA was mainly to support us while my wife homeschools him, hence why for us it's part of the main income. But if it's seperate it would be good to fund some school trips, and the extra activities he does.[:D]

Planning on getting the paperwork all together over next couple of days and getting the ball rolling quick.

Life's been so tough and although a budget would be tight it would be so much better than how things are right now.
Life is like a never ending boxing bout, you just got to keep bouncing back for the next blow.
 
 

Michael Peoples

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Post by Michael Peoples » Thu Sep 23, 2010 1:31 pm
Best of luck with your proposal and keep us informed how you get on.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

kallis3

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Post by kallis3 » Thu Sep 23, 2010 1:37 pm
From me as well.
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
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