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Hadenoughnoww
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by Hadenoughnoww » Sun Feb 18, 2018 7:15 am
Hi there, new to the forum. I’ve been in an IVA for just under 2 years of a 6 year plan. My monthly payments are £137. I now have a new partner who has taken on the rent as we live together so consequently won’t show on my bank account when it comes to review, so then I have to explain her and her income will no doubt come into play.

So, she has £2k if savings which she is willing to pay as F&F, what are the chances of this being accepted before If I offer before my annual review and notifying them of the above?

TIA
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kallis3
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by kallis3 » Sun Feb 18, 2018 8:30 am
Hi,

How much do you owe in total on your IVA?
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Foggy
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by Foggy » Sun Feb 18, 2018 9:38 am
Hi. Your creditors are expecting at least another £6.5k in payments from you, so I think an offer of £2k would be a little light. I would have thought that nearer £4k would be the minimum, but, as I always mention, I have seen low offers accepted as well a high ones refused.

Regarding the new living arrangements, you need to tell your IP of changes as they happen, not wait for the next review -- this will avoid any nasty surprises. Don't starkly state that she has taken over the rent -- this could make the IP take that out of the expenses equation entirely. Her income should only be used to determine her share of the household expenses, not to pay your debts.
Hadenoughnoww
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by Hadenoughnoww » Sun Feb 18, 2018 10:00 am
The total debt was about £43k of which I have paid £3300 into the IVA.

At my annual review last year I had to send payslips off ( hadn’t been in IVA a full year to need my P60) then I just had to agree that my bills were the same, no bank statements etc were needed so I’m hoping this year will be the same, although I have done a lot of overtime this year so my payments may well go up.
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Foggy
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by Foggy » Sun Feb 18, 2018 10:22 am
Hadenoughnoww wrote:
The total debt was about £43k of which I have paid £3300 into the IVA.

At my annual review last year I had to send payslips off ( hadn’t been in IVA a full year to need my P60) then I just had to agree that my bills were the same, no bank statements etc were needed so I’m hoping this year will be the same, although I have done a lot of overtime this year so my payments may well go up.



I assume that you have been accounting to the IP each month that you have had overtime and paid the agreed share into the IVA. Overtime payments should not affect your regular IVA payment as they are dealt with seperately each month.
Hadenoughnoww
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by Hadenoughnoww » Sun Feb 18, 2018 1:28 pm
No I haven’t said anything as I wasn’t aware that I had to, but now you’ve said it, it does make sense that you would deal with it that way! I will see what they say at my review, probably have to stump up extra per month! But this is one of the reasons I wanted to try and get out of the Iva before the review
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Foggy
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by Foggy » Sun Feb 18, 2018 2:31 pm
Hadenoughnoww wrote:
No I haven’t said anything as I wasn’t aware that I had to, but now you’ve said it, it does make sense that you would deal with it that way! I will see what they say at my review, probably have to stump up extra per month! But this is one of the reasons I wanted to try and get out of the Iva before the review


You will have to pay the money owed and the IP might not agree to you making it up by increasing payments -- he might well want the money in a lump sum or, possibly, agree to extend the IVA to make up the shortfall. Making a F&F now will not stop you having to pay this in -- it is already owing and would have to be made up before the F&F is dealt with.
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Lisa Thomas
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by Lisa Thomas » Mon Feb 19, 2018 10:02 am
They will still need to do an annual/partial review since the last one to date in order to report to creditors on how attractive your offer is (and whether any increases/overtime/bonuses etc are due over)
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