IVA HELP (quite a long post sorry)

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riggsy

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Post by riggsy » Thu Aug 19, 2010 8:27 pm
Hi all, firstly let me say what a great site this is..

OK here goes, this may be a long post.

Myself and my partner (now wife) have been in an IVA for 13mths, in Feburary 2010 we had the contributions reduced due to financial changes. My wife was made reduntant so is now childminding from home and not earning a lot so we asked the payments be reviewed to which we were told that they could not be dropped anymore as the creditors would not agree with this as it is already low enough. The IVA practioner said that after working out income and expenditure that before we pay the IVA we have say £150 per month left over but the IVA payment is say £260 so were £110 missing (if that makes sense).

My question after all of that is what options do we have -
- can we get our contributions reduced
- if not what are our options

Also another question (sorry guys)
In the IVA we have a joint loan for £20,000 but I have been told that this is not split 50/50 on each IVA but £20k on mine and £20k on my wifes, is this correct as seems unfair?

Thanks in advance [:D][:D]
 
 

Lisa2009

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Post by Lisa2009 » Thu Aug 19, 2010 8:39 pm
You are both FULLY responsible for the joint loan until either it has been paid or the IVA completes.

Do you have any assets to protect from Bankruptcy?

How much do you pay into the IVA each month?
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kallis3

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Post by kallis3 » Thu Aug 19, 2010 8:42 pm
Hi and welcome to the forum.

As regards your loan, I'm afraid that is correct. You are jointly and severally liable for joint loans and will both owe the full amount until it is paid off.

What dividend are you paying to your creditors? It may be that if it is low then this is why you're not being able to reduce them.

If you're not able to drop the payments and can't afford them you could always let the IVA fail and do a Debt Management Plan, or if you have no assets, you could consider bankruptcy.
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.
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Lisa2009

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Post by Lisa2009 » Thu Aug 19, 2010 8:42 pm
Sorry, should have said both fully responsible for the full ammount.
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riggsy

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Post by riggsy » Thu Aug 19, 2010 8:50 pm
our assets are our home which we bought approx 3 years ago and a car thats about it apart from the usual tvs etc etc

at the moment we are paying £270 per month between us (£150 me and £120 partner) Im not sure on what divedend we are paying which creditor
 
 

riggsy

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Post by riggsy » Thu Aug 19, 2010 8:52 pm
after speaker to the IP she stated that if we could get £15 - £18k she could go to the creditors and get the IVA finished early, so was looking at remortgaging the house if the equity is there, is this do-able?
 
 

kallis3

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Post by kallis3 » Thu Aug 19, 2010 8:54 pm
Your creditors all receive the same dividend. It should be on either your proposal or chairmans report as to how much in the pound you will be paying.

Do you have any equity in your house?
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.
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riggsy

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Post by riggsy » Thu Aug 19, 2010 8:57 pm
OK thanks Jan I will have a look.

Not sure on the equity we are going to get the house valued and see if we can go down that route.
 
 

kallis3

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Post by kallis3 » Thu Aug 19, 2010 9:00 pm
If you have no equity then BR could be an option as should be able to keep the house as long as you carry on paying the mortgage.
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.
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Shining

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Post by Shining » Thu Aug 19, 2010 9:03 pm
Welcome to the forum from myself too, glad you find the site helpful. All the best with your house valuation and I hope that you can get this IVA concluded x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

riggsy

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Post by riggsy » Thu Aug 19, 2010 9:04 pm
BR = bankruptcy???

I didn't think you could keep your house if bankrupt? or is it a case that if not equity then there is no equity for them to take??
 
 

kallis3

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Post by kallis3 » Thu Aug 19, 2010 9:06 pm
It is bankruptcy.

If there is no equity then you can usually buy what they call the Beneficial Interest in the property from the Offical Receiver for £1 plus £211 each. This takes it out of the bankruptcy.
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
 
 

riggsy

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Post by riggsy » Fri Aug 20, 2010 8:10 am
kallis3 wrote:


What dividend are you paying to your creditors? It may be that if it is low then this is why you're not being able to reduce them.
The divident that we are paying are 17p in the pound for my partners and 19p in the pound for mine.
 
 

lukeofyorkshire

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Post by lukeofyorkshire » Fri Aug 20, 2010 8:19 am
Welcome Riggsy.

Fingers crossed you have plenty of equity upon the valuation [:)] Best of luck.
1st payment Oct 2008, last payment Dec 2013. Certificate received March 2015 due to PPI claim.
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