LeaKybrain's 20 Questions...

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leaKybrain

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Post by leaKybrain » Sat Sep 18, 2010 4:50 pm
... Ok so there will be more than that I bet LOL, but its a place for me to put all my questions and find the answers quick. I'm still finding my way around and its a bit confusing on how to find topics I've posted in.

So here goes with a couple of questions, think I'll put each one in its own post.


I've read the information on the side bar (left) about starting an IVA and I was wondering about the minimum Disp Inc bit. If you start payments at say £220 and some time in to the IVA be it a year or 4 years, and due to expenditure and lack of pay rise it looks as though its going to fall under the £200 will this mean it has failed. Or is the minimum amount set so that its the starting amount that will be suggested to the creditors.

Hope that last bit makes sense.
 
 

kallis3

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Post by kallis3 » Sat Sep 18, 2010 4:55 pm
It is always to do with disposable income, and if your income drops and you can't maintain your original payments then you may be able to sort something out.

There are some companies who do an IVA with less than £200 a month.

It is all down to affordability.
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
 
 

leaKybrain

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Post by leaKybrain » Sat Sep 18, 2010 4:57 pm
2nd Question:

Equity. I notice its mentioned on a number of threads and wondered how this works. We own our own home, mortgage that is.

I understand that most IVAs run for 5 years, but if you have a mortgage why is the equity asked for. Are the payments over the 60 months calculated on the assumption that equity will be released, or is it just that we end up paying over more because we have our own homes.

If by re-mortgaging we release some of the equity then we are surely paying more debt over the life of the mortgage to pay off this debt. It doesn't seem right really.

Honestly I'm not saying its not fair we pay back our debts, cos if I had my way we wouldn't be looking at this option, obviously no one would have done, and we would be carrying on paying our debts thru the normal channels. It just seems that we will be paying the normal 60 months plus a bit extra for 15 years. LOL
 
 

leaKybrain

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Post by leaKybrain » Sat Sep 18, 2010 4:59 pm
thanks Jan x
 
 

kallis3

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Post by kallis3 » Sat Sep 18, 2010 5:21 pm
Your house will be valued and an amount of equity decided. With us it's £14k each. There is no way that we will be able to do that.

What normally happens now is that you will continue for an extra 12 months in lieu of equity.

I doubt you would be able to remortgage.
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
 
 

leaKybrain

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Post by leaKybrain » Sat Sep 18, 2010 6:33 pm
The more questions I ask, the more I seem to need. I'm going to talk to my hubby tonight and I think Melanie I will be ringing the number on your website on Monday. I might not yet be 100% ready to say Yes due to other stuff, but I need to know if this is the right choice, actually no I need to know if this is a go, if we qualify.
Karin
 
 

Shining

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Post by Shining » Sat Sep 18, 2010 6:39 pm
It's a complex area but will be simplified by Melanie when you talk to her or her representatives. They're very good and no question is a bother x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

kallis3

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Post by kallis3 » Sat Sep 18, 2010 6:51 pm
You do need to speak to someone. They can give much more specific advice than we can on here.
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
 
 

leaKybrain

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Post by leaKybrain » Tue Sep 21, 2010 12:17 am
Well I made my first call today, actually it was more like 3 LOL, Tina was very patient with me and we have between us got loads of information written down and we'll be talking again tomorrow. Unfortunately we still aren't sure if it can all be done as an IVA but at least i have more information and a lot of answers to the questions I had.

Its obviously been a very busy day for Tina, lots of Monday calls so I thank her for taking the time to talk to me. I look forward to talking to you soon Melanie.
 
 

MelanieGiles

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Post by MelanieGiles » Tue Sep 21, 2010 2:18 am
Me too!
Regards, Melanie Giles, Insolvency Practitioner
 
 

kallis3

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Post by kallis3 » Tue Sep 21, 2010 8:24 am
Well done for making the call. Mel's team will sort you out hopefully.
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
 
 

Shining

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Post by Shining » Tue Sep 21, 2010 9:02 am
You're on the right track now and Tina is so lovely and I'm confident there will be a solution for you. xx
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

leaKybrain

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Post by leaKybrain » Wed Sep 22, 2010 8:07 pm
Well I must admit I spent the day in a bit of a daze, working (vol) at school. I kept my phone close and kept checking it just in case I'd had a message and hadn't heard it, and then when I got home checked the email twice. All in case Tina had been in touch LOL

Have set up a blog, so I suppose I must try and put something on it :D
 
 

Shining

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Post by Shining » Wed Sep 22, 2010 8:51 pm
Oh look forward to reading your blog! xx
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

leaKybrain

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Post by leaKybrain » Thu Sep 23, 2010 10:21 am
I've woken this morning feeling so so nervous, my stomach is churning like mad and I just want to lay down on the bed with my arms wrapped round my stomach and go to sleep. But of course I can't so I am doing lots of little things that need doing. I'm waiting to hear from Tina on what we can do.
I am out this afternoon so hopefully will be a bit distracted by all that.

:(
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