Messy situation...

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Brum32

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Post by Brum32 » Thu May 20, 2021 11:11 am
Hi all, I’ve recently staft an IVA abs I hve a tricky questiin if anyone can help....I orderd a musical instrument about two years ago, to be mae, which is quite alot if money. Stuoid thing to do I know but at the time I didn’t even think there was going to be a problem. Now I have alreay paid the £2,000 initially to start the work on the instrument, When it’s ready in a couple fo months and I have to pay the other £2,000, will this be a problem with my IP? It’s tricky because when I ordered it I didn’t envisage these problems but it’s done now and I clearly have to pay for the instruent or I will lost my Seposiv

Foggy

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Post by Foggy » Thu May 20, 2021 11:53 am
Where would you get the £2k from ? You cannot get more credit.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Brum32

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Joined: Wed May 19, 2021 4:27 pm

Post by Brum32 » Thu May 20, 2021 7:44 pm
Hi all, wondering if anyone can throw any light on this tricky situation I have...

I ordered a musical instrument about two years which costs £4000 and won’t be ready and finished to buy until later this year. Having just being accepted for an IVA you may think this was a stupid thing to do, but at the time when I ordered it I didn’t realise I’d have these financial problems that have led me to an IVA. Anyway, when I ordered it I paid a £2000 deposit so they could begin the work. Later in the year the instrument will be ready and I will have to pay the remaining £2000 balance, which is saved in a separate savings account. Can anyone tell me will this cause any problems? Will my IP know about the payment even though it will come from a separate savings account? It’s a tricky situation that I’m just a bit worried about if anyone has any answers? Thank you

kallis3

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Post by kallis3 » Thu May 20, 2021 8:09 pm
Topics merged - duplicate
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

Brum32

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Post by Brum32 » Thu May 20, 2021 9:25 pm
Thu May 20, 2021 11:53 amFoggy wrote:
Where would you get the £2k from ? You cannot get more credit.
I already have it in a separate account...

Foggy

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Post by Foggy » Fri May 21, 2021 6:54 am
Thu May 20, 2021 9:25 pmBrum32 wrote:
Thu May 20, 2021 11:53 amFoggy wrote:
Where would you get the £2k from ? You cannot get more credit.
I already have it in a separate account...
OK -- yes, this could get messy ! Two grand in a separate account is an undeclared asset (assuming it has not been declared). Discovery of this could fail the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

lifenoteasy

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Post by lifenoteasy » Fri May 21, 2021 7:57 am
Are you a professional musician and is this regarded as a tool of your trade?
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.

Brum32

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Post by Brum32 » Fri May 21, 2021 10:13 am
Thanks Foggy. But what I don’t understand is that if you can’t get credit while in an IVA then surely you need to save money for when you need to change your car, so surely you will need to have so many thousand saved up for the change of car? This savings account I have is primarliy for that change of car in a few years when the time comes....apologies if my questions seem a but daft but I just don’t fully understand how it all works and what you are allowed and what you’re not allowed 😕

Brum32

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Joined: Wed May 19, 2021 4:27 pm

Post by Brum32 » Fri May 21, 2021 10:21 am
Fri May 21, 2021 7:57 amlifenoteasy wrote:
Are you a professional musician and is this regarded as a tool of your trade?
No I’m not a professional musician, just for leisure, but it’s my biggest passion in life 🙂

Foggy

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Post by Foggy » Fri May 21, 2021 12:04 pm
Fri May 21, 2021 10:13 amBrum32 wrote:
Thanks Foggy. But what I don’t understand is that if you can’t get credit while in an IVA then surely you need to save money for when you need to change your car, so surely you will need to have so many thousand saved up for the change of car? This savings account I have is primarliy for that change of car in a few years when the time comes....apologies if my questions seem a but daft but I just don’t fully understand how it all works and what you are allowed and what you’re not allowed 😕
Most of us, if the car blows up, are expected to use the bus or, as I did, "E-Bay specials" to tide us over. You are formally declaring in an IVA that you have no money with which to pay your debts.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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