Newbie needing advice

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by natalie6691 » Tue Jan 19, 2010 1:44 am
Hi, I was wondering if you could offer me some advice. Here is some background history of DF and I.

I am a full-time student in my 2nd year of university and recieve a student loan and bursary. I have recently given birth to a little girl and as I was working part-time I also get Maternity Allowance.

DF works full-time. His ex got him into a lot of financial trouble, which he is still paying off now. He earns £1000 per month but pays out almost £800 a month for his debts. When he has payed all his debts off, he has enough money for fuel to work and back each week, and enough for 1 weeks worth of food.

I pay for everything else with my student loan and MA. I pay the rent, TV licence, gas, electric, water, his council tax (I don't pay it because I'm a student so we get discount), Virgin TV and broadband, food, contents insurance (and thats all I can think of right now!)!

DFs car has given up and we can't afford the £1000 to fix it. We called a couple of loan companies to see if they could help us out, but because of DFs current credit rating, no one would loan him the money we need.

From June, I wont have any form of income because my MA and student loan payments will stop, so I'll have no form of income to pay for anything.

Someone suggested an IVA to DF, but neither of us have any idea about them. Could someone please give me a bit of information (in laymans terms) so we're a little clued up on what will happen when someone from an IVA company comes to see us on Wednesday?!

Thank you in advance for any help!x


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by RHB » Tue Jan 19, 2010 7:33 am
How did his ex get him in financial trouble? Are the debts in his name or both their names?


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by Shining » Tue Jan 19, 2010 7:55 am
Hi there and welcome to the forum, I think in your first instance I would talk to a professional. At you'll find a list of companies and some reviews, talk to 2 or 3 of these and they will give you free impartial advice specific to you.

I had a gent visit me prior to IVA and wanted me to sign up to a DMP (Debt Management Plan) as he said I wouldn't get an IVA, I refused and found the forum and then my IP and am now 25 months into my IVA!

Please take advice from several professionals before signing or doing anything is the best advice I can give.


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by kallis3 » Tue Jan 19, 2010 8:49 am
I agree with Lesley, you need to speak to one or two companies. Don't be pushed into agreeing to anything on Wednesday. You need to make sure you are happy with the advice given and with the company you use if an IVA is right for you.


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by MelanieGiles » Tue Jan 19, 2010 9:05 am
In laymans terms, an IVA is a legally binding offer of settlement to your creditors, either based on the offer of a lump sum settlement or ongoing contributions which are set at the limits of your disposable income. These payments generally last for five years (obviously not with the full and final settlement option) and at the end of the term, providing all payments have been made in accordance with the settlement, then the balance of any debts will be legally written off.

During the terms of the IVA, creditors bound by the agreement will not be permitted to take any collection or legal action, or charge ongoing interest.

It is a good idea to take proper professional advice from an insolvency practitioner with regard to your own specific circmstances, but I hope this helps in the meantime.
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