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by size5
Wed Aug 18, 2021 9:38 am
Forum: Ask IVA Forum and Industry experts
Topic: Purchasing a mobility scooter
Replies: 4
Views: 3068

Hi, I see no issue here whatever. Attendance Allowance in an IVA is treated the same way as PIP, i.e. disregarded as a source of income with which it may be possible to use to pay the debts, therefore, whatever you decide, it is entirely up to you how you spend the money. It is my opinion that nay b...
by size5
Wed Aug 18, 2021 8:21 am
Forum: Ask IVA Forum and Industry experts
Topic: For those not yet in an IVA and own property
Replies: 2
Views: 3046

Hi, I hope this helps for anyone looking in as to the new way equity is treated: Option 1 - The equity is less than £5,000 (£10,000 for a joint case) then the case will be proposed at 60 months with no re-mortgage clause in month 54. Option 2 - The equity is more than £5,000 (£10,000 for a joint cas...
by size5
Tue Aug 17, 2021 7:00 pm
Forum: Ask IVA Forum and Industry experts
Topic: Will my Iva stop me from getting a fixed rate mortgage?
Replies: 4
Views: 3301

Hi, Not a mortgage expert, but as a rule of thumb it is very unlikely that you would be able to switch to a deal elsewhere through another lender, but fixing again with your existing lender should be ok. If push comes to shove, and it isn't, then your IVA provider should reduce any IVA payment by th...
by size5
Fri Jul 30, 2021 3:36 pm
Forum: Ask IVA Forum and Industry experts
Topic: Refund due
Replies: 2
Views: 3062

Hi, The refund, if less than £500, you can keep. I don't agree with this particular set of circumstances that you should, but those are the rules and you may as well use them to your advantage. If over £500 then it should go to the IVA (you may be allowed to keep the first £500 and only pay over the...
by size5
Fri Jul 30, 2021 3:33 pm
Forum: Ask IVA Forum and Industry experts
Topic: I have been advised to go for an IVA
Replies: 17
Views: 3462

Hi, If you can stomach losing the car, then BR is the quickest, cheapest and easiest way of doing it. If not, then an IVA is a good alternative. One point of caution though, I really do fail to see how someone on UC and PIP could possibly afford £200. £100, or less, may be nearer the mark affordabil...
by size5
Fri Jul 30, 2021 3:26 pm
Forum: Ask IVA Forum and Industry experts
Topic: Does an IVA company have the right to hold my funds?
Replies: 5
Views: 2973

Hi, I agree that 4 weeks is generous, but there are some creditors that may not be either used to IVA's or who are notoriously slow at everything, I am thinking local authorities, DWP, HMR etc so you do have to have a bit of leeway. As I say, if it were up to me then things would be different. Kinde...
by size5
Fri Jul 30, 2021 3:12 pm
Forum: Ask IVA Forum and Industry experts
Topic: Useful article if considering an IVA
Replies: 4
Views: 2635

Hi, I don't disagree with that viewpoint, nor would any reputable debt advisor. I do disagree however with those that have a clear agenda and who are unwilling to acknowledge IVA's for what they are, which is a godsend for the vast majority of people that enter them. That said, there are others just...
by size5
Fri Jul 30, 2021 3:05 pm
Forum: Ask IVA Forum and Industry experts
Topic: Do I have to include catalogue?
Replies: 7
Views: 2529

Hi Foggy, and everyone else. Still above ground so that is always a bonus. I occasionally look in, but don't post unless I have something useful to say (no sniggering at the back.....) Every IVA I have written in the last few years basically allows debtors to keep the first £500 of any payout, and t...
by size5
Fri Jul 30, 2021 2:59 pm
Forum: Ask IVA Forum and Industry experts
Topic: Does an IVA company have the right to hold my funds?
Replies: 5
Views: 2973

Hi, I can assure you that this will be as frustrating for the company in question as it is for you. I imagine the hold up is nothing more than waiting for all creditors to submit final claims so that the money can be distributed fairly. Some creditors vote on every proposal, some on some and others ...
by size5
Fri Jul 30, 2021 2:48 pm
Forum: Ask IVA Forum and Industry experts
Topic: Including insurance payout?
Replies: 2
Views: 2891

Hi, The simple answer to that question is no. If you are in an IVA and are speaking to a member of the supervisory staff then it is possible that there may be a crossed wire but that is being generous to a fault. If you do not get resolution, exercise your right and demand to speak to the I.P. him (...
by size5
Fri Jul 30, 2021 2:43 pm
Forum: Ask IVA Forum and Industry experts
Topic: Can i get car finance or lease when in an iva?
Replies: 2
Views: 2736

Hi, If you have one already, then you should be allowed to refinance or get another one. Creditors however will expect that there needs to be a good reason for doing so, age, condition, mileage etc, and they will either expect that you do not take on a larger commitment than you already have or limi...
by size5
Fri Jul 30, 2021 2:40 pm
Forum: Ask IVA Forum and Industry experts
Topic: Useful article if considering an IVA
Replies: 4
Views: 2635

Hi,

I'm afraid that the, ahem, "expert" in question in this article is nothing of the sort.

Have a look at his website, if you can find it.

A fully paid up member of what I like to call "The Brigade", who is in his line of business for profit, so it would seem.

Kindest regards.
by size5
Fri Jul 30, 2021 2:36 pm
Forum: Ask IVA Forum and Industry experts
Topic: Do I have to include catalogue?
Replies: 7
Views: 2529

Hi, You should have included the catalogue, they are extraordinarily expensive but it seems like what's done is done. As for the car payment, if your IVA is protocol compliant, my take on it is that either you can keep £500 and have to pay £100 in, or, if you need to keep it as, say, a deposit on an...
by size5
Thu Nov 19, 2020 2:40 pm
Forum: Ask IVA Forum and Industry experts
Topic: Mortgage Prisoner
Replies: 3
Views: 3377

Hi, It depends on which way you look at it, and a better deal is not necessarily in your best interests in many ways. If you do get a better deal, you may end up being no better off when it comes to annual review time, as your outgoings will have gone down, so your IVA payment may go up accordingly....
by size5
Wed Nov 18, 2020 1:55 pm
Forum: Ask IVA Forum and Industry experts
Topic: Applying for an IVA preemptively
Replies: 8
Views: 3150

Hi, Sorry for the delay, I don't look in as often as I used to and I am a bit of a technophobe so haven't worked out how to turn on notifications for replies!! Anyway, good and bad news. In my opinion, the holiday should be fine, it was booked and paid for before the IVA was mooted, and it would be ...
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