What to expect?

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SteveUK
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by SteveUK » Tue Sep 12, 2017 11:50 am
My wife and I both started IVAs in 2012. Hers was five years, mine 6 years due to low yield.

Tomorrow is the date for her final review and my annual review and we wondered what to expect?

Will she be allowed to keep more of her income or will any excess just be added to my payment?

Will there be any extra documents we need to produce?

All reviews so far have gone OK and we haven't missed any payments (more by luck than judgement on a few occasions)

Would it now be better to open separate bank accounts rather than the joint account we have used throughout this?
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Michael Peoples
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by Michael Peoples » Tue Sep 12, 2017 12:03 pm
I would expect that her payments will cease and yours continue for the extra year. She should be able to keep her money to spend as she sees fit and would have no obligation to your IVA.
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kallis3
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by kallis3 » Tue Sep 12, 2017 12:04 pm
If she is due to finish then her money will then be her own. She will not be expected to pay towards yours.
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Foggy
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by Foggy » Tue Sep 12, 2017 12:13 pm
The IVAs are not interlocking, I presume, so you have been making seperate payments ... so hers will simply stop and yours will continue. Her finances will have no bearing on your IVA.
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SteveUK
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by SteveUK » Tue Sep 12, 2017 3:52 pm
Well that's just the best answer we could hope for. That light at the end of the tunnel just got brighter :)
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SteveUK
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by SteveUK » Wed Sep 13, 2017 11:12 am
It just got so bright I'm wondering if an express train is coming. :shock:

Payment reduced by over £400

I can't believe the sense of relief :D
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Michael Peoples
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by Michael Peoples » Wed Sep 13, 2017 11:17 am
Enjoy the cash and the final year for you wife's IVA will also be much easier now.
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Foggy
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by Foggy » Wed Sep 13, 2017 11:18 am
Time for the sunnies 8)
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SteveUK
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by SteveUK » Wed Sep 13, 2017 11:33 am
Foggy wrote:
Time for the sunnies 8)


I was just thinking that 8)

But being sensible it will be a few days in England so we can take the dogs.

This time next year though.............
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SteveUK
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by SteveUK » Tue Nov 07, 2017 9:55 am
Just a quick update.

We had a great week on a boat on the Norfolk Broads. My father in law came with us, we took the dogs and just chilled out.

Debs has signed and sent back the PPI paperwork to Payplan and we are just waiting for the completion certificate.

10 more payments and my IVA is finished as well.

Life improved as soon as we started the IVA compared to the dark days leading up to it but now we feel reborn. We have learned so much about budgeting and from now on the only people we will be borrowing from will be ourselves i.e. maybe borrowing from savings to cover emergencies.

To anyone that is thinking of giving up halfway through I'd say that has to be a very last resort. It gets easier. To do that is throwing away any money you have already paid.
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Foggy
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by Foggy » Tue Nov 07, 2017 9:59 am
Great post Steve -- 10 months will go in a flash and, in the meantime, you are now better off financially with one down. Happy Days :-)
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kallis3
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by kallis3 » Tue Nov 07, 2017 10:14 am
Great news!!
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