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moneyisthedevil
Starting Member
United Kingdom
10 Posts |
 Posted - 22 June 2012 : 09:00:24
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Hi there everyone. This is my first time posting on the forum. Me and my husband are currently in an IVA and have been for just over a year now. We feel totally trapped in our situation and are struggling to pay our IVA payment every month. We have 2 young children, not much equity in our little 2 bed terraced and one car that is worth about 1000. No other assets.
We have some questions - any advice would be most helpful.
1. On what basis would the OR put your tax code to NT? Is that something that happens to all BR's or is there a specific reason why that would happen? I ask because my husbands employer would know if his tax code was changed.
2. Does an IPA always run for 3 years? I understand that if you have less than £20 disposable income you wont be put in an IPA but what if have, say, £45/50 disposable income? Would you have to pay £25/30 for 3 years?
Im sure I have other questions but they have all gone out of my head now!
We spoke to a company yesterday who offered us some advice and we found out some things about IVA's that we didnt know. The chap was saying that the creditors love IVA's because they just claim their money back from their insurers and then when your house is re-valued after 5 years they get even more money (if its gone up in value). Also, they just keep selling the IVA on to other companies because they can earn money by doing it.
It feels like we are essentially bankrupt anyway but stuck with a high monthly payment for a lot longer than if we were bankrupt??
Any advice would be welcome xx |
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debtinfo
forum expert
2826 Posts |
Posted - 22 June 2012 : 09:30:51
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| What company told you all that? |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 22 June 2012 : 09:33:34
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Hi and welcome to the forum.
1. Yes, you will go on a nil tax code until the end of the financial year, but the employer won't necessarily know it's because of bankruptcy.
2. In your example, you would pay £45/50. Yes, an IPA is for 3 years if you get one. This can stop, increase and decrease depending on your income and expenditure changes.
The advice you were given by the other company regarding IVAs is a load of rubbish.
I suggest you speak to your IP asap and go through a new income and expenditure to see if you can have your payments reduced to a more affordable level before you consider bankruptcy. And if you do want bankruptcy, then your IP will give you some good advice I'm sure.
Please keep posting any questions you have.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
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moneyisthedevil
Starting Member
United Kingdom
10 Posts |
Posted - 22 June 2012 : 09:35:11
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IVA Debtline xquote:
Originally posted by debtinfo
What company told you all that?
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moneyisthedevil
Starting Member
United Kingdom
10 Posts |
Posted - 22 June 2012 : 09:40:43
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| Thought it all sounded a bit sus!! Thats why I joined the forum x |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 22 June 2012 : 09:50:51
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Avoid these companies like the plague!! They have gained your details from the Insolvency Register and have no idea of your circumstances. They are just out to make money from you.
If you are genuinely struggling then speak to your IP to see if anything can be sorted, otherwise carry on.
Regarding BR, if you have over £20 DI then the whole lot is paid over - you don't get that £20 as a buffer.
If you did decide to go down the bankruptcy route then you can do it yourself without using that particular firm who will charge you a lot of money.
Ascend may you find no resistance
Know that you made such a difference
All you leave behind will live to the end
The cycle of suffering goes on
But memories of you stay strong
Someday I too will fly and find you again
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moneyisthedevil
Starting Member
United Kingdom
10 Posts |
Posted - 22 June 2012 : 10:00:37
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Yes, we will speak to our IP. We have just filled out a new income and expenditure form and are waiting for them to get back to us with their suggestion. Its just awful because we always feel that these companies are trying to pull a fast one and just trying to make the most money out of us they can. We never know whether they are trying to help us or just themselves!
One of our main issues (as well as lack of money!) is that we want to move house. We currently live in a 2 bed terrace with no garden. We have 2 children who are a boy and a girl and are currently having to share a room. We dont quite know how to go about this with being in an IVA. We understand that we cant sell the house but we were wondering if we would be allowed to go and rent something that is bigger and then rent our house out?? The rent would cost us more than our current mortgage which would then affect our ability to pay our IVA. What do people think? |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 22 June 2012 : 10:10:53
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You can sell your house, it's just a restriction on there so that you can't do it without the IP knowing.
Speak to your IP and tell them what you would like to do.
You might like to register on the sister forum www.iva.co.uk as they can answer more specific IVA queries.
Ascend may you find no resistance
Know that you made such a difference
All you leave behind will live to the end
The cycle of suffering goes on
But memories of you stay strong
Someday I too will fly and find you again
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New to this forum - some advice please x
