Going for an Iva

[n_b]

Hi there, just thought I would post and advise we are going for an Iva Husband debt £84k mine £17k... we still haven't decided on an IP yet ... mainly due to my husband working shifts and not being able to discuss together.. any how there where a couple of questions i wanted to ask first ..

1) hubby gets 25% shift allowance this is not guaranteed will an IP include this ?? under DMP they don't.

2) i have a loan with Welcome 5K took out in Jan 07 to clear some debts and repair car, do you think my IVA will be rejected on this ??

3) I run a Tontine (xmas savings)in work . savings account in my name currently £1200 in there .. I pay £5 a month into it rest is collegues and friends have proof on payment cards etc.. should I stop doing this or can I continue with the club whilst Iva ongoing . as you can appreciate I don't want to close it and tell everyone in work I am insolvent....

any help would be much apprciated o spoken with clear start anyone with them ???

Thanks

Nicki[:)]

[MelanieGiles]

Hi nb

It will depend upon the attitidue of yoir individual IP as to whether your husband's shift allowance should be included. If it is received regularly and is contractual, then it should be included in both an IVA and a DMP to be frank. If it is not regular, and cannot be relied upon, then it is probably best left out.

In my experience Welcome Finance are generally supportive of IVAs, and as they have such a small debt compared to your others can probably be outvoted in any case.

You can carry on with your Christmas Club, providing the monies are paid into a completely separate bank account in the name of the club. These monies are trust monies and would not be affected by any form of insolvency.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[n_b]

Thanks Melanie for such a quick reply

Welcome are my biggest creditor but not compared to my husbands would this be a problem??

the savings account is called Works xmas Savings would I still be best to close and reopen another account with another bank.

also I don't owe any debt to Natwest who I have a basic bank account with but husband does should I arrange a new account with someone else.

Hubby has a basic account with Abbey will they close his account even though he has no debts owed to them

Nicki

[Adam Davies]

Hi
Welcome finance will have a majority vote in your IVA but I,m sure that they will look at your case on it,s merits.
As long as your account with Natwest is in your name only then you will be able to keep it open.Also your husband will be able to keep his Abbey account as I,ve not heard of them closing accounts for people in an IVA [unlike first direct]
Is the account that you have the the xmas money in also a creditor ?
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[n_b]

Hi Andy,

Natwest acct is in my name only and the xmas savings is with natwest too.

Thanks Nicki

[Adam Davies]

Hi
Well the savings account will be fine.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp