Monthly payments are getting unmanageable and from what I've read an IVA would be less of a problem with getting mortgage in future than a bankruptcy.
I need to ask about Paypal. We sell bits and bobs we don't wear or use anymore on Ebay and transfer from Paypal to my bank account. I've set up a new basic bank account but haven't started using it yet. Should I send the money through the new account from now? Can I ask friends and family who transfer money at birthdays and Christmas to use Paypal instead? Would these count as windfalls above a certain amount that have to be declared to the IP?
I'm worried this will look like hiding money from creditors. In a way it is but it's not regular income so please can you advise how to do this by the book.
Thanks and Merry Christmas!
Last edited by gemma53501 on Wed Dec 27, 2017 12:54 pm, edited 1 time in total.
You can sell stuff on Ebay as long as it is not a business and you don't make a lot of money. If you have money gifted to you for birthdays etc, it is not a problem as long as it is not a vast amount.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Thanks Kallis. Before posting I searched the forum for Paypal posts and read some of your old posts about it so I'm glad you've replied.
This isn't a business but as well as our old stuff I like bidding for things that are going for less than what recent completed items went for. I relist these and try to sell for more than I bought them. I only work part time and this takes up a bit of the rest of my week but is worth it.
Our elderly dog needs specialist vet appointments and meds that cost a lot more than regular vets so most of this goes on him. We haven't got insurance because before he got old and started to get long term conditions we never had to worry about vet bills. My OH and I share expenses but we try to use EBay money for this.
My worry is that creditors would see this arriving in my bank account from Paypal and want it. To us he is worth it but what would an IP say? Would an IVA firm (before the IP stage) mind advising in private of any way to keep £500 per month or bypass a bank account?
I looked into Paypal Access cards (you can withdraw from your Paypal account at ATMs) but it looks like they are only for businesses. Could we set up a trust that owns the Paypal account with its own bank account that wouldn't be affected by me having an IVA? Is there an inexpensive way of doing this or do you need solicitors?
I'm not sure about buying and reselling as to whether or not it would be classed as normal selling.
I feel for you with your dog - we have 2 elderly dogs so know what you are going through.
No idea about a trust. Hopefully someone else can come along and advise.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi -- buying and re-selling would count as a business activity, if it was of a magnitude to be noticed (here you would also have to be wary of interest from HMRC). Selling surplus stuff from around the home is OK.
Regarding the dog -- this would have to be discussed with the IP before signing up -- some are more understanding than others -- but do get any agreement in writing!
A trust for the purposes of taking money out of the creditors reach can be defeated in court if the IP was so minded --- they would, in any event, cost far more to set up than would be worth it for the sums involved.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
