I'm sure an expert will be along to answer this one Simon.

I thought it was a no-no to favour one creditor over another. Are you going for the F&F IVA now then? I thought Melanie indicated you'd have to offer most of what your current debt is because of your disposable income.

Alan

Hi Melanie,

Would the same apply to bankrupcy??

If Simon is/want to pay his mum a going rate for his rent, would he be better off going the bankrupcy route??

Alan

Hi Melanie, So in your experience as an IP is £300 the maximum that would be allowed for anyone living with parent for the rent and share of utilities and council tax exclusing food and household expenses. That is an unreasonable figure for where I live, a house share is a minumum of £400 a month an...

And an IP said that was too much??

Your mum shouldn't be penalised for your debts. Where I live half of the councol tax plus 50 percent of the utility bills comes to more than £100. A room with all bills paid is £400 plus.

Alan

Hi Simon, If you are living at home you should be able to pay your mum the same as what she could rent your room to someone else .. does your IP say that you can't claim that amount?? Depending on the part of the country and the going rates, I would have thought £200 to £400 if including council tax...

I'm sure an expert will be along shortly to give you proper advice. If an agreement cannot be brokered which is affordable to you ( very important for a 5 year obligation! ) and gives a return that the creditors find acceptable, then the obvious alternatives would be a Debt Management Plan or bankru...

hello bluelucy

welcome to the forum!! I'm sure an expert will be along to answer your post soon.

As someone just about to embark on the long road of an IVA, I was wondering if you can let me know how it's been for you for the last 4 years, how you've coped living on a strict budget etc.

Alan

I'm sure the OR would be sympathetic that you had unavoidable debt just before going bankrupt.

Can I go with you on your stag do to Ireland?? You could add my expenses to your bankrupcy fund, at the moment I can't even afford a pint of beer

Alan

You have an amazing attitude to debt Simon.

Alan

Hi Simon,

Saved might not be the right word ... interest will be added every day by the CC companies along with non-payment fees etc etc

Alan

Hello Marcino I'm sure an expert will be along soon to answer your message, but on the figures I don't think an IVA is for you. On debt of £16000 and with HSBC as one of the creditors you would need to make an offer of minumum payback over 5 years of £6400 ( 40p/£ ) plus on top of that there are IP ...

Hello Marcino

You have to be insolvent to be able to apply for an IVA.

Insolvency = Take home pay - living expenses - repayments to creditors

is a negative number

If not then a DMP is probably your option

Alan

I think Christina is saying the car was transferred into her name 4 months back.

Unless she declares it how is anyone going to know the car was originally in her husbands name??

Alan

Thanks for that link Phil, very useful.

Looks like 50% of my debt is with one group then if Sainsbury's and IF have links. Anyone like to comment how receptive they might be to an offer of 50p/£.

Alan

I looked hard at Halifax, but I believe that Sainsbury's Bank and Halifax are both part of HBOS.

So I wouldn't expect any account at Halifax to remain open.

Alan