Let's say my youngest son unexpectedly inherits £85,000 from his godfather. Obviously the money is his, but I am assuming he would want to: 1. treat us to a family holiday, sort out house which is falling down round our ears(including new bedroom furniture for himself, and en-suite), invest a bit fo...

We are two months into our IVA, although considering bankruptcy due to fifth baby on the way.... Anyhow, the overdrawn rule....how strictly is this followed? Can it be checked? We have just gone £7 overdrawn due to a banking error (now back in credit) We have a free £200 overdraft with our account (...

Hello Melanie We felt compelled to pay back as much as we could afford to our creditors (16 of them in total!) We did consider bankruptcy, but thought the IVA was the more honourable route to take. What would you suggest about our next step, as clearly we are going to have a problem paying our month...

Hi We have had our IVA accepted, paying back £1280 per month at 71p/£. (Paid 2 months) Have just discovered wife is pregnant (not planned, but I guess I had something to do with it[:)]) Already have 4 kids under 6(childcare bill £900 as it stands) New baby will cost £160 p.w. childcare, plus increas...

Not sure Blueshoes, about the 100pence in pound bit, would have to ask IP. If IVA approved and we pay the original 58p in pound, and we have £850 surplus income for first 12 months until annual review, what do we/can we do with it? Can we spend it? Save it? Will it be taken off us at review? We are ...

So do you think we should proceed with the IVA? Our disposbale income is going to increase significantly (about £850 a month) What should we do about our proposed IVA figure? The meeting with creditors will happen before this payrise is implemented. So do we stick with the 58p in pound offer, and le...

We owe

£48,000 on credit cards
£52,000 on personal loans
£12,000 on catalogues
£8,000 in overdrafts

Hi I have been reading this great forum for some time, although haven't had the courage to post until now! I have a problem! We are about to propose a 58p in the £ return on £120,000 debt. (Creditors' meeting pending) My wife has just heard that due to restructuring at work, she is in line for a 36%...