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Posted: Sat Apr 05, 2008 3:36 pm
by c.j
Hi, just a few questions for you.i am applying for an iva, do i include any catalogues. what if a get a better paid job during the iva.what will happen if i stop my payments and the iva isnt accepted.thank you
Posted: Sat Apr 05, 2008 3:39 pm
by luluj
You need to ensure everything / everyone that you owe is included. Make sure they are as once in an IVA to add further creditors does not look good!
When in an IVA you will have regular reviews - if you can pay more they will ask you to do so - the most you will pay back is 100% plus statuory interest of 8% and IP fees - for most this never happens, but for some, like us, bankruptcy would have been a quicker option, however I would not have had a job to go to so we went the IVA route and will pay back everything we owe over the five year period and boy will this feel good!!!!!!!!
8 down 52 to go!
Posted: Sat Apr 05, 2008 3:41 pm
by joh71262
You can include anyone that you owe money to. I included Next Directory but excluded La Redoute - I still use them occasionally for emergency bits.
If you are in an IVA and get a salary increase, the IP can ask for 50% of it. It really depends on how much it is and whether the cost of living eradicates any increase. It really depends on what your terms are.
I personally wouldn't just stop making payments. You'll end up with people calling you non stop and eventually, after the letters and calls stop, you'll get people on your doorstep.
There's a lot of excellent advice from professional people on this forum. Keep this post on watch and I am sure that someone will give you more specifics or point you in the right direction.
Also, getting an IVA depends on how much you owe.
Posted: Sat Apr 05, 2008 3:41 pm
by aguise
Hi there cj and welcome to the forum.Yes you would include catlogues and all unsecured debts. It is quite usual when applying for an iva to stop payments, a little disturbing to a lot of us who have struggled to keep paying, but it is usual. If he iva is not accepted then you are more or less back to square one and could consider a dmp or bankrupcy. If you get a good Ip then they will advise you on the best solution. I would highly recommend Melanie or Ian who both post on this site, or you can look at iva. com where there are reviews.
All the best keep asking any questions you want.
Ang
Posted: Sat Apr 05, 2008 4:13 pm
by MelanieGiles
As the other posters have already said, if you have debts with catalogue companies they do need to be included in your IVA.