Newbie questions...

[stev0]

Hi guys, new to the board and will therefore probably be posting lots of questions... Appreciate any and all help.

Are you allowed to save on an IVA and then use the savings to eventually do a full and final payment?

Also, I have been reading posts about windfalls etc, is there a difference to a family member offering a full and final payment as opposed to leaving you the same amount in their will?

Third (for now! lol)how do you document expenditure? I am on a lease with 3 others however, all bills are in a flatmates name and I just pay him cash for rent and bills each month

[Shining]

Hi, you are encouraged to save any spare money for a contingency fund as you never know when you'll need it, however, I doubt there would be enough spare for a F&F settlement or I would think (in my own opinion) your I&E would be wrong and you should have paid it into your IVA in the first place.

A F&F amount can be gifted to you by a relative and mostly you repay them instead of the IVA.

Is your rent/bills coming out of your bank? you could send bank statements or I'm sure you IP would advise how they would like this documented.

x

[stev0]

Thanks Lesley, im dealing with mealnie giles team so will ask on my next call, just trying to clear some doubts this evening.

My other concern would be about change of circumstances, Im moving in with my fiance, does her income then have to be included? And does it change again when we are married?

[MelanieGiles]

If you are making savings out of your share of any additinal monies earned, then you could theoretically use that to offer a full and final settlement. And a windfall is only deemed a windfall when you come into the money - if a relative offers you money to effect a full and final settlement then this is not a windfall.

If you tell your IP how you apportion the expenditure within your household, this should be more than acceptable.

[Shining]

Choosing Melanie is obviously a great choice as she is my IP too and I can't fault the service received. Melanie and her team will answer any of your questions fully of that I can say 100% and it looks like you could theoretically save for a F&F settlement too as advised by Melanie above. x

[stev0]

thanks again lesley and melanie. I definitely think an IVA is right for me now as im struggling with debts of nearly 60K. I'm currently working in the US, but a UK citizen/resident, does that make much difference? Also, can someone explain the MBNA 10 year rule to me? I have approx 9k of debt with them.

[MelanieGiles]

So long as you have lived in the UK at some time during the last three years then you meet the criteria for proposing an IVA to your creditors. I would not worry too much about MBNA and any criteria you may have read about - let's view your case individually and if we perceive any difficulties we will let you know.

[stev0]

thanks again melanie, i am speaking to your team again tomorrow and start the ball rolling

[MelanieGiles]

That's great Steve - welcome on board!

[Broke of London]

Hi, I had a Virgin credit card with MBNA and they weren't any problem...they didn't even vote and they were my second largest creditor. You're in good hands with Melanie.

[kallis3]

Good luck Steve, you've picked a great team.