Hi questions regarding DMP to IVA

[Greenie34]

Hello all, i am currently on a DMP and looking to be switched to a IVA. i have a few questions regarding this issue thou.

1, i said that atm i live with my girlfriend in her house which she owns, i cotribute towards the bills and upkeep shopping etc (just as i would do if i lived with my parents). the company who are going to "do" my IVA want to know the household income/my girlfriends wage and all bills in the house as to what i pay and she pays etc...

this has me a lil worried, i asked if i lived with my parents if they would also need to know what my parents incomes were, they said no...

this got me even more worried and also confused...
i am not on any deeds nor legal papers for renting morgage etc

so how does it differ between living with parents and living with a partner?

2, i have my own bank account but last month my partner added me to her bank account so my wage can get paid in and we can more easily pay our way together, looking at what i said above is this a wise move and would/could this affect a IVE or DMP?

can anything come onto my partner or her house via these actions for IVA/DMP?

atm i am all confused as to what to do lol.

Thanks in advance

[Foggy]

Hi there. First of all I would pop over to www.iva.com and pick up the phone. Have a word with a couple of the companies there ( it's free and without obligation). You need to compare advice and see who you feel most comfortable with before embarking on a 5 / 6 year relationship with an IP.

As for the income problem. If you are living as a married couple they will expect you to be paying a fair share of the expenses (which is why they need to know what they are) and the proportion you are expected to pay will be proportional to your income. So if you earn twice as much as your pasrtner you will be assumed to be paying twice the share (2/3rds) of expenses.

Going on to the joint bank -- if your partner is solvent her credit references will now be affected by your DMP / IVA and her credit score will drop. This is because you are now financially linked. While in a DMP the damage might not be too bad, but once in an IVA it will be different. I would advise you to come off the joint account.

If any of your creditors are in the same group of companies as your bank you would be advised to change accounts anyway, to somewhere like the co-op.

Lots to think about, but better done if you chat to a couple of firms, as mentioned above. If you don't fancy talking to any over on iva.com, have a look around the forum as several post on here and you can get a flavour of how they operate.

[ginger3232]

Greenie34 - i can not add any more advice to what Foggy has suggested

Apart from welcome to the forum

[Foggy]

Oh yes, where are my manners ???

Welcome :0)

[Greenie34]

thanks for the advice, we are not married yet were getting married next year in may atm were only engaged. everything for the house is in her name not mine, all my debts are all in my name and before we got together/lived together.

i shall be off to the bank tomorrow to get taken off the account of my partner lol.thanks for that lil bit of advice.. didnt even occur to either of us >.<

as i understand it that under a DMP i am under no obligations to stay with the current company and can switch to another/IVA/IP if i wish/am accepted?
is that correct?

[ginger3232]

Yes - its highly recomended that you get a few companies advice about the IVA - even if you end up going back the same company.

Also have a think about you creditors and perhaps open you new account early - if you get a full bank account then great (no overdraft) avoid HSBC and First Direct as they tend to close account down after you enter the IVA

[Greenie34]

i was advised to swap banks when i started the DMP, as i had debts with the bank then. i am now with anothe bank and have a normal account with nat west(same bank as my partner).

will have a look and call some IVA specialists tomorrow and see whats said.

[Foggy]

Should be okay to hang on to your own account at natwest -- as long as there is no overdraft facility.

[Tina Shortland]

Welcome to the forum Greenie34 and congrats on your engagement.

Sometimex proposals can be put forward as tohugh you are housesharing i.e your share of the bills and no need for info on the other parties but in all honesty and especially if you are gettings married then it is very hard to justify that so there lies the difference between if being your partner or your parents.


If you can show that your fiance has not benefitted fmor your debts or help contribute towards their growth then your prpoposal whould be put forward on the basis that she keeps her fair share of the joint disposable income - this is calculated on what percentage net income you both bring into the house i.e you bring in 45% and she brings in 55% - you would cover 45% of all household bills and she cover 55%. How you actually cover it normally is to a degree irrelevant as it needs to presented in a fiar way to show that oyu are not supplementing your other half. Truth is in a lot of cases the opposite is true whilst you pay your debts!

You will find out more when you speak to a few companies as Foggy suggests. You can then understand more about the implications of an IVa, how its worked out and discuss the bank account situation.

A lot of people move over to IVAs once they have been in a DMP for a while and if the account they have is appropriate and free of debt then there is no reason to change it.

Regards,

[andrea1968]

Greenie-if you were happy with the dmp company and they are an iva provider it is a lot more straightforward than changing companies as the majority of paperwork needed is already in the hands of the firm.
We stayed with the same company and it only took a month from proposal to approval!!!!

[Greenie34]

thanks Tina , no she has not benifited nor helped towards my issues it was all before her lol. she actually earns quite a bit more than me, 400-500 more per month after tax

the company doing my DMP origionaly said they did IVA.. yet now 1 year down the line when i questioned my acceptance again, they passed me over to another company who asses me then they pass me on to the IP... all seems a lil fugged up kinda feel like pass the parcel atm.

since i spoke to a advisor for my company and he seemed ok with it all told me to send in the details he asked for then today i get a phone call from another company whom have been handed my details to asses me then they pass me over to another company/IP...

again as i said in my 1st staement kinda worried over the questions they were asking and also about it feels like i am telling everyone the same stuff multiple times >.>. kinda not happy about that part.

[Foggy]

Many debt advisor companies dealing with DMP's are actually introducers for other firms who have an IP and can do IVA's ( naturally there is a commission involved). I feel it's best to go straight to your chosen companies and then you know who you are dealing with.

If I were you I would definitely include Melanie Giles team on my call list (Tina, who responded above, is a very well respected team member), Michael Peoples is another I would chat with, there are many more here too. They are not allowed to blow their own trumpets -- so I will do it for them (I'm probably not allowed to either ... might get drummed out of the brownies ! But I am in a rebellious mood ).

[Tina Shortland]

ooh what we would all do if we could just be rebellious for an hour, with no come back!

Thanks for the positive comments Foggy

[Greenie34]

I have been rebellious for quite some time.... sadly i had comeback ...and now here we i am in this mess!! ;plol.

Thanks for all the advice on here, It raised some points i was unaware of and also helped calm my nerves and after speaking today with Tina(above) who might i say was very helpful and explained all i asked, i am hoping that Melanie Giles and her team will be looking after me for the forseeable future all being well.

Fingers crossed everything goes well for us.

[kallis3]

A little late but congratulations from me as well.

You have picked a good team with Mel, have everything crossed for you.