Specifically what is meant by setting up an IVA and setting up a budget?
Will setting up an IVA make renting a house in the future difficult?
I have read there are some real life issues people are having with rental agreements as a consequence of having an IVA.
How does an IVA get monitored to check budget money in and money out?
If you are looking into an IVA then you should speak to several companies as they all have their own criteria.
It may cause problems with renting as your credit record will be shot.
You will do an income and expenditure review at the start and every year after that. You will have to provide wage slips and sometimes bank statements - it will be explained when you speak to an IP company.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Basically setting up a budget involves providing your IP with a list of all income and expenditure -- the IP will agree levels of spending within commonly used guidelines for all aspects of day to day living. Income less agreed expenditure will produce your "disposable income" -- this will be the IVA payment.
Checking these things will depend on your circumstances -- a fluctuating income will require more scrutiny, as will special spending needs.
I , too, would sugest a chat with a couple of companies ( they do work slightly differently from each other, and some are more sympathetic than others --- a read around the forum will give you clues as to how we are getting on with our chosen firms).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The most important thing about an IVA is affordability. Some firms may be interested in every penny going out but we do not care how you spend your own money and have no interest in monitoring bank statements to see if you shop in Lidl or Waitrose.
Speak to several and see which one you feel most comfortable with and ask them as many questions as you want
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
You want to feel comfortable with the company you choose as you could be with them for five or even six years. You want to know that you can speak to your insolvency practitioner if need be as many firms do not allow this. You want to deal with a firm that understands all types of insolvency whether you are employed, self employed, retired etc and can advise you on the best options available.
Try a couple of firms but being able to speak with your insolvency practitioner is important as when you look around forums such as these it is a major bugbear that caseworkers change with the tide, you deal with call centres so correspondence is never answered and people can never speak to their IP. Best of luck with the application.
I would go with a small / medium sized company, rather than the IVA factories. The smaller companies will generally allow you to speak with the IP directly, if needed. Funnily enough, it is usually those companies with an accessible IP that don't give you cause to need to.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
