www.iva.co.uk

Hello we are nearly a year into paying our IVA.We have a five year one. We currently pay £200 per month towards it. In Sept we lose £120 per month from our monthly incoming money , because my son is off to university and therefore i lose working tax credits of £40 and child benefit of £80.I don't think that we can realistically carry on with the IVA under these circumstances. My wife was told that she must seek work as part of our agreement, and has been looking.We initially hoped that she would find work by the time we got to this point.Her age is against her as she is coming up to retirement age now,although she does always apply and seek work. Our daughter has offered to remortgage her house and give us around £4,000.If we offered this as a final payment,do you think they would accept it as it is all the money that we can get our hands on.I want to give them as much as possible because they have been so good to us by writing off so much debt.The alternative would be bankruptcy and they wouldn't get any money from this.I look forward to any ones thoughts on this.September is fast approaching

Hi,

You need to speak to your IP as soon as possible about this. A full and final offer is not likely to go ahead before September as it takes a while to set up a meeting.

Thanks.
This Muse song is my all time favorite.It is awesome

It's a brilliant song - I love them!

I hope you can get it sorted out.

"together we are invincible"
This song has got me through........ I thought it was just my song !

I love Muse, thought those lyrics particularly appropriate!

It is an inspriring song.

I hope you can find a solution. It sounds as if you have a really helpful team who'll do whatever they can for you. x

Hi rainbowhills,

I would get in touch with your IP & let them know what is happening & your wife's difficulties in finding suitable employment. I'm a stay at home mum n carer to my parents, when I started my Iva my sons were just before school age, I half expected to be told I must find work when they went to school to pay more into the IVA, but I was not. Sorry I'm just struggling to understand why it's part of your agreement that your wife has to find work to cover the benefits your going to lose, especially as it's not guaranteed that a job would be found.

Get in touch with your IP, they can review your income & expenditure, & can reduce your payments by up to 15% with out going to the creditors. Plus you could ask about a F&F, no harm in trying, but make they are aware the monies are only available for a F&F.

Let's us know how you get on x

Sorry I haven't made myself clear.
It is in my agreement that my wife must seek work of 35 hours.She has been trying but has had no joy yet.

In Sept we will lose $120 from our monthly incoming money so we will be that much short each month. I know we will gain a bit with my son not living at home.Don't know how this will pan out though until we try it. I am hoping to see how we get on in september

thanks for your interest

Your wife has done her best - in this economic climate it is not easy to find employment. That is not her fault. I'm sure they will realise this.

Hopefully you will be able to get something sorted - speak to the IP on Tuesday and let them know exactly how things stand.

how can that be written into a proposal?
must find 35hours a week.
they must be very clever to automatically conjure up a job or the iva will fail.
i thought it was not good pratice to put in a clause that is not fact at the time the proposal is set up,like adding overtime in and other non guaranteed income.
it should say you pay this amount when you get a job and untill then pay x amount.
sorry but i cant see why they add these things in when its not certain

I've seen one or two posters on here who have had similar things in their IVA, not necessarily for them but for kids who are living at home.

When we agreed to this we were advised to go with it because they can't make someone give you a job.My wife does look for work because even 50 % more money would be dead useful.I don't think it means that if she doesn't get a job it will fail.I never thought it meant that anyway. I haven't got an issue with this.

The fact that i lose child benefit and working tax credits is my main concern for now.

Does any one think this is a good enough reason for making an offer even though it is a low one?

You can but try. I've no idea whether or not it will be successful but run it past your IP.

I was just wondering if it might be a good idea or not because I didn't want our daughter to remortgage for us if folks thought there was no chance of this going through.We really didn't want to go bankrupt